WSJ Wealth Adviser’s Columnist Interviews David Giertz

David Giertz, President of Nationwide Financial Distributors Inc. has nearly 29 years of expertise as a licensed broker and financial advisor. His career in the investment and banking industry began in 1988 while working for Skokie Federal Savings, Mony Securities Corporation, and The Mutual Life Insurance Company of New York. He also worked for Financial Horizons Securities, Citicorp Investment Services, FI/WH, and Nationwide Life Insurance Company. Throughout his career, he has helped thousands of consumers with financial planning for future retirement, investing, and other services.

In 2014, Mr. David Giertz focused his attention on the importance of financial advisers to discuss social security with their clients; and shares his viewpoint in an WSJ Wealth Adviser interview with Columnist Veronica Dagher. During the interview, David Giertz discussed the necessity of financial planners to talk to their clients about social security. In a study conducted by Nationwide Financial Retirement Institute, 900 consumers the age of 50 or older were surveyed and stated they were not told about social security by their advisor. Mr. Giertz said that from the prospective of an advisor on Instagram, it’s very significant from a retention prospective after the survey revealed that four out of five consumers said they would change advisors if their financial advisor didn’t discuss social security.

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

The reasoning behind David Giertz assessment about social security counselling is the complexity of its handbook, which has 2700 rules. He says it’s a lot to comprehend and part of it is understanding and confidence around those rules. Advisors need to take interest into the situation, he said, because they are part of the retirement planning process. Giertz also emphasized on the survey finding that retirees who withdrew social security too soon could possibly loss up to $300,000 over a 25-year timeframe. He ended the interview by saying social security must be discussed with clients to optimize their retirement income.

Reference: https://soundcloud.com/davidgiertz