TIAA-CREF Wealth Management Advisor, Yes or No?
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Looking at the TIAA-CREF Wealth Management Advisor role. Any opinions? I am 10 years into the business at a bank now. Any idea what the salary is like in NYC?
When you deal with a Tiaa-Cref Wealth Management Advisor you deal with the following:
Very generous commission grid. If you are willing to focus on pushing clients into Tiaa-Crefs proprietary managed products you can make a tremendous amount of money.
External assets placed into Tiaa-Crefs proprietary managed products pay the following commission:
0 to 19.9 million in proprietary product placements pays .25% of the dollars placed in the proprietary product.
20 to 39.9 million in proprietary product placements pays .30% of the dollars placed in the proprietary product.
40 to 59.9 million in proprietary product placements pays .35% of the dollars placed in the proprietary product.
60 plus million in proprietary product placements pays .40% of the dollars placed in the proprietary product.
If you convince a client to move assets from their existing, low cost institutional defined contribution plan and place those assets into a proprietary managed solution, you will only receive .10% of the assets placed into the product as commission.
[quote=Alona Martin]When you deal with a Tiaa-Cref Wealth Management Advisor you deal with the following:
Very generous commission grid. If you are willing to focus on pushing clients into Tiaa-Crefs proprietary managed products you can make a tremendous amount of money.
External assets placed into Tiaa-Crefs proprietary managed products pay the following commission:
0 to 19.9 million in proprietary product placements pays .25% of the dollars placed in the proprietary product.
20 to 39.9 million in proprietary product placements pays .30% of the dollars placed in the proprietary product.
40 to 59.9 million in proprietary product placements pays .35% of the dollars placed in the proprietary product.
60 plus million in proprietary product placements pays .40% of the dollars placed in the proprietary product.
If you convince a client to move assets from their existing, low cost institutional defined contribution plan and place those assets into a proprietary managed solution, you will only receive .10% of the assets placed into the product as commission.[/quote]
The DOL would just love seeing that comment…