While most of TIAA’s clients are current or retired workers at nonprofit organizations, TIAA also offers individual retirement accounts to investors online.
They didn’t own enough in-house TIAA products, according to the complaint and a recording of Parkin’s presentation.
But in two asset classes, the tool’s recommendations are limited to TIAA products, according to the complaint and internal documents.
Morningstar selects asset classes and investments for the TIAA tool from those chosen by a retirement plan fiduciary, it said.
Paras Griffin / Getty Images fileThe recent push to increase client usage of TIAA’s advice tool appears to be succeeding.
Persons:
Ted Fitzpatrick, Fitzpatrick, TIAA, “, ” Fitzpatrick, ’, Chris Tobe, Craig Parkin, Rajotte, ”, Yale, Craig Warga, TIAA hasn’t, Ted Siedle, “ TIAA, ” Siedle, TIAA’s Parkin, Parkin, Thasunda Brown Duckett, “ Thasunda, ” Parkin, ” TIAA, Adriana Macias, Morningstar, Duckett, Rowe Price, TIAA’s, Paras Griffin, it’s, Steers, ‘
Organizations:
SEC, New, Cornell University, University of North Carolina System, TIAA, Vanguard, Fidelity, Systems, Yale, Yale University, Bloomberg, Getty, Brown University and Harvard, NBC News, NBC, Morningstar Investment Management, of, Morningstar, “ Morningstar Investment Management, Bank of New York Mellon, Equitable Holdings, Cohen, Steers, & $
Locations:
Milwaukee, TIAA, New York, New Haven, Conn, Chicago, Atlanta