FinanceDude
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
- Joined
- Aug 3, 2006
- Messages
- 12,483
I guess I got "some" customer satisfaction:
As you guys may recall, my sister passed away and wanted her 403B money to go to my minor children to pay for college. However, she changed them to the primary beneficiaries without my knowledge.
TIAA wanted me to set up a conservator-ship for the funds, they said it's their policy, and from what I gather is common. Apparently they or others have had some "bad experiences", where the custodian takes the money and spends it on fancy living or something............
Anyway, I was getting nowhere, so I fired off a very scathing letter regarding their customer service, and I got a guy to call me who actually knows something.........
I went back and forth with their legal department, who kept saying that they were looking out for the "children's best interest", and seemed unimpressed that I am a RIA and a financial advisor, etc. Bottom line, here's the "settlement":
1) Funds will stay at TIAA-CREF
2)Annual RMD's will go directly to their UTMA/UGMA accounts each year.
3)I will have online and account management access to the accounts
I was going to transfer the funds to Vanguard, but I guess TIAA isn't the worst case scenario. I sensed they were a little worried about ME managing the funds, but they would not agree to letting me transfer to another custodian outside TIAA.
Bottom line, I saved myself about $2500 to set up the conservatorship, along with annual attorney and accounting fees of $500 or so a year, so I am happy............
However, it seems a little sad you have to basically threaten people to get them to help you..............
As you guys may recall, my sister passed away and wanted her 403B money to go to my minor children to pay for college. However, she changed them to the primary beneficiaries without my knowledge.
TIAA wanted me to set up a conservator-ship for the funds, they said it's their policy, and from what I gather is common. Apparently they or others have had some "bad experiences", where the custodian takes the money and spends it on fancy living or something............
Anyway, I was getting nowhere, so I fired off a very scathing letter regarding their customer service, and I got a guy to call me who actually knows something.........
I went back and forth with their legal department, who kept saying that they were looking out for the "children's best interest", and seemed unimpressed that I am a RIA and a financial advisor, etc. Bottom line, here's the "settlement":
1) Funds will stay at TIAA-CREF
2)Annual RMD's will go directly to their UTMA/UGMA accounts each year.
3)I will have online and account management access to the accounts
I was going to transfer the funds to Vanguard, but I guess TIAA isn't the worst case scenario. I sensed they were a little worried about ME managing the funds, but they would not agree to letting me transfer to another custodian outside TIAA.
Bottom line, I saved myself about $2500 to set up the conservatorship, along with annual attorney and accounting fees of $500 or so a year, so I am happy............
However, it seems a little sad you have to basically threaten people to get them to help you..............