Pros
Clients are great. Benefits are amazing. Products truly do help the client.
Cons
The WMA role is somewhat of a joke. People get hired and are paid $95k base salaries and are expected to acquire outside assets. I've been in the role 3 years and many advisors I started with have never hit their asset growth goal over that time. Now here we are in 2020, right int he middle of the pandemic and what does TIAA do!?!?! They offer a voluntary separation agreement that pays you anywhere from 45-91 weeks of salary and your prior year bonus to leave. All Wealth Managers are eligible for the package. Now I'm a top performer, but I have to seriously consider this package. The fat of the farm will stay because they know they aren't good and why would they pass of a $95k salary and great benefits when they never have to hit goal! The operations at this place is straight from the 1980s. Compliance is a mess. When you make a recommendation for a client to make an IRA contribution, you must submit 15 mins worth of suitability info that needs to be reviewed by a human. It's the same amount of work as submitting suitability on a $10mm account. Wast of time, resources and money. If TIAA had focused on making their Wealth Management division an industry leader and prioritized top performs while letting go bottom performers after a year of iffy performance. I don't think they would need to make any cuts during these difficult times. Now I'm forced with making a decision to leave. Good luck TIAA.