The New York Times reported that The New York Attorney Generals Office had subpoenaed TIAA over their Wealth Management sales practices. Shortly after that, the SEC joined them in conducting a joint investigation. Up until then, the public had just assumed TIAA was pure as the driven snow because TIAA spent million each year telling them they were pure as the driven snow. After that subpoena, long time execs started leaving because they knew the jig was up. The jig was, in fact, up. The reason so many current execs are inexperienced or u unqualified is because serious candidates knew…..TIAA is in a death spiral. The execs will get paid, but they will see no success and no growth. They will not change anything in any meaningful way. They are there taking up space. If you pay people far more than their experience and qualifications would ever command in a healthy business, they will preside over misery and certain failure. Six years ago yesterday, good people stood up and put and end to the charade of TIAA’s spotless integrity.
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This! 💯
Those whistleblowers deserve medals all of them. There needs to be a follow-up story looking into Private Asset Management sales (not just Portfolio Advisor), Lifetime Income sales practices, and the current motivations of the advisors who stayed behind and the consistent "hat-switching" of said advisors - one minute I am a fiduciary and the next minute I am not you have to guess what I am though......history repeating itself no doubt. Additionally, please review the current management in Wealth and give walking papers for any director or RVP that was in wealth from 2012-2018 no matter what department they may be in now. It's time to get your house in order........cowards.