NEW YORK, Oct. 9 -- TIAA-CREF issued the following news release:
TIAA-CREF, a leading financial services organization, announced today it will expand its Individual Advisory Services (IAS) group by more than 45 percent by adding more than 200 financial advisors by the end of 2014. The group, which provides financial planning services, was created in 2005 to meet the evolving and diverse needs of individual clients across the country.
"The demand for additional advisors stems from increasing demand for TIAA-CREF's Individual Advisory Services," said Kathie Andrade, executive vice president, head of Individual Advisory Services at TIAA-CREF. "Our consultative, needs-based approach to financial planning and advice is helping establish a new standard in the market and creating significant client interest that we need more advisors to meet."
TIAA-CREF financial advisors provide personalized financial planning and advice through multiple channels to meet client needs: over the phone, online or in person at one of TIAA-CREF's more than 90 offices nationwide.
IAS advisors lead client conversations with needs-based financial planning and work with an existing base of clients in both a Registered Investment Advisor (RIA) and broker-dealer capacity. TIAA-CREF's capabilities are designed to help individual clients build financial well-being, and the company offers retirement plan advice at no additional cost to clients. Since the beginning of 2012, TIAA-CREF has grown the number of IAS advisors from 250 to more than 445, drawing from banks, independents and wire houses.
To manage this rapid growth, IAS brings a firm commitment to training, including a mentorship program, peer coaching support and ongoing training on investments, wealth management, new financial tools and the company products. As a result, TIAA-CREF prides itself on having built a remarkable group of talented advisors who thrive on a consultative client approach and team collegiality.
"TIAA-CREF's strong focus on building positive individual outcomes and emphasis on a collaborative, client-centric culture offer the right advisor an attractive alternative to the all-too-common culture, where the premium is on selling the next new product and finding new clients," Andrade said.
With the planned expansion, TIAA-CREF will have more than 650 IAS advisors by the end of 2014. TIAA-CREF plans to expand its number of local offices that offer advisory services from 72 at the beginning of 2012 to more than 120 by the end of 2014.
"Our experience shows personalized advice makes a big difference in clients' retirement preparedness," Andrade said. "In fact, those who receive advice from TIAA-CREF are five times more confident about their retirement than the average American worker. And participants who received TIAA-CREF's advice, on average, contribute additional funds to their retirement plan and may potentially have $200,000 more in savings at retirement over the course of a 30-year career."
 Based on survey of 8,498 individuals who received TIAA-CREF advice via phone or in person from January through August 2012 compared to 2012 Retirement Confidence Survey Results reported by EBRI in March 2012.
 Based on TIAA-CREF proprietary research, 2010-2012. In 2010, the average annual contribution of premium-paying participants who took advantage of our Advice offering was $11,900 prior to the session and $13,700 after the session, representing an increase of 15%. Hypothetically, over a 30-year period, the additional accumulation at retirement will be $204,388. This assumes end-of-month contributions, 6% annual rate of return and 3% annual premium increase rate.
Investment, insurance and annuity products are not FDIC insured, are not bank guaranteed, are not deposits, are not insured by any federal government agency, are not a condition to any banking service or activity, and may lose value.
Advisory services provided by Advice and Planning Services, a division of TIAA-CREF Individual & Institutional Services, LLC, a Registered Investment Adviser.
TIAA-CREF Individual & Institutional Services, LLC and Teachers Personal Investors Services, Inc., members FINRA and SIPC, distribute securities products.
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