The Finger-Pointing at the Finance Firm TIAA
This creates an incentive, former employees said, for sales representatives to push retiring professors or administrators to move money from their institutional
plan, with annual costs of around 0.3 percent of assets under management, to managed accounts charging fees of 0.7 percent to 1 percent.
documents, TIAA advisers receive more money if they put clients into what the company calls complexity products — in-house offerings like annuities
and life insurance as well as costlier private asset management accounts and fee-based Portfolio Advisor accounts.