I heard 11 advisors and PM left TIAA to join an RIA firm
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Can confirm: In the West region, I've heard names of 5 WMAs, including some very top performers (at least one EWMA and at least 2 VPWMAs), and 3 PMs. I know at least 2 of those WMAs took their CRMs with them as well. So that's 10 that I know of for sure.
On Friday 5 advisors departed. Email was sent to Wealth Distribution leaders and other client facing people.
@j9 makes sense why they are offering this we employee “benefit”. Losing WMs and business left and right so let’s force it down or associates throats. WM here is a joke…
Glad I don’t have any wealth for them to manage. Not even gonna do the minimum $1 to that DN said at the TH.
Who in their right mind would utilize TIAA for any wealth management functions? It’s the laughing stock of the wealth mgmt world. This company should focus on its core value prop (which is also diminishing) rather than trying to do anything fin services related.
I have to imagine with the comp plan changes that are expected this will create a fresh wave of advisor attrition and new RIAs. It's a very interesting model one advisor does almost all the work/ rapport/ trust, etc and then 40 people count that advisors money and tell the advisor how poor they are at their job......and then they wonder why advisors have been hemorrhaging head count and client assets since 2018.
@aa
3 PMs for sure. Not clear on advisors yet
@OP Denver reps also went to one capital
Yep, in California, they went to
https://www.onecapital.com/
I'm sure they had billions under management between all 11 of them. If even a fraction is taken they will have a very good life. Good luck and abide by your contracts (Non-solicit) - unless you live in CA - then happy hunting on Monday.
@ab Denver Arizona and SanFran. Then the rumors are true and WM is back to 5 days in office requirement.
With all the lawsuits against TIAA and business practice regulatory scrutiny, this doesn't surprise me.
11 wealth employees left and are going to the same firm. It's a very big deal and I would guess more are coming.
are you saying they all left to go to the same firm? Because that would be news. But if you’re just saying in general that 11 advisors and a few PMs left, so what? That happens all the time. There’s a constant flow of advisors leaving and then their positions refilled. out of hundreds of advisors across the country 11 is nothing.
Denver would make sense....they do need to find new jobs...
@aa I hear in Arizona. San Fran and Denver
Hearing 5 advisors and 3 PMs
Can anyone confirm?
I wish them nothing but success.