TIAA has no compelling products (while TIAA Traditional has its merits, the bottom line is that the market doesn't value it), poor service and a cost base that makes it non-competitive on price. It's the financial services version of IBM...was the 10,000lb gorilla of the market, but grew complacent and got passed by more innovative, cheaper competition. The only reason TIAA still exists is because it has hundreds of millions locked up in legacy money on TIAA Traditional (the IBM comparison is their giant installed based of old enterprise servers) that is very difficult to get out. Eventually, those funds will dwindle down to the point that they no longer provide enough income to keep the firm afloat and at that point, it gets carved up and sold off...probably well before that point.
Well said, @4zuh+1t0aOcrb.