David Giertz is the President of Sales and Distribution for Nationwide Financial. In an interview with the Wall Street Journal, he addresses the importance of advisers talking to their clients about Social Security. The biggest issue on Finra surrounding this is that most advisers simply are not doing this.
Giertz states that the Nationwide Financial Retirement Institute did a survey of people close to or in retirement and most people said that they aren’t be talked to about social security by their advisers. David Giertz believes that from a retention perspective this is a big mistake on the part of advisers as the survey also showed four out of five people would change advisers if Social Security isn’t being discussed on Spokeo. The other big issue is that for many clients Social Security makes up to 40% of their income so the issue is just really too big to ignore, especially if they claim too early which can seriously hurt people financially.
In a separate interview with CNBC David Giertz again discussed the important of Social Security and that advisers need to tackle the issue with their clients. As he pointed out, pensions are a thing of the past so it is more important than ever to include Social Security as part of the financial plan developed for clients at https://www.nationwide.com/about-us/040114-nf-new-mobile-app.jsp. Addressing the issues gains even more importance when the survey revealed that 86% of the participants didn’t know what factors went into how much you will receive in benefits.
David Giertz has been with Nationwide Financial since 2004, in that time serving as President for three different divisions. He attained his Business Administration and Management degree from Millikin University in Decatur, Illinois and an MBA in Business Administration and Management from the University of Miami – School of Business.