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I shifted most of our retirement assets to Vanguard a couple of years ago and while we're not retired yet and drawing on them, Vanguard is a class act. Plus they have some nice perks you may be eligible for.
This is not an ad for a service offering. We focus mainly on firm compliance and are a private, referral based entity. If you need investor assistance, you'll want to contact a regulator and/or your legal counsel.
Good for the host(s)and contributors of this blog for providing guidance concerning dispute / complaint issues. No one should ever hesitate seeking assistance from a regulator when dealing with firm problems - they want to hear from you. In many situations, you might think you're the lone person w/a complaint... only to find that many folks are having trouble.
You may wish to try the firm's compliance department first - if you get no response (unlikely - but possible), send a duplicate marked, "Second Request" and copy that one to the appropriate regulator. We like to send one via fax and one via the mail (to ensure receipt). Keep copies of your communications. The "cc" to the regulator should be an attention getter. If no response (that would be a surprise), then follow-up with the regulator w/the copies of your attempts to resolve the matter and request to file a complaint.
No firm wants to get to the point where a regulator is following up with them on an investor issue that hasn't been given appropriate attention.
Best wishes to all - don't let a few bad situations scare...there are lots of firms out there that are pleased to help you invest and strive to deliver excellent service.
Kind regards,
ComplianceGeek
I have been a customer at TIAA for over 11 years and have witness that this company has changed from the top of top to the bottom of bottom in terms of fund performance, customer services, managing accounts online (such as downloading), to security and best practice... It is now full of tiaa-craps and is a total waste of my time each time when I call their customer abusing call center, where green hands freshly hired simply are STUPID, HELPLESS, and USELESS! I cannot understand how can such a giant in mutual fund and retirement business for the highly concentrated smart people of higher leanings be ruined by Allison so quickly in such a short time ever since this jerk took over its top position.
To Allison: Shame, Shame, Shame!!!
I will manage to get all of our accounts (acount 20) transferred out if I have a change and the engery to tackle on them in the months to come.
Also, I will be the first one to sign up if anyone is going to file a class action lawsuit against it! Any takers?
TIAA-CREF was great 10 years ago. They're awful now. Every other financial group I've dealt with has been better.
I first became in involved with TIAA-CREF in 1977. Looking back, it turned out to be a dismal day. How dismal only became apparent during the past decade or so as I approached retirement!
TIAA has never had a useful program for paying out lumpsums. Once they've got your money, you are absolutely out of luck. It will be annuitized on a mysterious schedule that favors them, and leaves you destitute. There is no realistic way to track the performance of any asset allocation you may choose in the annuity program. The only thing you can be certain of is that your money will underperform any other way to invest your retirement contributions you can imagine. This explains why TIAA-CREF has no true lumpsum program. If they had one, noone would annuitize with them.
Today, with all the 403b options available, any non-profit employee who gives these turkeys even a single additional penny of their retirement contributions is nuts, no spell that NUTS. If you have friends who are using them, get them to stop NOW. Let's vote with our feet.
If your non-profit is still using these jerks as one of their options, get them to STOP (and set up their 403b program with a place like Fidelity or Vanguard), and be a hero to your friends by keeping them from getting screwed. It is also a benefit to your non-profit, because their precious funds will magically start doing more, instead of less good.