It is no mystery to anyone who has contemplated retirement that social security is extremely important but there is a huge problem with social security today – to speak to that issue, financial whiz, David Giertz of Nationwide Financial’s sales and distribution sector, recently joined the Wallstreet Journal’s online news and talk show, Wealth Adviser.
Mr. David Giertz clarifies that the main issue he has with social security today is not the idea or the program itself but rather the way it is talked about and the rules and regulations surrounding it – namely that financial advisers are simply not talking about it enough with their clients. Lack of information between wealth advisers and their clients is naturally a huge problem, but some might wonder what data Mr. Giertz cites, if any, to back up his claims. He notes that in a recent survey posted on Instagram conducted by his organization that tested those who were either already retired or ten years from retirement he found that the majority of participants stated very flatly that not enough of their advisers simply where not talking to them enough about social security, if at all. Mr. Giertz further notes that four out of five of the participants of the survey stated that they would change their financial adviser if they continued to become mute upon the subject of social security.
This is very problematic both for consumers as well as for financial advisers themselves, in the first instance, social security is a absolutely crucial matter on SoundCloud.com that can cost a individual thousands upon thousands of dollars if taken out too early and in the latter instance, lack of communication with one’s clients will obviously become disastrous from a consumer retention standpoint which can potentially cost a fiscal adviser his or her job or livlihood.
Mr. Giertz believes that there is a very good reason for this lack of communication however – complexity. Namely, the complexity of social security itself, for instance the current guide book for social security contains over 27,000 rules which is obviously a mammoth amount of information for anyone to absorb accurately and remember, even a financial expert.