Private Asset Management (PAM) just had three senior PM departures… all CFAs… in the last week.
PAM hasn’t hired a new CFA in the last year- I guess the “subscribe or die” wasn’t a good idea from the RDs. The role is turning into a relationship manager that serves the WMA… PAM will be shell of itself with absolutely no investment acumen in no time.
@1ca if TIAA is only paying $125k/yr per head for someone that has subject matter expertise AND a CFA, then shame on the human for sticking around. i guess you get what you pay for in the end.
AI & Quants are doing better than humans in Wealth Management. I just saw a report and AI & Quants have an Alpha of over 2 points higher than humans and they save TIAA about $125K per year per head. It’s crazy but so true. AI will decimate most investment and financial firms in terms of head count
Chicago and West. There are another 1-2 who will be leaving imminently i am aware of
@ck so many TIAA WM's were cast offs from other firms. Those firms are still laughing. The guys in brokerage who came from Schwab, referred to TIAA brokerage as "The Flintstones"
@ck "those who can, do. Those who can't--teach."
Using TIAA for true wealth management is akin to taking a Patek Philippe to be serviced down at the Mall by some vagrant at UBreakiFix.
I once sat in on a "strategy call" for some guy who gave his WMA a copy of a $7 million dollar trust. There were about a dozen WMA's, 2-3 directors, two PAM reps and one senior regional director on the call. They were all excited and giving the WMA all sorts of advice on how to "land" it. I had to explain to them that trust statements have clues. The fact that there were 4 equal income distributions made quarterly on the same date was one clue. The fact that the professor gave him every page of the trust statement except the page that lists the name of the trust was another clue.
I said, "Don't shoot the messenger, guys, but according to this statement, the professor is only one income beneficiary on this trust out of four and he's not the grantor. In other words, it's NOT his money to give you. If you want to "land" this trust, you're gonna have to convince the other three income beneficiaries and/or trustees or this trust isn't going anywhere. Almost twenty highly comped financial professionals all wasting each other's time and they didn't even know it. Not one of them. God, I'm so glad I got out of there. Mediocrity and Perfidy were the coin of the realm. People who actually knew and cared about what they were doing were looked upon as threats or loose cannons.
My experience was that wealth management was full of people who didn't know what they didn't know, including PAM and the Senior Region Director. Don't even get me started about
One was in Chicago office that i know of.
Which region?