In an interview with the Wall Street Journal, regarding Social Security, President of National Financial distribution of sales and organization, David Giertz was asked why financial advisors were not speaking to their clients about social security. David Giertz stated that financial advisors should address the issue of social security with their clients. He stated that many Financial Advisors are not addressing the issue of Social Security and it is important that their clients are informed about such a serious issue.
A Survey was conducted by Nationwide Financial Retirement Institute among retired people and those who were going to retire in 10 years. According to David Giertz, an advisor’s responsibility is to discuss with their clients their financial future in relation to their Social Security Benefits. Among those people who were surveyed, four out of five stated they would get rid of the present advisor and replace them with someone else who would discuss social security with them.
According to David Giertz when asked why advisors would avoid the topic of Social Security with their clients, he stated that Social Security was a complicated subject to discuss. There are 27 hundred rules outlined in the Social Security Handbook that is very complicated and hard to understand. Many Financial Advisors do not fully understand the complexities of the Social Security Rules and Regulations.
According to David Gietz, people who accept Social Security early have the potential of losing up to 300,000 dollars over a period of 25 years, that is approximately 12,000 per year or 1,000 dollars monthly. Because retired people stand to lose some of their Social Security income, a good Financial Advisor will help them to understand the Social Security process.
David Gietz is a registered Broker with FINRA and has 32 years experience in the financial field of sales and organization. He is well versed in the financial field and has passed four exams. He works with large brokerage companies and engages in securities negotiation representing patrons.
Read more about David Giertz: https://www.bloomberg.com/research/stocks/private/people.asp?privcapId=3611386