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SJP-3

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9 minutes ago, EdLaFave said:

I believe strongly in the information we provide and I follow it myself. Still, I recommend everybody prove it to themselves first because trust is what got folks into sub-optimal positions in the first place...and they have no way of knowing how well intentioned, qualified, or informed we are until they've proven it to themselves.

Good Logic.

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Hey Folks, so let me say that I value the information and guidance shared from all and I plan on acting on it.  The gift of this site is too good to wast.  I will absolutely listen to the information offered on this site.  That's why I'm here.  And for clarity, I have 43 different equity funds, 1 guaranteed TIAA fund and 1 real estate TIAA fund and 2 fixed TIAA income funds,  all of these are in the one TIAA account.  This happen due to my work on six different campuses.  The advisor was not able to give me information on the fees.  He had another person sit in on the session, his supervisor.  After some debate they agreed that 47 different funds maybe too many (you think?!?).  The supervisor said he had 30.  I will get a breakout of fees on September 7th and some suggestions about consolidating the funds.  The supervisor said there was some duplication.  This is very sad, (Ed I think you are right), I think they want to sale me an opportunity to have my account managed for a fee.  They put it out there but don't go too far down that rabbit hole.  I actually feel sad about this.  Its like the whole world is trying to take or sale.  Anyway, I'm not buying and will not let them manage my account for a fee.  I'll see what they are talking about but i'm really considering rolling over to a different company or stay there and managing the funds myself. The Folks here that shared their experience and information on this site seem to due so to help and its much appreciated.   Tony I do hope you wake up as I need your wisdom going forward.  Wow, what an experience.  TheTIAA account will let me self manage.  but I don't like the duplicity.  If I stay with them I will need to make the right moves without assistance from them (the advisor).  So I need to research whats best (do I stay or do I go).  Looking forward to any insights, To be continued.  

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Let me give you some good news...

All of these funds are in a tax advantaged account. That means you can sell all of them and invest in whatever funds you want (whether you stay with the TIAA account or move elsewhere). If this were a taxable account you’d likely have to pay capital gains tax to do this and that cost may be prohibitive. So you have total freedom and total control!

Take your time and ask questions. Although you will ultimately want to make changes, there is no rush. This is a really slow moving “problem.”

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1 hour ago, SJP-3 said:

  The advisor was not able to give me information on the fees.  He had another person sit in on the session, his supervisor.  After some debate they agreed that 47 different funds maybe too many (you think?!?). 

If neither the "advisor" or his supervisor can tell you what fees you are paying, I would consider this a huge red flag.  They want you to pay them a management fee on top of the fees that they don't know the amounts of?  Unbelievable. 

 

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13 hours ago, SJP-3 said:

 The advisor was not able to give me information on the fees.  He had another person sit in on the session, his supervisor.

Proof positive he does not know what he is doing, lacks experience, is learning on the job,  and is being coached. I would run run run!!. You can consolidate all these accounts into a simple portfolio. This is the ultimate outrage in my opinion. Tell them even 20 funds is too damn many. You are not in the fund collection business. Repeat after me" 3 funds and you are done"  They like lots of funds so they can claim they are managing your funds and then move things around that may trigger more fees. Don't fall for it. Listen to us and we will fix it-guranteed. Could you list your funds? Its always amusing to see how much duplication you have going and supposedly having too many duplications actually takes away from performance.

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Tony, its good to see that you woke up.  I was getting concerned.  I'm actually embarrassed by this situation.  I had to think about the best way to copy and post all of these funds.  Well here they are:

11.03%
Total
 
TIAA Traditional
View interest rates
 
Sub total  
Equities 76.43%
TIAA Access International Equity Index Fund T1  
TIAA Access-T. Rowe Price Institutional Large Cap Growth T1  
TIAA-CREF Small-Cap Blend Index Fund - Retirement Class  
TIAA-CREF Quant Small-Cap Equity Institutional  
TIAA Access Quant Small-Cap Equity Fund T1  
TIAA-CREF International Equity Fund - Retirement Class  
American Funds EuroPacific Growth Fund - R6  
TIAA Access Real Estate Securities Fund T1  
American Funds EuroPacific Growth R5  
TIAA Access Social Choice Equity Fund T1  
TIAA-CREF Large-Cap Value Index Fund - Institutional Class  
TIAA-CREF Real Estate Securities Fund - Institutional Class  
TIAA-CREF Quant Small-Cap Equity Retirement  
TIAA-CREF International Opportunities Fund - Retirement Cl  
CREF Global Equities R2  
TIAA Access Large-Cap Value Index Fund T1  
American Funds Washington Mutual Investors Fund R6  
TIAA Access Vanguard Selected Value T1  
Vanguard 500 Index Fund Admiral  
CREF Equity Index R2  
TIAA-CREF Emerging Markets Equity Fund - Retirement Class  
Vanguard Extended Market Index Fund Institutional  
TIAA Access Vanguard Small-Cap Value Index T1  
TIAA-CREF Social Choice Equity Fund - Retirement Class  
TIAA-CREF International Equity Index Fund - Retirement Class  
TIAA-CREF Real Estate Securities Fund - Retirement Class  
Vanguard Small-Cap Index Fund Institutional  
TIAA Access-American Funds Euro Pacific Growth T1  
TIAA-CREF International Equity Index Fund - Instl Class  
TIAA-CREF Large-Cap Growth Index Fund - Retirement Class  
TIAA-CREF Large-Cap Value Index Fund - Retirement Class  
TIAA-CREF Emerging Markets Equity Index Fund - Retirement Cl  
CREF Stock R1  
Vanguard Institutional Index Fund Institutional  
MFS International Value Fund Class R6  
Carillon Eagle Mid Cap Growth R6  
CREF Stock R2  
TIAA-CREF S&P 500 Index Fund - Retirement Class  
Vanguard Total International Stock Index Fund Admiral  
CREF Stock R3  
TIAA Access S&P 500 Index Fund T1  
TIAA Access Emerging Markets Equity T1  
TIAA Access DFA Emerging Markets Portfolio T1  
Sub total  
Real Estate 8.02%
TIAA Real Estate  
Sub total  
Fixed Income 4.51%
TIAA-CREF Social Choice Bond Fund - Retirement Class  
CREF Bond Market R2  
Sub total  

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Ireally drank the kool aid on TIAA.  I thought they were fellow educators and would look out for us.  Its just another get what you can get company.  On reflection, it feels like a car dealership operation.  I'm so glad I found this site.  Thanks again for all the help.

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2 hours ago, SJP-3 said:

Ireally drank the kool aid on TIAA.  I thought they were fellow educators and would look out for us.  Its just another get what you can get company.  On reflection, it feels like a car dealership operation.  I'm so glad I found this site.  Thanks again for all the help.

SJP

I am right behind you with 38 funds (1 cash account) and individual stocks I owned 18 years ago at the height of the tech bubble. What a disaster it developed two years later: 

Crazy 2000 portfolio!!!.JPG

We all make mistakes, but the point is to learn from them. 

Below is the prime result of what I painfully learned and what I now proudly own today. Last year, my portfolio earned 9.0%, not bad for a 70-year-old with .08% expenses. 

1865486766_Q22018EntirePortfolio.JPG.5e11637edcc354d3afcc31f3219ff586.JPG

 

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SJP-3

This is an outrage and a good case for elder abuse. Additionally, this should be published in the NYT as a supplement to their excellent article re the state of the K-12 403b product. Don't feel bad as others have said; the salesmen (financial advisors) have no SCRUPLES!!!!!   Bob

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1 minute ago, shirley said:

Don't feel bad as others have said; the salesmen (financial advisors) have no SCRUPLES!!!!!

I couldn't agree more. I wrote my second blog post on this very topic about a year and half ago when I first got into this 403b/457b mess.

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You should transfer your money over to Vanguard or Fidelity and consolidate into these funds. What is your age? This allocation will own many or all of the same stock/bond positions that make up your 40 something portfolio. Really!!

Total Stock Market Index

Total International

Toal Bond

Short term cash reserves Like Vanguard Prime Money Market

Or why not consider a  Vanguard target market fund  or life strategy Fund and let Vanguard (or Fidelity) manage your funds for you?

 

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1 hour ago, sschullo said:

I am right behind you with 38 funds (1 cash account) and individual stocks I owned 18 years ago at the height of the tech bubble. What a disaster it developed two years later: 

 

You should read Steve's book.  Is it still available for download? It will put things in perspective. You are not the only person who has gotten themselves into the multiple fund mess. I did it too with the help of those genius financial advisors out there but you have me beat as my tops was 17 funds if I remember correctly but it may have been more.  Fund companies can also be very corrupt too. Janus Funds for instance presented a diversified selection of funds but in reality all the funds were investing in the same high flying aggressive growth stocks. So when the good times ended everyone got scorched across the board regardless of the Janus Fund you owned. There was no diversification with Janus at that time. Very dishonest.

 

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OK, My eyes are open.  Thanks so much to all.  Ed, I really enjoyed your article.  As you can imagine, I'm now reading everything.  Where can I get Steve's book, whats the title?  I'm also pissed.   TIAA needs to be exposed or at least Educators need to be made aware that they are just salesman.  Or maybe this has happen and I'm late to the party.  I have questions about the administrative atmosphere at Vanguard.  I can withdraw funds from TIAA and its in my bank account in two days.  Is this similar at Vanguard?  How easy was it to roll over funds from one company to another?  How much time did it take?  I'm going to do some more research but the dishonest at TIAA has turned me off and pissed me off.  Great information folks, I'm still reading stuff.

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Here is a link to Steve's book: https://www.amazon.com/Late-Bloomer-Millionaires-Financial-Investment-ebook/dp/B00AM34M6I/ref=sr_1_2?ie=UTF8&qid=1534455503&sr=8-2&keywords=steve+schullo

 

I don't think you would want to take possession of any of your funds but you could since you are retired but I believe then you would have 60 days to transfer it on your own or it would be considered a distribution-a taxable event if you wait  past 60 days to initiate the transfer Its much easier to do a direct transfer.

I would suggest you call Vanguard (if thats your choice) and they will guide you through the procedure and even do most of the work for you. Tell them you want help with this huge amount of funds and they will help you initiate the process. You may have to fill out paperwork with TIAA or any other company you may own too. Again Vanguard will help you with this. Tell them you want to consolidate your funds into a simple diversified index fund  portfolio. They will probably recommend a 3 fund index portfolio or a target fund or a life strategy fund.

Also I would tell them you want to move from the 403b into a Traditional IRA. I think the process should go smoothly for you. 

In terms of Vanguard-they are a not for profit financial organization and they work in the best interest of their clients-you!!  I think they are the best choice IMHO .You can google Vanguard and read about them on their website. I trust them. I think you can too. Keep in mind once at Vanguard you will have no advisor to deal with on your own. If you pick a life strategy fund or target fund everything is done for you by Vanguard!!

They also have retirement advisor services and you can ask them about that if you are interested but you might not need it.

Please don't delay do it now. Its in your best interest to do this. You do not need to talk to any TIAA advisor any further. Do this over the phone and follow Vanguard's instructions. 

I am glad you found this site. You will be better served going forward. I am sure of it.

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3 hours ago, SJP-3 said:

 I can withdraw funds from TIAA and its in my bank account in two days.

SJP-3,

What kind of 403b is that?  Perhaps you need to investigate what you own!!!  As Ed pointed out, since all of these funds are under a 403b umbrella there are no tax consequences. However, there is no 403b account that can be liquidated in two days. Every holding will need to be researched to find out if they are a 403b or not!!!  Sounds like a can of worms but RELAX....this is all doable.  Bob

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