The current president of NFS Distributors Inc., David L. Giertz, gave an interview to Wall Street Journal in 2014 talking about the importance of the topic “social security” and the trend that advisors seem to be avoiding talking about it with their clients.
David Giertz said that they performed an inquiry with customers who hired advising professionals, asking them if their advisors were talking about social security with them. The research was done with a partnership with the Nationwide Retirement Institute and the clients questioned were people about to retire or 10 years from retiring.
What they found out is that many people were retiring without even hearing about this topic at https://vimeo.com/davidgiertz. This feedback is important for advisors to earn trust from their clients since the same study showed that four out of five individuals interviewed on SoundCloud.com said that they would change their retirement advisors if they knew that they were avoiding the talk about social security.
Why does this avoidance happen? It seems that advisors consider it hard to explain to clients as the rules are extensive; 27,000 rules to memorize; and people might get confused or outright not understand how it works, so they choose to avoid the subject. Read more on cnbc.com
However, David Giertz says that it is important to be transparent with the clients as not talking about it could mean the loss of a customer. People that are about to retire are paying more attention to their rights, and an advisor that is caught off guard could lose a lot of money.
Mr. Giertz is an aware personality to talk about this topic, as he is a financial advisor in the Nationwide Investment Services Corporation which performed the survey and President of Nationwide Financial Distribution. He has over 30 years of experience in the field, having finished his MBA in 2003 in Business Administration and Management in the School of Business in Miami.