The Importance of Navigating Social Security Law

In an interview with the Wall Street Journal David Giertz discusses importance of understanding social security law in order for financial advisors to maximize their client’s financial return. According to a survey produced by the Financial Retirement Institute, a survey of retirees and people that are within ten years of retiring, clients report that most financial advisors are not discussing social security when helping them prepare for their financial future. This overlooked aspect of financial planning on Finra is important according to Mr. Giertz for advisors as it may impact not only their client’s future but also their own retention as a financial advisor; four out of five people state that they would change advisors if they found that theirs was overlooking the importance of social security in their financial planning.

Admittedly social security is a daunting aspect of the financial world at; the social security hand book is complex and contains more than 2700 rules. However understanding and developing confidence with these rules is a must for financial advisors as social security can play a major role, up to 40 percent, in the some clients financial planning. Mr. David Giertz warns against accessing it too early though; a client could lose up to $300,000 over 25 years as a result. That can equate to $12000 per year for some retirees.

David Giertz has gained ample knowledge of the financial world serving in several positions such as Senior Vice President of Nationwide Financial Distribution and Sales at Nationwide Life Insurance Company, President of Nationwide Financial Distributors Inc, and also serves as President, Senior Vice President and Director for several other nationwide companies.

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