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Timoneer
Follower ○○

Does TIAA still have advisors?

I hadn't been on the TIAA web site for awhile, and when I logged into my account I could not find any reference to my assigned advisor.  No useful local contact information at all, just a general 800 #.

I know that this local contact info was prominent in the past.

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45 Replies
GLI2019
Participant ○○○

Re: Does TIAA still have advisors?

Apparently, it's now a team concept. We basically deal with our former advisor's assistant in Denver.  He's super efficient--not that we require much work.

Bob

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Learner
Participant ○

Re: Does TIAA still have advisors?


@Timoneer wrote:

I hadn't been on the TIAA web site for awhile, and when I logged into my account I could not find any reference to my assigned advisor.  No useful local contact information at all, just a general 800 #.

I know that this local contact info was prominent in the past.


Mine is still there on the TIAA website.  Picture, phone number, email... no change.  I have not done anything at all with him.  I received mail. phone calls, and email many times from him and TIAA but I have not responded.  We have not even spoken. 

Maybe I will see no change  It is also possible they are doing it in batches and my turn has not come yet.

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TheWizard
Explorer ○○

Re: Does TIAA still have advisors?

The WMA that Timoneer and I both had was tied to our employer and he recently left TIAA. I was assigned a new WMA two towns north of where I live based on proximity, since we retirees aren't tied to our former employer anymore.

I actually met with my new WMA earlier this month for 30 minutes and he seems okay, not at all pushy. If I need help getting my RMDs started in January the way I want, I think he'll be able to help...

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JohnCL
Follower ○○○

Re: Does TIAA still have advisors?

The TIAA WMA for my wife and myself is still listed in our TIAA account page along with his team, with contact phone #'s and e-mail addresses.  We have been retired for about 10 years.  The WMA makes regular visits (once a month) from his office about 150 miles away to service active employees and retirees at our institution.

John L,

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Juris2
Explorer ○○○

Re: Does TIAA still have advisors?

Same for me. My WMA is still listed on the TIAA webpage. His photo is also there. When I click on that link I get contact information, as well as a list of the advisory team members, including one in Denver with whom I've interacted. We met with the main WMA a few months ago to review our account and to set up a TPA.

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Timoneer
Follower ○○

Re: Does TIAA still have advisors?

Thanks to all.

It seems, as Wizard wrote, that my WMA has left TIAA and they have not bothered to inform me or even put any local contact info on my web page.

Actually, if I were a TIAA WMA I would not myself to be a client.  No prospect of adding to my account, only transferring funds out.  Very bad for TIAA metrics.

 

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GLI2019
Participant ○○○

Re: Does TIAA still have advisors?

"No prospect of adding to my account, only transferring funds out"

Mostly the case with us: substantial lifetime annuity income in house, with some residual as investable.

Otherwise, most liquid funds elsewhere.

Nothing to sell us.  :-)

Bob

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T2V
Follower ○○

Re: Does TIAA still have advisors?

My Wealth Management Advisor's photo still appears, with contact info when clicked. However, a couple years ago when I asked for his recommendation on how to simplify my investments as I neared retirement, he said he couldn't answer until I completed the risk tolerance survey. The survey was useless because the questions about preferring this or that level of risk did not include the time frame, but I completed and sent it anyway so I could get his answer. What I received was a list containing many more TIAA/Nuveen investment accounts than I already had (remember, I asked about *simplifying*) that looked like it was computer-generated, and many of the expense ratios were higher. So I opened Vanguard IRA and Roth IRA accounts and moved much of my TIAA retirement plan balance and all of my TIAA Roth IRA balance there. Two years to go of contributing to my employer plan at TIAA. Then, instead of keeping everything at TIAA for simplicity as I'd long thought, I'll now be moving the rest of my funds to Vanguard when I retire.

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yogibearbull
Contributor ○○○

Re: Does TIAA still have advisors?

@T2V , regardless of the advisor question, you should know that TIAA has very poor IRAs -low rates for Traditional, high ER VAs [R1], higher ER T-C mutual funds, and no consideration for IRA account size.

Also, Roth 401k/403b have RMDs, so those you have to rollover/direct-transfer into Roth IRAs to avoid RMDs, but those don't have to be TIAA Roth IRAs.

TIAA has made it clear that it doesn't want your IRA business.

YBB
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T2V
Follower ○○

Re: Does TIAA still have advisors?

@yogibearbull  Thanks for replying. Indeed, those facts you named are all precisely reasons I've moved what I can for now from TIAA to Vanguard. I've done the rollovers and direct transfers you mentioned, will move the TIAA Roth 403(b) balance to the Vanguard Roth IRA before the end of the year I turn 70, and will move the TIAA 403(b) to the Vanguard IRA when I retire.

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yogibearbull
Contributor ○○○

Re: Does TIAA still have advisors?

@T2V , FWIW, I have kept TIAA 403b and most of it is in Traditional SRA and T-REA. 

YBB
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Learner
Participant ○

Re: Does TIAA still have advisors?

"TIAA has made it clear that it doesn't want your IRA business."

yogi, I suppose you wrote this because of lower minimum interest rate guarantee for TIAA Trad.  For those with closed accounts that have a higher minimum interest rate guarantee, it is fine as long as they don't transfer money out from such an account.  If someone has excess to TIAA-CREF mutual funds with lowest ERs, it is not bad either.

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yogibearbull
Contributor ○○○

Re: Does TIAA still have advisors?


@Learner wrote:

"TIAA has made it clear that it doesn't want your IRA business."

yogi, I suppose you wrote this because of lower minimum interest rate guarantee for TIAA Trad.  For those with closed accounts that have a higher minimum interest rate guarantee, it is fine as long as they don't teansfer money out from such an account.  If someone has excess to TIAA-CREF mutual funds with lowest ERs, it is not bad either.


I was addressing the current situation for those considering moving into TIAA IRAs.

The old TIAA IRA was closed as of 10/11/10 [about 9 years ago]. The link now has the following note [there is a small story behind that].   https://www.tiaa.org/public/investment-performance/tiaatraditional/profile?ticker=47933635

"1 These rates apply to IRA contracts issued prior to 10/11/2010. Note: All IRA Minimum Distribution Option contracts and IRA contracts issued on or after 10/11/2010 as a result of a divorce settlement will be given the same rate as the originating contract. Note that IRA contracts issued prior to 10/11/2010 no longer permit contributions, rollovers or transfers to be made to the TIAA Traditional account."

YBB
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GLI2019
Participant ○○○

Re: Does TIAA still have advisors?

I am one of those who continues to get the 3% guaranteed in my TIAA Traditional IRA.  I will stay with it so long as interest rates, in general, remain low. 

But I agree with Yogi entirely that a TIAA IRA (after the change made in the past) is a bad deal otherwise with respect to both Traditional and the plainly excessive expense ratios for the mutual funds.

It is remarkable to watch expense ratios plunge throughout the financial industry and yet TIAA doggedly persists in posting high fees (I make an exception for TREA) for many of its mutual funds.  It's just dumb!

Bob

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Learner
Participant ○

Re: Does TIAA still have advisors?

Bob,

I am not clear about your post regarding TIAA IRAs.

1.  TIAA Trad.  It is not as if Fidelity or Vanguard has something comparable to TIAA Trad with a higher minimum interest rate guarantee.

2.  TIAA-CREF mutual funds.  Institutional agreements vary.  In my institution's case, I have access to mutual funds with very low ERs.  For people like me, there is no such thing as high fees.  

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yogibearbull
Contributor ○○○

Re: Does TIAA still have advisors?

@Learner , you are mixing up TIAA 403b with newer TIAA IRAs.

As I mentioned, I am keeping my TIAA 403b.

But if one has TIAA Roth 403b, one has to move before 70.5 to Roth IRA to avoid RMDs.

And the only option at TIAA would be newer/BAD TIAA IRA, not the grandfathered old/frozen IRA.

YBB
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Juris2
Explorer ○○○

Re: Does TIAA still have advisors?

I will remain with TIAA, at least until the last of my TPA's occurs. But it's an open question whether the TPA or I will expire first. I also have investments at Fidelity (SRA's and brokerage). Neither SRA's nor brokerage features were attractive at TIAA when I inherited a large chunk of money 5-7 years ago.

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GLI2019
Participant ○○○

Re: Does TIAA still have advisors?

Learner,

Yogi commented: "you are mixing up TIAA 403b with newer TIAA IRAs."

It looks that way.

I am speaking only of my TIAA Traditional IRA contract, which is in no way related to my university retirement plan.  Nor  are the high fee MF offerings in the IRA (non-university retirement account).  If you receive institutional fees from TIAA on a non-retirement plan IRA, I congratulate you!

Thankfully, Vanguard does provide me with Admiral fees in my much larger rollover IRA. 

On the other hand, the payout ratio of my Traditional annuitized account ( retirement plan money)  is 3x the 3% guaranteed rate (yes, I well know the difference between an interest rate and a payout ratio).  However, I particularly appreciate the difference in terms of the dollars I have received over many years. :-)

Bob

 

 

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GLI2019
Participant ○○○

Re: Does TIAA still have advisors?

Juris wrote:

"But it's an open question whether the TPA or I will expire first."

Hopefully, the TPA will expire first.  But you can be assured that either you or your beneficiaries will see every penny of that TPA, which typically pays out considerably more than 3%.  It's in the bag!

Bob

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