The President of Nationwide Financial’s sales and distribution division has some critical career advice for financial advisers. If they want to retain their clients they need to help those clients optimize their Social Security benefits as well as the rest of their retirement financial situation. Social Security can be up to 40% of a retiree’s income, so maximizing that is crucial, and can mean a big difference in the retired client’s lifestyle and quality of life.
Yet, Giertz says, in a survey conducted by the Nationwide Retirement Institute, most clients said their advisers did not bring up the topic. However, four out of five of those respondents also said they would switch advisers if they did not. Therefore, mastering Social Security and helping clients with it is a vital body of knowledge that affects the incomes of financial advisers.
Social Security is not simple. The Social Security Handbook contains 2700 rules. That’s why so many financial advisers prefer to avoid the topic. They don’t feel confident they have the expertise on it, so they lack confidence. However, clients who made the wrong Social Security decisions can lose a significant amount of benefits or pay additional taxes on it.
“Our parents and grandparents had pensions,” Giertz told CNBC. But those pensions are “drying up.” That makes maximizing Social Security benefits a vital part of everybody’s financial plan for retirement.
Yet a study conducted by the Nationwide Retirement Institute showed 30% of people receiving retirement benefits receive less than what they expected. And that’s up from 22% in the 2015 survey.
David Giertz has over 30 years of experience in the financial services advisory business. He started out with Nationwide Financial in 1999, as Regional Vice President in Miami, Florida. He ran the Southeast Territory, which is seven states plus Puerto Rico. In his five years in that position he increased the Southeast Territory’s revenue by 48%, leading to a promotion to President of Financial Institutions in 2004.
Read more about David Giertz: https://www.bloomberg.com/research/stocks/private/people.asp?privcapId=3611386
Nationwide financial retirement institute did a survey on consumers. What they discovered is that most of those who are retired or ten years away from retirement said that their financial advisers are not speaking to them about social security.
It’s important for advisers from a client-retention perspective because 4 out of 5 people answered that they would most likely switch advisers if social security was a topic not being covered. Advisers must take interest because clients will move on. When you think of a retirement planning process, social security makes up around 40% of the that. Those that turn on social security too early in life may lose up to $300,00 over 25 years. That’s $12,000 a year, or $1,000 dollars lost every single month.
Why are advisers avoiding it? David Luther Giertz is a financial adviser employed by Nationwide Investment Services Corporation in Dublin, Ohio and has over 31 years of experience with four exams passed, as well as a broker registration. He explains that it’s due to the fact that the social security handbook has 2700 rules. This is a lot of information to comprehend. Part of what makes a good adviser is an understanding and confidence of all those rules, and most advisers are seemingly not willing to put in the work.
David Giertz is registered as a broker with FINRA. This is also known as a broker-dealer registered rep, or RR for short. Brokers work for large brokerage firms as the sales personnel and deal with the buying and selling of stocks, bonds, mutual funds, and other investment-related securities. If registered with FINRA, these firms are able to engage in securities transactions for it’s clients as a broker, or for itself as a dealer.
Mr. David L. Giertz, also known as Dave, worked as the Senior Vice President-Nationwide Financial Distribution and Sales at Nationwide Life Insurance Company since 2013 and is an authority figure in the industry. Mr. Giertz also serves as President, Senior Vice President and Director for other Nationwide companies.
Financial advisers, if they wish to retain customers need to become well versed in social security and start going over it with their clients. If clients wish to optimize their social security and ensure that there are no missed opportunities, it’s important that they do make the switch, and find an adviser who is proficient in the topic.
Felipe Montoro Jens is helping get some government projects auctioned off to the private sector during the second half of 2018. Fifty-seven projects in 22 sectors were scheduled to be added to the private initiative for a total investment of $44 billion. Included in the Partnership and Investment Program (PPI) are infrastructure projects like improvements to many airports.
At auction is Infraero’s 49% participation in the infrastructure construction improvements for Confins International Airport in Belo Horizonte; Galeao International Airport in Rio de Janeiro; and Guarulhos International Airport in Sao Paulo. Also coming up for auction are construction bids for highway improvements. FR-153, the stretch of highway between Annapolis and Alliance and BR-364, the area of highway between Commodore and Old Port. The government of Brazil is making a concerted effort to privatize much state owned and operated property, shifting the costs upkeep from public to private.
In addition to the airports and sections of the roads, rights to the ports are also going up for auction: the port terminals of Belém (PA), Vila do Conde (PA), Paranaguá (PR) and Vitória (ES) during the second half of the year. Brazil is still working out the sale of other public institutions that it wants to privatize: the Docks of the Holy Spirit, Casemg, the Mint and Ceasaminas.
It may seem odd that the Brazilian government is selling the Mint, the house where money was printed and currency minted as well as passports made, but due to the advancement of technology, the space is no longer needed. The Minister of the Secretary-General of the president, Moreira Franco, made it clear that the government would not be harmed by the sale only enriched.
PPI is an overall program is designed to generate jobs and form good bonds between the Brazilian government and private enterprise. The opportunities for private business to invest in operations formerly controlled by the state will create a healthy flow of profits for everyone, including the government of Brazil.
Find out more about Felipe Montoro Jens: http://www.saguarostudios.com/the-uniqueness-of-felipe-montoro-jens/