Longstanding financial adviser, David Giertz of Nationwide Financial, recently sat down with the Wallstreet Journal’s Veronica Dagher to discuss the problems surrounding social security. David Giertz made it clear that the problem was not social security itself but rather the way it was and is being discussed within the financial advisory industry. Ms. Dagher notes that there is a huge problem, backed up by a wealth of statistics, which indicates that financial advisers simply are not talking about social security enough with their clients and asks her guest why he thinks this is the case.
Mr. Giertz states that there are numerous reasons why this trend seems to have gained such prevalence, primarily, the intricate complexity of the social security rules. For instance, the social security handbook, in its current form has over 27,000 rules alone, to say nothing of any of the other material surrounding social security. Naturally, that is a enormous amount of information to digest and can prove problematic to remember consistently even for financial adviser professionals.
That being said, Mr. Geirtz thinks that more financial advisers should be concerned about the issue, as much for their own sake as for the sake of their clients. It is obvious that not getting enough information from a financial adviser whom one is paying is naturally not getting one’s money’s worth. However, taking out social security too early can also put a huge hole in one’s nest egg and cost thousands upon thousands of dollars. From a financial advisers point of view, customer retention is key – after all, one can’t expect one’s customers to stick around if you (the financial adviser) are not giving them all the relevant information they need to insure the safety and health of their retirement fund. https://davidgiertz.yolasite.com/