Millions of people are not properly prepared for retirement. And one financial advisor knows why. Recently David Giertz sat down with the Wall Street Journal to explain why we are headed towards a retirement crisis.
In the interview, Mr. Giertz mentioned that most financial advisors are not well versed in the rules that surround social security. For example, the financial expert mentioned that the social security handbook contains over 2,700 rules. And that financial advisors may be intimidated by the breadth of those rules in the handbook.
In a survey conducted by Nationwide Financial, most retirees, as well as people 10 years away from retirement, say that their financial advisor does not talk to them about social security. Additionally, the survey found that four out of five people would consider switching financial advisors if those experts were not well versed in social security rules and regulations.
For instance, Mr. Gietz pointed out that taking social security benefits early could cost a retiree up to $300,000. That works out to almost $12,000 per year. In Mr. Giertz’s opinion, a financial advisor who does not understand the detriments of early social security withdrawal could end up hurting their client.
Mr. David Giertz additionally mentioned that social security could be up to 40% of a retiree’s income. And that financial advisors who are not familiar with the rules and regulations surrounding social security could be doing a great disservice to their clients. Mr. Giertz strongly suggested that financial advisors learn as much as they can about social security to better help their clients.
David Giertz was the President of Nationwide Financial’s sales and distribution organization. Mr. Giertz brings over three decades of experience to the financial world. As the President of the Columbus, Ohio based financial company, Mr. Giertz oversaw a wide range of advisors covering a vast array of services.
Prior to Nationwide, Mr. Giertz spent a decade at Citigroup where he began his career as a Financial Services Advisor and was eventually promoted up to Executive Vice President of Sales. In addition to his work with Nationwide Financial, Mr. Giertz is also active in various community organizations including the Girl Scouts of Broward County and the Fort Lauderdale Chamber of Commerce.