Thread regarding TIAA (TIAA-CREF) layoffs

@bq haha. Hehe.

@js lack of liquidity makes Traditional unappealing to advisors

I think a Big New Cr--ker Barrel right inside of Camp Frisco would be nice. Very intersectional. Very decolonized. Very privilege neutral.

Oh, and a life-size replica of the Alamo, the spiritual twin of TIAA's last stand in Frisco

I think a Big Cr--ker Barrel inside of Camp Frisco would be nice. Very intersectional. Very decolonized. Very privilege neutral.

Oh, and a life-size replica of the Alamo.

How much does the current CEO make per year and what is her corporate allowance for strip clubs in Frisco ?

I think it's time for another late August Toast on the Vineyard to "recruit college students"....

Rumor has it the board is considering the Cr--ker Barrell CEO to be TIAA's next CEO. Bud Light leader will become CFO.

The best way to complete with Schwab & Fidelity is DON'T. If you want to stay in this industry, get job with Schwab & Fidelity and join the fast lane because TIAA is in the off lane to oblivion.

@bq haha

@js for every person that thinks traditional is a great product I can find two that has a differing opinion. Regardless, the $$$ aren’t coming to TIAA like they once did and it’s my belief that they won’t. Outflows continue to be greater than inflows, since 2010 vintage year. As the gates on traditional start to lift and people can take their money out in droves is when the real pain starts.

@dr we have a great product: TIAA trad. Get in on brokers’ offerings

And for every step of progress we make our competition makes 2 steps so we will never be a market leader in any sector. I know they are pushing the “lifetime income” mindset but that is not a differentiator long term. I know 5 people that have retired from TIAA and they all moved any assets possible to Vanguard.

@OP
TIAA was once a very good company, but has not done anything to expand or enhance its business model. When you consider the client demographic: non-profit, college & university employees and health-care workers. Then ther's the systems: when I arrived from another organization, I immediately realized TIAA systems were 10-15 yeras behind the competition and were nothing more than a patch-work of old technology.

One of the things that I also noticed was that there were many people who had been with the company for a very long time, which I found commendable. However, that meant that they had no idea how far ahead of you your competitors were/are.

TIAA's business model is not competitive when you look at the other players in the market, as well as that fact that they do not rely soley on one financial demographic.

Changing the business odel 15 or even 10 years ago woud have given the firm a fighting chance. But that did not hppen and here we are.

As I've said before, the best asset TIAA has is its people and their committment to qulity service. Its unfortunate that you are where you are at this time.

I wish you all the best of luck.

@dr agreed. Apparently OP doesn’t know how our systems work or rather don’t work. Dude seems delusional or ill informed about products and capabilities.

We can’t do ETFs. We can’t do those specialized funds - we barely can handle ones from other companies RKs that come to us for some reason. Offer Traditional at other companies? Why? It would cost the other companies more to use our fund plus they have have their own traditional type product. We could enhance or provide a better brokerage app however most of our clients are old and are barely setup for online access and delivery let alone brokerage being the least popular thing we offer that sits just above the retirement healthcare savings plan at the very bottom.

None of that is really core to TIAA’s business. Competing with companies that already do those things well is a fool’s errand. You’d have to have some sort of differentiated product offering, which is hard to do in a commoditized space. Plus, the talent isn’t there to do anything esoteric or idiosyncratic I.e. offer private markets to the retail space. The Blackstone and Blackrocks of the world are leaps and bounds ahead and TIAA doesn’t hold a candle to more sophisticated firms (and never will).

You probably don’t want to hear it but we are the dog of the industry, waiting to be put down old yeller style. Nothing we will do will help capture diminished market share as it’s too little, too late. Blame the past few iterations of leadership for sitting on our hands, watching the rest of the world go by.

TIAA needs to rebrand and change its name to: FRIC-ACC (prounounced Frick-a-s-s. A combination of Frisco and Accenture