Category Archives: Financial Advisor

Why Advisors Need to Take up Their Advisory Role in Social Security

Retirement or social security planning requires solid professional advice from a financial advisor according to giertzmusic.wordpress.com, but on the contrary, retirees and people approaching retirement get little or no advice from financial experts. In an interview with Veronica Dagher, columnist at the WSJ wealth advisor, Dave Giertz (Senior Vice President at Nationwide Financials) confirmed that most advisors are not providing details about social security to their clients. Giertz used evidence from a survey he conducted on moneytips.com with his colleagues to confirm this failure by advisors.

The big question is why are advisors shying away from playing their advisory role in social security? According to David Giertz, most advisors avoid speaking about this issue because of its complexity. The rules that financial experts are supposed to play when advising their clients are voluminous, making it difficult to not only understand the over 2700 rules, but also hard to confidently apply them.

A study conducted by Nation Financials Retirement Institute at http://www.bloomberg.com/research/stocks/private/person.asp?personId=232405062&privcapId=3611386, which sampled retirees and those nearing retirement, showed that 4 out of 5 consumers were likely to switch advisors if the current ones are avoiding the topic of social security.

For mutual benefit, it’s necessary for advisors to substantively address the concerns surrounding social security. From the advisors’ perspective, advice on this topic will be beneficial in retaining their clients, while from the customers’ view, the advice will go a long way to ensure that they utilize social security benefits.

David Giertz’ experience in the financial services industry spans for over 30 years. He holds both a bachelor’s and master’s degree in Business Administration. Mr. David Giertz’ career in nationwide finance began in 2004 as president of the Financial Institution’s Distributors Channel. Later in 2009, he served as the president of Wirehouse Distribution Channel. David Giertz was later appointed President of Nationwide Financial Distributors in 2013. Dave is also affiliated to FINRA as a Broker.