Good Financial Advising for the Future

David Glertz is a financial advisor and the current president of Nationwide Financial Distributors, Inc. He has nearly 30 years of experience in the financial services industry and aims to strengthen organizations by leveraging strategy, processes, and innovation. He earned his Bachelor of Science in Decatur, Illinois, and MBA at Millikin University.

Glertz has been associated with previous positions including

– Chair of Board of Trustees with Millikin University.

– Industry arbitrator with the Financial Regulatory Authority (FINRA).

– Board of Directors for the Girl Scouts of Broward County and the Fort Lauderdale Chamber of Commerce.

Awareness Towards Social Security

Veronica Dagher, columnist, and Wall Street Journal Adviser, asks Glertz several questions about social security. A main summary of the interview is based on the following Q&A interaction as stated below:

  • Q: Why don’t many advisors talk about Social Security to their Clients?
  • A: The topic is very complicated considering that there are nearly 2700 rules listed in the social security handbook. Most advisors feel satisfied if their clients have confidence and understanding towards those rules.
  • Q: Why advisers should take interest in talking about Social Security to their Clients?
  • A: Based on a survey from the Nationwide Financial Institute of Retirement (from consumers who recently retired to those that retired 10 years ago), most argued that their adviser never talked about Social Security and 4/5 people would be willing to switch advisors for that reason.

Uncareful planning can lead to turning on social security too early. Recent survey results show that those who engage in social security early end up losing approximately $300,000 dollars over a period of 25 years.

Since social security makes up a huge proportion of the financial planning process (up to 40%), the advisers need to keep clients aware of it. As a result, the clients can optimize their income with Social security.