But disclosure for a financial-advice column should be more than up to date. It should be complete. Commission-based advisers would naturally be less likely to recommend no-fee products, such as those sold by TIAA-CREF. The Creators disclosure says nothing about Berko’s financial interests.
Berko declines to disclose how he was paid and says it’s not relevant.
if by your question you are implying that my columns about T/C are influenced by the competitive nature of a difference in commission schedules than I suggest this implication could be insulting and that your conclusions are far off base and miles from the ball park.
We disagree. But what really ought to concern readers is Berko’s looseness with the facts and the likelihood that, because of how syndication works, when he screws up they won’t know about it.
Thank you so much for this analysis. Someone had shared two of Berko's columns that are critical of TIAA-CREF with my school's Salary and Benefit Committee. Given that our teachers' retirement is largely in the hands of TIAA-CREF, a lot of concern is now floating around. Your article helps people put his columns in more proper perspective. People need to keep their skepticism healthy, not only in regard to what they read online, but also to apply to more traditional media.
Posted by Joan Walker on Mon 22 Sep 2008 at 02:40 PM
My mother died August 27th and I have been trying to get the funds released from TIAA CREF with no success. Every time I just through the hoop, they find another one. I am a CPA and familiar with financial instruments. It does not need to be this complicated.
Posted by Andrea Alexander on Wed 8 Oct 2008 at 06:30 PM
TIAA-CREF ought to issue an advisory to its annuitants on how the meltdown has affected their investments.
Transparency is lacking. ===gm===
Posted by G F Mueden on Tue 28 Oct 2008 at 01:02 AM
Never mind the complaints from Berko what about the very, very, very low rates on CD's and their Reserve Insurance Account - both are in what they call "the Brokerage Side with a window from the IRA accounts"
As of Feb 22,2009 a 5 month CD was paying .7% and the 6 month .9%. The Reserve Insurance was paying .05% - NO that's not .5% it's .05%
When I called them they said they just offer the CD's that are made available to them and they do nothing to "find" higher rates. I can go on-line and get 2.5% or 2% from my local bank. They should be able to get far higher rates if they cared to try. Perhaps this is their way of getting you to buy other products that the brokerage side sells? Nah.
Dan winters dancwinters@yahoo.com
Posted by Dan C Winters on Tue 24 Feb 2009 at 02:27 PM
Whatever you do make sure your funds don't go into TIAA Traditional accounts. You will not have access to them when needed. It might be your money but you can only withdraw it on their terms.
Posted by Karen on Wed 6 Jan 2010 at 07:30 PM