David Giertz Tackles The Social Security Problem

David Giertz, the well known financial expert and current, vice president of Nationwide Financial Distribution and Sales, recently took exception to the way that social security was being discussed, or rather and more to the point, not being discussed, on a recent episode of The Wall Street Journal’s short, online talk show, Wealth Adviser. Mr. David Giertz began the segment by stating that there is a looming problem with the way financial advisers are handling their clients, namely, problems concerning discussions surrounding social security. He notes that note enough fiscal professionals are talking to their clients about social security and gives a example from a consumer survey conducted by Mr. Giertz’s company on Instagram, The Nationwide Financial Institute, which showed that those who were presently retired and those who where ten years off from being retired, say, emphatically, that their advisers are not disseminating enough information about social security.

Read more: These big mistakes will result in smaller Social Security checks

Mr. Giertz makes clear that this is not just a problem that could have potentially negative side effects for consumers, it will also have a detrimental effect upon a financial adviser’s respective ability to retain his or her clientele at https://soundcloud.com/davidgiertz. He backs up this warning by saying that the very same study which was previously mentioned also showed that four out of every five individuals noted in the survey stated firmly that they would change advisers if their present ones continued to leave them in the dark as regards social security.

There are some reasons for this lack of communication, according to Giertz, one of the primary reasons being that social security is a incredibly complicated business. So complicated in fact that very few financial experts reliably understand the material enough to impart the relevant facts to their clients. This is not, as some might here assume, due to laziness or some other such character flaw but simply due to the density of rules, regulations and other such information surrounding social security matters. Giertz notes that there are currently 27,000 rules in the social security handbook alone – now that is a whole heck of a lot of material to chew through!

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