It is never too early to start retirement planning, especially when it comes to your retirement income plan. But making the best choice is based on the knowledge and ability of your financial adviser. In a Wall Street Journal interview with David Giertz, president of Nationwide Financial Distributors, Mr. Giertz, emphasized the importance of having advisers discuss Social Security with their clients.
David Giertz explained that it is not just for the client’s benefit but also for the adviser’s, in terms of their ability to retain potential clients. “…4 out 5 people said they would change advisers if their adviser wasn’t talking to them about Social Security,” Giertz said, referring to the results of a consumer survey conducted by the Nationwide Financial Retirement Institute on Twitter. The survey was conducted among retirees and people looking at retirement in the next ten years.
When asked why investment advisers seem avoiding the topic of Social Security in their consultations with existing or potential clients on About.me, Dave Giertz suggests it may have to due with the complexity of the Social Security Act itself.. “The Social Security handbook has over 2700 rules,” he says, which is no trivial matter. However, it is crucial for advisers to understand and be confident about the workings of Social Security, since it may be a key aspect of their client’s retirement income plan. According to the survey, Social Security could make up to 40% of an individual’s retirement plan income at https://angel.co/david-giertz.
More and more people are resorting to the guidance of a financial expert to help them design an efficient retirement income plan. If advisers want to provide the best possible guidance, they need to stop avoiding the topic of Social Security and instead make it a tool to optimize their clients’ retirement plans on yolasite.com. It could give advisers that extra push to improve their retention rates and it would allow clients to make the most out of their retirement. It’s a win-win for all involved.