Every so often I read a press release put out by some competitor that hired away one of our WMAs. They try to puff themselves up by saying “Stiffo Nickelback adds Billion dollar TIAA broker…”. What a joke. As if that advisor is going to bring over every account they ever touched. The truth is that the vast majority of those accounts barely know the name of the advisor without looking at their paperwork. The joke is on Stiffo Nickelback when that advisor’s non-compete is over and they can’t lure more than a few accounts because they really didn’t have any real wealth management relationship with the client beyond the initial sale. I’ve seen several articles in the past with different shops bragging about bringing over some “big hitter” advisor from TIAA. There is a huge difference between the quality of relationships for a wirehouse broker with a legit billion dollar book and a TIAA advisor who has 1200 accounts assigned to them and their assistant WMA. I enjoy knowing that these ex-WMAs who over sell themselves will be cut down to size when they can’t deliver
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I'm not even sure the rest of the industry knows that TIAA has a wealth management business, lol. Just for grins I asked Gemini to rank the top wealth management firms, here's the results.
Wirehouses: Morgan Stanley, J.P. Morgan, Merrill Lynch and UBS.
Independent/RIAs: Mercer Advisors, Fisher Investments, Creative Planning and Focus Financial Partners.
Retail: Charles Schwab, Fidelity Investments and Vanguard.
Hybrid/Insurance: Northwestern Mutual, Edward Jones and Ameriprise Financial.
The fact is that advisors need to bring over a fraction of their TIAA book to be successful AND make more money at many outside firms. With the way systems are constantly breaking, service is slipping and products are not being improved (despite endless promises) moving on looks more and more appealing. It’s not hard to do and we’re being shown that by all the advisors leaving, and thriving, at One Capital. If you have the drive to grind again (many advisors are more or less on auto pilot at TIAA) then you can do better outside and easily bring a good portion of your book over to help you get started.
What a pathetic sounding post.
The OPs post has nothing to do with this site is for. Plus he sounds a tad unhinged.
Wow, I really hope the OP is just a troll trying to stir up the chat because this post is too wild to even comment on lol. Besides, existing comments already say it all. LOL.
This advisor will have success. He did not write the article. He is simply getting off the hamster wheel TIAA created for him and wants a better quality of life for himself and his family. I am sure he knows he will not bring over all billion of his former clients assets but he will get some and those TIAA clients that know his service cannot be replicated will then refer their friends who will then refer their friends. Well played by the advisor.
Why are you worried about people who finally were able to break out of TIAA? Focus on yourself, not others making moves for themselves
This is a lame, cry baby post. Grow up.