TIAA Wealth Management Advisors

Have a question about your personal investments? No matter how simple or complex, you can ask it here.
Post Reply
Topic Author
student
Posts: 6605
Joined: Fri Apr 03, 2015 6:58 am

TIAA Wealth Management Advisors

Post by student »

My understanding is that TIAA provides an assigned wealth management advisor (free) to clients who reach a minimum balance. Some of my colleagues have one. I saw at morningstar discussion board that it is $750k. https://community.morningstar.com/s/que ... t-advisors I reached that a couple of years ago but no WMA for me. Does anybody know what is the minimum balance?
User avatar
retired@50
Posts: 7952
Joined: Tue Oct 01, 2019 2:36 pm
Location: Living in the U.S.A.

Re: TIAA Wealth Management Advisors

Post by retired@50 »

student,
7 years of being a Boglehead, and over 6,400 posts...

What do you hope to gain from a TIAA wealth management adviser?

My guess is that the TIAA wealth management adviser will learn something from you.

Regards,
This is one person's opinion. Nothing more.
livesoft
Posts: 80237
Joined: Thu Mar 01, 2007 8:00 pm

Re: TIAA Wealth Management Advisors

Post by livesoft »

I have received several voicemails from someone who stated they are my TIAA WMA. I've never ever returned the calls. I do not have even close to $750K at TIAA. And no, I do not have lots more than $750K at TIAA.
Wiki This signature message sponsored by sscritic: Learn to fish.
Topic Author
student
Posts: 6605
Joined: Fri Apr 03, 2015 6:58 am

Re: TIAA Wealth Management Advisors

Post by student »

retired@50 wrote: Sun May 08, 2022 9:11 am student,
7 years of being a Boglehead, and over 6,400 posts...

What do you hope to gain from a TIAA wealth management adviser?

My guess is that the TIAA wealth management adviser will learn something from you.

Regards,
Probably not much. Mostly fear of missing out and how come I don't have one when others do. Also if there is an issue, I like to have one contact person rather than getting a different person each time I call. Almost all my money in TIAA is in TIAA Traditional. The one thing that I would likely ask when I am ready to retire is to explore all options of annuitization. I think I understand the options but would like to double check. Of course, at that time, I will also post questions here as there are members such as crefwatch who are likely more knowledgeable on TIAA Traditional than a typical TIAA WMA.
Last edited by student on Sun May 08, 2022 9:28 am, edited 2 times in total.
Topic Author
student
Posts: 6605
Joined: Fri Apr 03, 2015 6:58 am

Re: TIAA Wealth Management Advisors

Post by student »

livesoft wrote: Sun May 08, 2022 9:19 am I have received several voicemails from someone who stated they are my TIAA WMA. I've never ever returned the calls. I do not have even close to $750K at TIAA. And no, I do not have lots more than $750K at TIAA.
Thanks for the info. Must be discrimination. lol.
tibbitts
Posts: 17407
Joined: Tue Feb 27, 2007 6:50 pm

Re: TIAA Wealth Management Advisors

Post by tibbitts »

student wrote: Sun May 08, 2022 8:57 am My understanding is that TIAA provides an assigned wealth management advisor (free) to clients who reach a minimum balance. Some of my colleagues have one. I saw at morningstar discussion board that it is $750k. https://community.morningstar.com/s/que ... t-advisors I reached that a couple of years ago but no WMA for me. Does anybody know what is the minimum balance?
I had a TIAA adviser until 2021, but was notified by email that he had been replaced by a "team." My balance is barely over $1M so my guess is that like at Vanguard the limit might be $5M now and the adoption will be a rolling process like it was with losing Vanguard Flagship reps.
VanguardInvestor1972
Posts: 29
Joined: Fri Jun 14, 2019 8:54 pm

Re: TIAA Wealth Management Advisors

Post by VanguardInvestor1972 »

I do have a Wealth Management Advisor from TIAA and have more than that minimum account balance. They contacted me along the way; I can't remember exactly at what $$ amount. I have checked in with the WMA I have been assigned every year or so to understand if there's anything I need to know. While there are some funds that I have to keep with TIAA/Nuveen for reasons to do with my former employer plans, I have managed to get some of the funds into Vanguard three-fund allocation, my core preference. My experiences:

#1: As with other Wealth Management Advisors I've encountered, they mostly seek to get me to transfer funds to ... TIAA. It was once a non-profit but of course now is a for profit; see https://www.tiaa.org/public/plansponsor ... %20company and they are seeking AUM as any other investment firm does.

#2: The other thing I'd say about TIAA WM is that they have turned over my person four times in several years. So they sell the idea that you are getting to know someone but they have a rotating door over the past few years (buyouts, I understand, among other things).

So, based on my experience:

A. you are not missing out on much.

B. I agree with those who say you know plenty if not more than the person they might assign.

C. No reason not to return the call and talk to the person if you like but I doubt it will be a life-changing relationship. Mine have not been.
tibbitts
Posts: 17407
Joined: Tue Feb 27, 2007 6:50 pm

Re: TIAA Wealth Management Advisors

Post by tibbitts »

retired@50 wrote: Sun May 08, 2022 9:11 am student,
7 years of being a Boglehead, and over 6,400 posts...

What do you hope to gain from a TIAA wealth management adviser?

My guess is that the TIAA wealth management adviser will learn something from you.

Regards,
I completely disagree. The TIAA adviser was helpful to me, partly in navigating the intricacies of multiple TIAA all with different terms and conditions. The free financial plans were very detailed, incorporated all your assets held everywhere, and there was never even a hint of moving more money to TIAA or buying any TIAA products or services. In fact I had to bring up the subject of wanting to transfer some fixed income into TIAA, and even then it would sort of "well, you could, or not..." Had I consulted him earlier I might not have missed that I was letting my deferred accounts get a little out of control. It's one thing to "know" something that's happening gradually and another to notice the way someone looking in from the outside might.
crefwatch
Posts: 1479
Joined: Sun Apr 15, 2007 1:07 pm
Location: New Jersey, USA

Re: TIAA Wealth Management Advisors

Post by crefwatch »

livesoft wrote: Sun May 08, 2022 9:19 am I have received several voicemails from someone who stated they are my TIAA WMA.
I feel confident that this report is accurate. But I just want to observe that it is important to listen carefully when a representative of a company calls you. Fin Serv companies have all kinds of "advisors". It's easy to mis-hear.

In 2005, our very first WMA was stupendous, useful, and never tried to sell us anything. He also accepted my rejection of some aspects of TIAA-CREF's largely computerized allocation advice. (Provided at that time by Ibbotson, as a subcontractor.) Over the years, we've never had anyone quite that good. It also seems like the once annual full reviews have been replaced by intervening years of shorter, cheaper, and less-useful reports. The product (I mean WMA's) seems to have been subjected to "Value Engineering", by which I mean pressure to save money or make a profit with investment recommendations. I don't know if everyone still has a Fiduciary Responsibility to the client.

Just to pick a specific example, a certain number of posters, here and at Morningstar TIAA, abhor the fact that TIAA chose to subdivide some holy Asset Allocation tablets handed down by Bogle. For example, there's every permutation of Small Cap/Mid Cap/Large Cap and Value/Growth. If reading a report that uses so much slice and dice is going to make you angry, don't get a WMA.

The WMA's support team (I'm referring back to my first paragraph, where a mention of a team may have been heard as a downgrading of the product, when it was actually a division of responsibilities ... ) has incredibly well-trained and experienced people who know how the TIAA machine works!

Note that I'm not suggesting that anyone should switch providers to get a TIAA WMA. I'm saying that IF you have selected TIAA as your retirement investing provider, it can be a good thing to have a WMA and his/her team. But I agree it's not as good as it used to be.
Topic Author
student
Posts: 6605
Joined: Fri Apr 03, 2015 6:58 am

Re: TIAA Wealth Management Advisors

Post by student »

VanguardInvestor1972 wrote: Sun May 08, 2022 11:27 am I do have a Wealth Management Advisor from TIAA and have more than that minimum account balance. They contacted me along the way; I can't remember exactly at what $$ amount. I have checked in with the WMA I have been assigned every year or so to understand if there's anything I need to know. While there are some funds that I have to keep with TIAA/Nuveen for reasons to do with my former employer plans, I have managed to get some of the funds into Vanguard three-fund allocation, my core preference. My experiences:

#1: As with other Wealth Management Advisors I've encountered, they mostly seek to get me to transfer funds to ... TIAA. It was once a non-profit but of course now is a for profit; see https://www.tiaa.org/public/plansponsor ... %20company and they are seeking AUM as any other investment firm does.

#2: The other thing I'd say about TIAA WM is that they have turned over my person four times in several years. So they sell the idea that you are getting to know someone but they have a rotating door over the past few years (buyouts, I understand, among other things).

So, based on my experience:

A. you are not missing out on much.

B. I agree with those who say you know plenty if not more than the person they might assign.

C. No reason not to return the call and talk to the person if you like but I doubt it will be a life-changing relationship. Mine have not been.
Thanks for the detailed response. I think TIAA is "functionally" nonprofit in the sense that it is owned by the board of governors, which is a nonprofit. In any case, I don't see its behaviors any different from other companies such as Fidelity, Schwab and Vanguard.
Topic Author
student
Posts: 6605
Joined: Fri Apr 03, 2015 6:58 am

Re: TIAA Wealth Management Advisors

Post by student »

tibbitts wrote: Sun May 08, 2022 11:34 am
retired@50 wrote: Sun May 08, 2022 9:11 am student,
7 years of being a Boglehead, and over 6,400 posts...

What do you hope to gain from a TIAA wealth management adviser?

My guess is that the TIAA wealth management adviser will learn something from you.

Regards,
I completely disagree. The TIAA adviser was helpful to me, partly in navigating the intricacies of multiple TIAA all with different terms and conditions. The free financial plans were very detailed, incorporated all your assets held everywhere, and there was never even a hint of moving more money to TIAA or buying any TIAA products or services. In fact I had to bring up the subject of wanting to transfer some fixed income into TIAA, and even then it would sort of "well, you could, or not..." Had I consulted him earlier I might not have missed that I was letting my deferred accounts get a little out of control. It's one thing to "know" something that's happening gradually and another to notice the way someone looking in from the outside might.
Thanks. Maybe I will give them a call and see how I can be qualified. If I am not qualified, maybe I can talk to the one assigned to the university that I work for. I talked to such an advisor twice, once over 20 years ago and once in 2015. The one from 20 years ago just entered a rate of inflation and a rate of return, and without using any Monte Carlo simulation, and me a projection (I think). I remember thinking that I don't need you, I know how to apply the geometric series. The one I talked to in 2015 answered some technical question but did not offer to do a financial plan.
Last edited by student on Sun May 08, 2022 11:58 am, edited 1 time in total.
VanguardInvestor1972
Posts: 29
Joined: Fri Jun 14, 2019 8:54 pm

Re: TIAA Wealth Management Advisors

Post by VanguardInvestor1972 »

student wrote: Sun May 08, 2022 11:50 am
VanguardInvestor1972 wrote: Sun May 08, 2022 11:27 am I do have a Wealth Management Advisor from TIAA and have more than that minimum account balance. They contacted me along the way; I can't remember exactly at what $$ amount. I have checked in with the WMA I have been assigned every year or so to understand if there's anything I need to know. While there are some funds that I have to keep with TIAA/Nuveen for reasons to do with my former employer plans, I have managed to get some of the funds into Vanguard three-fund allocation, my core preference. My experiences:

#1: As with other Wealth Management Advisors I've encountered, they mostly seek to get me to transfer funds to ... TIAA. It was once a non-profit but of course now is a for profit; see https://www.tiaa.org/public/plansponsor ... %20company and they are seeking AUM as any other investment firm does.

#2: The other thing I'd say about TIAA WM is that they have turned over my person four times in several years. So they sell the idea that you are getting to know someone but they have a rotating door over the past few years (buyouts, I understand, among other things).

So, based on my experience:

A. you are not missing out on much.

B. I agree with those who say you know plenty if not more than the person they might assign.

C. No reason not to return the call and talk to the person if you like but I doubt it will be a life-changing relationship. Mine have not been.
Thanks for the detailed response. I think TIAA is "functionally" nonprofit in the sense that it is owned by the board of governors, which is a nonprofit. In any case, I don't see its behaviors any different from other companies such as Fidelity, Schwab and Vanguard.
Yes that is the point I was trying to make. It is a fine company--and it acts like any other for-profit firm regardless of its corporate form. Whether or not it is a for-profit owned by a non-profit (literally the case) or is a for-profit through-and-through (such as Fidelity), the incentives for the WMA appear to be to convince you to move your $$ to them. In my case that meant trying to get me to wrap all sorts of funds into various trusts and arrangements with them, to move my Vanguard-held 529s to the California ScholarsShare (holding TIAA funds!!!) even though we lived in Massachusetts, and so forth. Most of the "advising" sessions felt a lot more like "sales" sessions. That sounds to me like acting like a for-profit. And that is what you are missing out on, in large measure, based on my one experience.

I see that another person, tibbitts, has had a different / better experience--so back to my point C, no reason not to try it and see how it goes if you are interested.
Topic Author
student
Posts: 6605
Joined: Fri Apr 03, 2015 6:58 am

Re: TIAA Wealth Management Advisors

Post by student »

VanguardInvestor1972 wrote: Sun May 08, 2022 11:57 am
student wrote: Sun May 08, 2022 11:50 am
VanguardInvestor1972 wrote: Sun May 08, 2022 11:27 am I do have a Wealth Management Advisor from TIAA and have more than that minimum account balance. They contacted me along the way; I can't remember exactly at what $$ amount. I have checked in with the WMA I have been assigned every year or so to understand if there's anything I need to know. While there are some funds that I have to keep with TIAA/Nuveen for reasons to do with my former employer plans, I have managed to get some of the funds into Vanguard three-fund allocation, my core preference. My experiences:

#1: As with other Wealth Management Advisors I've encountered, they mostly seek to get me to transfer funds to ... TIAA. It was once a non-profit but of course now is a for profit; see https://www.tiaa.org/public/plansponsor ... %20company and they are seeking AUM as any other investment firm does.

#2: The other thing I'd say about TIAA WM is that they have turned over my person four times in several years. So they sell the idea that you are getting to know someone but they have a rotating door over the past few years (buyouts, I understand, among other things).

So, based on my experience:

A. you are not missing out on much.

B. I agree with those who say you know plenty if not more than the person they might assign.

C. No reason not to return the call and talk to the person if you like but I doubt it will be a life-changing relationship. Mine have not been.
Thanks for the detailed response. I think TIAA is "functionally" nonprofit in the sense that it is owned by the board of governors, which is a nonprofit. In any case, I don't see its behaviors any different from other companies such as Fidelity, Schwab and Vanguard.
Yes that is the point I was trying to make. It is a fine company--and it acts like any other for-profit firm regardless of its corporate form. Whether or not it is a for-profit owned by a non-profit (literally the case) or is a for-profit through-and-through (such as Fidelity), the incentives for the WMA appear to be to convince you to move your $$ to them. In my case that meant trying to get me to wrap all sorts of funds into various trusts and arrangements with them, to move my Vanguard-held 529s to the California ScholarsShare (holding TIAA funds!!!) even though we lived in Massachusetts, and so forth. Most of the "advising" sessions felt a lot more like "sales" sessions. That sounds to me like acting like a for-profit. And that is what you are missing out on, in large measure, based on my one experience.

I see that another person, tibbitts, has had a different / better experience--so back to my point C, no reason not to try it and see how it goes if you are interested.
Thanks for the response. I will likely call them to see how I can be qualified. Yes. I agree completely it acts the same as others. The CEO is always for-profit for himself/herself. :D
Topic Author
student
Posts: 6605
Joined: Fri Apr 03, 2015 6:58 am

Re: TIAA Wealth Management Advisors

Post by student »

crefwatch wrote: Sun May 08, 2022 11:40 am
livesoft wrote: Sun May 08, 2022 9:19 am I have received several voicemails from someone who stated they are my TIAA WMA.
I feel confident that this report is accurate. But I just want to observe that it is important to listen carefully when a representative of a company calls you. Fin Serv companies have all kinds of "advisors". It's easy to mis-hear.

In 2005, our very first WMA was stupendous, useful, and never tried to sell us anything. He also accepted my rejection of some aspects of TIAA-CREF's largely computerized allocation advice. (Provided at that time by Ibbotson, as a subcontractor.) Over the years, we've never had anyone quite that good. It also seems like the once annual full reviews have been replaced by intervening years of shorter, cheaper, and less-useful reports. The product (I mean WMA's) seems to have been subjected to "Value Engineering", by which I mean pressure to save money or make a profit with investment recommendations. I don't know if everyone still has a Fiduciary Responsibility to the client.

Just to pick a specific example, a certain number of posters, here and at Morningstar TIAA, abhor the fact that TIAA chose to subdivide some holy Asset Allocation tablets handed down by Bogle. For example, there's every permutation of Small Cap/Mid Cap/Large Cap and Value/Growth. If reading a report that uses so much slice and dice is going to make you angry, don't get a WMA.

The WMA's support team (I'm referring back to my first paragraph, where a mention of a team may have been heard as a downgrading of the product, when it was actually a division of responsibilities ... ) has incredibly well-trained and experienced people who know how the TIAA machine works!

Note that I'm not suggesting that anyone should switch providers to get a TIAA WMA. I'm saying that IF you have selected TIAA as your retirement investing provider, it can be a good thing to have a WMA and his/her team. But I agree it's not as good as it used to be.
Thanks for the detailed response.
tibbitts
Posts: 17407
Joined: Tue Feb 27, 2007 6:50 pm

Re: TIAA Wealth Management Advisors

Post by tibbitts »

VanguardInvestor1972 wrote: Sun May 08, 2022 11:57 am I see that another person, tibbitts, has had a different / better experience--so back to my point C, no reason not to try it and see how it goes if you are interested.
I had heard the same about the sales issues and for that reason didn't contact TIAA for years. But when I did there was almost the opposite of a sales pitch, no encouraging moving assets to TIAA, even to the extent that I eventually decided to do on my own. But I'm not sure my experience from just a couple of years ago could be repeated today. And the experience would always depend on the adviser you're assigned.
blackburnian
Posts: 176
Joined: Thu May 04, 2017 12:40 pm

Re: TIAA Wealth Management Advisors

Post by blackburnian »

I made an appointment with a TIAA consultant associated with my university, and she was very helpful, mainly answering a lot of questions that were very hard to find the answers to in the cumbersome online retirement calculator, such as what amount I would get if I annuitized different combinations of accounts at different times (I have 4 accounts, of 3 different types, from 3 different employers), how to go about doing a Roth conversion, and what the graded annuity entails. She didn't try to sell me anything (and even gave me Medicare advice). But I have much less than $750,000, and she was not a "wealth manager."
Topic Author
student
Posts: 6605
Joined: Fri Apr 03, 2015 6:58 am

Re: TIAA Wealth Management Advisors

Post by student »

blackburnian wrote: Sun May 08, 2022 1:37 pm I made an appointment with a TIAA consultant associated with my university, and she was very helpful, mainly answering a lot of questions that were very hard to find the answers to in the cumbersome online retirement calculator, such as what amount I would get if I annuitized different combinations of accounts at different times (I have 4 accounts, of 3 different types, from 3 different employers), how to go about doing a Roth conversion, and what the graded annuity entails. She didn't try to sell me anything (and even gave me Medicare advice). But I have much less than $750,000, and she was not a "wealth manager."
Thanks for the info.
daleddm
Posts: 64
Joined: Thu Aug 13, 2020 3:41 pm

Re: TIAA Wealth Management Advisors

Post by daleddm »

My first meeting with local rep (advisor by some measure) was helpful ... thereafter less so, and I've never received another report of sorts after that first one despite having several more or less annual meetings. In fact it's been a year this month since one was promised and never provided, despite my providing statements from other companies as asked for to do the report. And on that initial report, I didn't make any of the advised changes. My sense of the politics of it is/was that if I wasn't going to take his advice, why should he bother generating another report. As well, I'd moved almost everything to Vanguard funds that were available within the TIAA system at considerably less expense. Probably not what they're hoping to see happen, and maybe there would be more interest if I was all in TC funds. Almost none in fact. The local rep (refers to his team being my team) seems busy enough to not much care, and after waiting for a year for a report that never came (I asked for it several times) I won't be going back in to see him.

Maybe working with TIAA is like going to Lowes or Home Depot ... there's a good chance you're not going to get a lot of help, but you'll probably be OK if you know what it is you're looking for.
Topic Author
student
Posts: 6605
Joined: Fri Apr 03, 2015 6:58 am

Re: TIAA Wealth Management Advisors

Post by student »

daleddm wrote: Sun May 08, 2022 2:08 pm My first meeting with local rep (advisor by some measure) was helpful ... thereafter less so, and I've never received another report of sorts after that first one despite having several more or less annual meetings. In fact it's been a year this month since one was promised and never provided, despite my providing statements from other companies as asked for to do the report. And on that initial report, I didn't make any of the advised changes. My sense of the politics of it is/was that if I wasn't going to take his advice, why should he bother generating another report. As well, I'd moved almost everything to Vanguard funds that were available within the TIAA system at considerably less expense. Probably not what they're hoping to see happen, and maybe there would be more interest if I was all in TC funds. Almost none in fact. The local rep (refers to his team being my team) seems busy enough to not much care, and after waiting for a year for a report that never came (I asked for it several times) I won't be going back in to see him.

Maybe working with TIAA is like going to Lowes or Home Depot ... there's a good chance you're not going to get a lot of help, but you'll probably be OK if you know what it is you're looking for.
Thanks for the response.
Topic Author
student
Posts: 6605
Joined: Fri Apr 03, 2015 6:58 am

Re: TIAA Wealth Management Advisors

Post by student »

Thanks again for everyone who replied. I would like to report back my conversation with TIAA today. I called today (no wait). I said some of my colleagues have assigned advisors and I don't have one, and I ask what is the asset level required to have one. She said there is no asset level. When I call to speak with an advisor, they will route me to an advisor and one establishes a relationship this way.
RosemaryRetiree
Posts: 24
Joined: Sun Feb 07, 2021 6:37 pm

Re: TIAA Wealth Management Advisors

Post by RosemaryRetiree »

All I got from TIAA was two advisors teaming up on me to try to get me to give them my money in an AUM model. Lots of pressure to get whole life insurance, trust them with portfolio management despite my stated comfort zone of 70/30, etc. It was awful.
Topic Author
student
Posts: 6605
Joined: Fri Apr 03, 2015 6:58 am

Re: TIAA Wealth Management Advisors

Post by student »

RosemaryRetiree wrote: Mon May 09, 2022 2:51 pm All I got from TIAA was two advisors teaming up on me to try to get me to give them my money in an AUM model. Lots of pressure to get whole life insurance, trust them with portfolio management despite my stated comfort zone of 70/30, etc. It was awful.
Interesting. I guess it is the luck of the draw since my colleagues told me that there were no sale pitches.
InMyDreams
Posts: 1251
Joined: Tue Feb 28, 2017 11:35 am

Re: TIAA Wealth Management Advisors

Post by InMyDreams »

RosemaryRetiree wrote: Mon May 09, 2022 2:51 pm All I got from TIAA was two advisors teaming up on me to try to get me to give them my money in an AUM model.
If you search the site for "WMA" you'll see a bunch of posts. People seem to have a wide variance in experience with WMAs, and one thought has been that things have changed over time.

There's another thread that's been reactivated regarding fines that TIAA incurred.

Years ago, when I first met with a WMA (my request as I considered retiring early), he assured me multiple times that my decisions made no difference to him. He did mention that TIAA had a separate group that managed money for an AUM.
crefwatch
Posts: 1479
Joined: Sun Apr 15, 2007 1:07 pm
Location: New Jersey, USA

Re: TIAA Wealth Management Advisors

Post by crefwatch »

Post Reply