To participate in the TIAA-CREF Advisor Network, registered investment advisers (RIAs) must meet certain standards and pay an annual fee.
The annual fee paid by advisers to CFDD for managing the program gives them support from TIAA-CREF, including personalized marketing materials, exclusive plan level arrangements, special training sessions, and participation in a new referral program, the company said.
The Advisor Network’s minimum standards and adviser review will assist plan sponsors in meeting their fiduciary responsibilities, TIAA-CREF reported. It will also provide participants with access to a pre-screened network of qualified investment advisers who provide participant level advice at an investment advisory fiduciary standard of care.
“Our experience shows that individuals benefit from retirement planning advice and this Network offers a nice complement to the advice services we offer through our retirement plans,” said Rob Rickey, Head of Advisor Services, TIAA-CREF. “At the same time, increased focus on plan sponsor’s fiduciary responsibilities has led to greater demand for information and support. Our own experience with both individual and institutional clients has confirmed the growing need to support independent advisers.”
TIAA-CREF said it is currently selecting a limited number of advisers for a controlled launch of the Network over the next six months. This group will be the Network’s charter members and will provide feedback on the minimum standards and process for applying to the Network. The Network will be introduced nationally in early 2012.
Advisers who want to learn more about the TIAA-CREF Advisor Network should call TIAA-CREF’s Advisor Services at 888-842-0318.