Looks like several advisors and a portfolio manager in Atlanta left TIAA. I thought wealth management was their bread and butter
6 replies (most recent on top)
@g1 Wealth advisors are salesmen. They aren’t actually managing money. Do you think the avg wealth client (70+ years old) wants an AI advisor? They can’t even navigate the website.
In the pursuit of an unrealistic growth strategy, the current Wealth Management leadership team has destroyed the culture and made TIAA an extremely challenging place for Wealth Management Advisors to work. Systems are way behind competitors, products were removed from the menu with no replacements, support teams are understaffed resulting in poor client experiences, and years of promises and commitments to change the above challenges have gone nowhere. Many advisors are looking elsewhere solely because TIAA makes it hard to do their job here. Wealth Management Advisors will receive their last LTTP payout 2/28. It will be interesting to see how many decide to move on after the golden handcuffs are no longer an issue.
Who needs "Wealth Advisors" when AI is far superior to any humans who make errors. Take the humans out of it. Investment Returns are 2% better with AI and the Fees are 50% less.
In the NE I've noticed Raymond James aggressively poaching WMAs. That said, it's been long enough that many of the clients are coming back. It's interesting because they're playing games. Acting like they don't have the right paperwork until after 12/31, another one trying to trick a client into moving towards RJ. Looks like they're giving them attractive signing bonuses and even more aggressive asset retention goals. This isn't new a handful of advisors left at the same time on new Haven, Buffalo and Rochester saw similar flight.
I assumed something was up in Atlanta given there is so many postings there.
@ak
That was the purpose. TIAA want you to leave. Their way or the highway.
4 WMAs recently left and all joined a different firm (One Capital Management).
People leave TIAA because other companies value their employees. TIAA finds ways to make people’s jobs harder.