With FINRA’s recent proclamation in their 10^th Annual Letter to members claiming, 

“A central failing FINRA has observed is firms not putting customers' interests first. Irrespective of whether a firm must meet a suitability or fiduciary standard, FINRA believes that firms best serve their customers — and reduce regulatory risk — by putting customers' interests first. This requires the firm to align its interests with those of the customer.” 

We must all immediately begin to ponder the view FINRA will take as it relates toSocial Security advice and the significance it has in the overall retirement income planning process.

Whether to provide or avoid giving advice is a provocative question given, according to the Social Security Administration….. 

• 52% of married couples rely on it to provide more than half of their retirement income
• 74% of unmarried people rely on it to provide more than half of their retirement income
•  22% of married couples rely on it to provide more than 90% their retirement income   
•  47% of unmarried people rely on it to provide more than 90% their retirement income

It would seem that Social Security retirement may very well be one of your client’s most valuable assets. 

With the majority of advisors (90%) offering some sort of Social Security guidance and more than 36% recommending specific Social Security claiming strategies, it seems compliance and retirement income planning are on a collision course. 

In this world of regulatory uncertainty, failing to address the role of one of your client’s most valuable retirement planning assets may be the very compliance trap every advisor is trying to avoid. With so much evidence indicating that Social Security filing strategies are often the difference between a retirement income plan failing or your clients living out their days with a meaningful level of security, is winging your Social Security advice the best strategy? 

At the Corporation for Social Security Claiming Strategies, we provide advisors with the education, training, tools, and ongoing expert support needed to make Social Security advice a source of differentiation rather than a source of discomfort.