The whole point of working so hard when you are still young is so that in your old age you do not end up being dependent on others. There is nothing as bad as being a beggar who was once rich. Even if the begging is limited to family members. For this reason, many people have invested a lot in financial advisors. They ask them where to invest and when, they ask which insurance to take and which retirement policies to consider.
However, it’s interesting to note that most advisors often avoid talking to their clients about one thing; social security. According a survey done by nationwide financial retirement institute on financial consumers who are retired and who are ten years to retirement, a majority of people say that their financial advisors did not talk to them about social security.
In an interview with the Wall Street Journal, Dave Giertz, President of Nationwide Financial’s sales and distribution organization explained that social security is important because it makes up 40% of an individual’s retirement income. If this is the case, then why do financial advisors shy away from talking to their clients about it?
David Giertz says that part of the reason most advisors shun this topic is that they are not confident with all the rules that govern social security. There are 2700 rules on social security alone. Since most advisors are not confident they know or understand all the rules, they simply avoid the subject. Therefore, in as much as those who were involved in the survey said that they would rather change an advisor if they do not talk about social security, it is important to have one who is knowledgeable in the subject.
Dave Giertz is a seasoned financial advisor now working as the CEO of one of the leading financial corporations in the country; Nationwide Financial’s sales and distribution organization. He has gathered experience over the years which have seen him grow in his career and named one of the best financial advisors in the country. His article published in CNBC on the mistakes that will see you get a small security check shed light on many grey areas financial consumers had no idea existed.