David Giertz: Financial Leader Breaks Down the Great Importance of Social Security For Advisors and Clients

The Wall Street Journal’s, Wealth Advisor Columnist, Veronica Dagher, spoke with the President of Nationwide Financial Distributors of Nationwide Financial, David Giertz, about the importance of financial advisors speaking with their clients in-depth about social security. David Giertz broke down the reasons behind this and why it’s important for both parties to have a healthy conversation about the retirement planning process.

Mr. Giertz explained that through the Nationwide Financial Institute, a survey was conducted, consisting of consumers who were retired, and consumers who were 10 years away from retirement. What they found was that most consumers weren’t being advised on social security, and that 4 out of 5 consumers were considering changing their financial advisors if they weren’t talking to them about social security. From a financial advisor’s perspective, a retention rate that high is a cause for concern, making social security a “must discuss” topic for advisors to go over extensively with their clients.

As to why the topic of social security isn’t being discussed among financial advisors and their clients, Giertz explained how the issue of social security is quite complex, given the large number of rules involved, a total of 2700 rules, completing the social security rule book. With so many rules to comprehend, Giertz says that clients can become deterred or swayed in understanding these rules and how to apply them to their clients. Giertz feels that this hindrance can be overcomed by “just understanding the rules and having confidence around all those rules”.

Another reason as to why financial advisors need to take a greater interest in speaking with their clients about the financial planning process, is due to the large role social security plays in the future for their clients; Giertz states that social security makes up roughly 40% of the financial planning process. To make matters even more urgent, Giertz says that, “those that turn on social security too early, they could lose up to $300,000 over 25 years, that’s $12000 a year or a $1000 month..so it’s very important in order for a client to optimize their retirement income that social security piece is very important”.

More About David Giertz

World-class financial service provider, David Giertz has always delivered progressive, innovative and strategic financial services that generate profitable growth and development.

Having been President of Nationwide Financial sales and distribution organization, David Giertz immensely grew the company’s revenue profits from $11 billion to $17 billion, while continuously exceeding P&L charts. Giertz’s extensive portfolio as a financial leader includes, successfully operating the wholesale strategy and distribution of Private-Sector Retirement Plans, Life Insurance, Annuities, Specialty Markets, Mutual Funds, Independent Brokers and Dealers, Regional Firms, Wirehouses, IMOs, and RIAs.

Find out more about David Giertz: https://onmogul.com/stories/some-retirement-contribution-changes-are-going-to-be-coming-in-2018

Little Known Factors That Can Shortchange Your Retirement

Preparing for retirement involves much more than applying for Social Security benefits at age 62. It requires potential retirees to engage in purposeful financial planning long before the anticipated retirement takes place. Nationwide Retirement Institute conducted a study of retirees 50+ years. About 900 participants completed the survey and were categorized according to where they were on the retirement spectrum. The first category consisted of participants planning to retire within 10 years, the next category represented those who had been retired for less than 10 years, and the last category included those who had been retired for at least 10 years.

The results of the study revealed that participants have several misconceptions and/or misunderstandings related to Social Security benefits and other retirement-related issues. Participants failed to accurately identify the factors that determine the amount of and taxability of their Social Security benefits. Some did not realize that Social Security is not a retirement plan but is designed to supplement other types of retirement income (pensions, savings, or investment income, etc.). There several factors that can influence Social Security benefits that are not widely known to current and future retirees.

Financial experts indicate that the aforementioned types of issues arise as a result of poor planning and/or misunderstanding the dynamics that influence retirement income and Social Security benefits. Consulting with an experienced and knowledgeable financial investment and planning expert like David Giertz can help potential and existing retirees at every stage of retirement to create and maximize their financial portfolio.

David Giertz, a former leadership executive of Nationwide Financial is an industry professional with decades of success as a wholesale strategist and distributor of a wide range of financial products and services. During his extensive tenure in the financial industry, he has innovated progressive tactics that promote growth and profitability for financial entities and individuals alike.

Find out more about David Giertz: https://thebrotalk.com/investing/even-bros-retire-ohio-investment-advisor-david-giertz-ideas-get-prepared/