The number of local offices with advisory services will also rise, to more than 120 by the end of next year. At the beginning of 2012, TIAA-CREF had 72 offices and 250 advisers.
The demand for additional advisers stems from increasing demand for individual advice, according to 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 advisers to meet,” she said.
To manage this growth, Andrade’s division said it is committed to training, including offering a mentorship program, peer coaching support and ongoing training on investments, wealth management, new financial tools and the company products.
“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.”