Financial Advisors: Take heed! Avoiding the Social Security discussion loses clients

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A study from the Nationwide Financial Retirement Institute indicates that 80% of clients would choose to move on rather than stick around with an advisor that refuses to discuss optimizing Social Security benefits on Instagram. This is for good reason too as the same study also indicates that retirees who do not optimize benefits intelligently stand to lose as much as $12,000 a year.

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

Why is that? According to Nationwide Financial’s David Giertz, many advisors are intimidated by the massive complexity of the legal codes surrounding the topic of Social Security. In a sit-down with Wall Street Journal, Giertz explained, “I think it’s a very complex topic. The Social Security Handbook has twenty-seven hundred rules… I think part of it is just understanding and having confidence around all those rules.”

In a separate interview with CNBC last year, Mr. Giertz explained the increasing importance of Social Security as a key aspect of a retirement portfolio. He points out that many current and future retirees will not be able to rely heavily on pension plans like our parents and grandparents did. Social Security can fill in the gap and shore up portfolios weakened by such situations on

David Giertz has over 30 years of experience in the financial services industry and has been president of Nationwide Financial’s sales and distribution organization since 2013. His key tip for advisors is to learn all the ins and outs of the Social Security code and apply them for the mutual benefit of both advisors and clients alike.

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1 response to “Financial Advisors: Take heed! Avoiding the Social Security discussion loses clients”

  1. Lilian Kenneth says:

    Giertz says that Social Security could in fact represent up to 40% of a retiree’s retirement plan. In spite of this stark reality, the majority of clients surveyed in the study said that their advisors were not discussing Social Security optimization. It has impacted a lot for the research papers which is also evident in the study that was just carried out a times.

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