Dave Giertz is president of Nationwide Financial’s sales and distribution organization and has over 30 years of experience in the financial services industry. Among other responsibilities, Mr. Giertz oversees wholesale strategy and distribution of private-sector retirement plans at Nationwide Financial. We have distilled some of Mr. Giertz’s key advice below according to yolasite.com. Here are the 3 reasons you should start talking about Social Security with your clients.
Reason #1: Competitive Edge
Are you looking for that competitive advantage over other financial advisors? If so, expertise in Social Security may be your answer. A Nationwide Financial Retirement Institute survey finds that the majority of advisors are not talking with clients about Social Security optimization on Twitter.
Reason #2: Client Benefit
There is a clear reason why clients want to be talking about Social Security. The same Nationwide study found that clients who claim their Social Security benefits too early will lose as much as $300,000 over 25 years on About.me. As Giertz breaks it down, that comes out to $12,000 a year and $1,000 a month. Giertz says that Social Security could represent up to forty percent of a retiree’s retirement plan.
Reason #3: Client Retention
Advisors are always looking for ways to improve the retention of clients they already have. The bottom line here is that good clients just may choose to look elsewhere if they feel that you are not able to offer them the expert advice they need on Social Security. As Giertz says, “That social security piece is very important.”
As you can see, while learning the details of Social Security optimization may be complicated, the benefits far outweigh the costs.