Thread regarding TIAA (TIAA-CREF) layoffs

@1ex This has largely returned culture wise as the yuppie managers replace some of the more empathetic, older managers. People being warned of PIPs almost immediately. It’s very sad.

@1j0 100% agree. Same for me started 21 years ago but was let go last year (Denver). All good things must end I guess.

@1ex When I started over 15 years ago, the environment was unlike any other corporation. It was such a wholesome, friendly, and balanced work environment. To this day, I’ve not experienced anything like it. I guess all good things must meet its end.

@xv When I was there, wealth management was run almost completely by fear. That was the culture. The managers controlled the distribution of leads coming from the call centers and thereby controlled who would thrive, who would merely survive and who got starved into a PIP, followed by their resignation or termination. If they were terminated, TIAA put things on a lot of peoples U4's that were either exceedingly vague or simply untrue which unfairly damaged the careers of a lot of decent people. I hope it's different now, but when I was there, senior management had zero concept of fiduciary duty or simple professional respect. Among managers and a lot of advisors, customers were only as important as their managed account and professional respect was only given to people who were above you on the org chart.

@xj do you mind elaborating more ?

"They threaten advisors with 20 years there like it’s nothing."

can confirm.

She was fired. No replacement yet. Someone will be interim until further notice.

@em Off the record, Salesforce is the biggest scam. It is a budget buster. Productivity kil-ler, time su-k it takes away from client interaction. It's all about the data. When a company implements Salesforce clients start bleeding away, and companies have to hire not less but more people because the Salesforce workflows naturally create more steps, programming, rules, oversight. Salesforce is the bane of our existence. Good riddance be the day.

TIAA is getting hammered by Schwab, Blackrock, Fidelity, Vanguard, and many smaller, nimble, and mobile firms. Not only firms but mobile apps ! Wealth management is now robo mobile and human intervention is no longer needed. It is not only a image problem. It is a structural problem. The old line dinosaurs are dying.

I heard she said wyclef doesn’t indeed “keep paper right”, so obviously she had to go

Let's face it folks. AI will replace most of Wealth Management as we know it in a few years. sh.it. look what those japanese robots combined with GPT 5.4 can do and clean house, kick a.ss, and save a ton of cash in the process.

Hoping her coat riders from HSBC and their sycophants are next. Bunch of toxic phonies who only have jobs through nepotism and favoritism. But they sure know how to throw expensive traveling parties and build their own bonus pyramid schemes! TBD will probably promote them for their Dunning-Kruger arrogance and poor decisions instead though.

The internal workings in wealth management are a disaster. They use wealth management in their name but there’s nothing remotely involved in managing clients money. It’s an exercise in getting money in house or moving money internally so an advisor shows up as “on plan” with their internal reporting. half the money is BS and not new to the firm but just moved around infernally. They need someone who was actually in production and understands sales. They walk around like they’re this elite wealth management organization but from the outside they are laughed at. Tara sat in our conference room
Once and didn’t even make an effort to meet everyone and her lack knowledge about the wealth management business was evident in the sales force rollout. She also arbitrarily had managers fire advisors who were under plan for a month or 2. No one was safe so how do you expect to build a career there when any day can be your last. They threaten advisors with 20 years there like it’s nothing.

@gc well that’s also due to a terrible board of directors managing it all

The post below is spot on. From the outside you could tell that several of Tara's peers and even Nason treated her and her teams different post the Salesforce comment. I wonder if it got to the point of retaliation acts.

Tara L was an authentic leader that was honest with her teams. One thing that is consistent about our company is that we always find a way to sc--w over the good leaders, but keep promoting and rewarding the leaders that have no morals or integrity.

too bad because I liked her. She was the only one in wealth who told it like it was without sugarcoating the truth. When the salesforce rollout was a disaster, she admitted it to our faces while Nason just smiled and said how great everything was. It’s probably why they got rid of her because she was honest to the people who worked below her.

Well.....at least she vested. 3 year stint started March of 2023.

Sounds like a numbers thing truthfully. Sales numbers for Wealth were better 10 years ago and the market is touching all time highs.

Not a thought leader (/s)

She was EVP, head of wealth distribution. David Nason sent a really short note yesterday saying she was out.

She was definitely fired, and quickly. Seems weird

@aq she’s not in outlook anymore and her boss posted a goodbye message that she’s left. So, yes.

I really liked her. She was hardworking and honest with grit. She was well respected.

@ah I think she was head of wealth management?

are you sure she's out?

@OP Who is Tara?