Social Security is one of the most complex subjects in the world of personal finance. How difficult? Well, most financial advisors don’t even know how to talk about the subject to their clients. Now, financial expert David Giertz offers some valuable tips for financial advisors on how to talk to their clients about Social Security.
In a recent video interview from The Wall Street Journal, Mr. Giertz said that most advisors don’t talk to their clients about Social Security. And in a survey conducted by Nationwide Financial, four out of five clients said that they would fire their advisor if they didn’t speak to them about Social Security.
Mr. Giertz said that most advisors don’t talk to their clients about Social Security because of the complexity of the subject. Currently, there are over 2,700 rules governing Social Security. However, Mr. Giertz assets that up to 40% of a retiree’s income can come from Social Security.
Mr. David Giertz suggests that financial advisors should warn their clients from taking Social Security early. That is because the early payout option could cost retirees up to $300,000 over the course of 25 years. That works out to about $12,000 a year in lost income.
David Giertz is the President for Nationwide Financial’s Sales and Distribution. With a career spanning over 3 decades, Mr. Giertz has helped thousands of people plan their financial future. Mr. Giertz is a registered broker and licensed to engage in security transactions.
Educated at Milken University with a Bachelor of Science, Mr. Giertz later obtained his Masters in Business Administration from the University of Miami. After graduation from Miami University, Mr. Giertz was hired by Citigroup as a Financial Services Advisor. Among the certifications obtained by Mr. Giertz includes passing the Series 7, 63, 24 and 53 exams.