Finance Control

John Douglas to Retire; Serve as Special Adviser to CEO through June 2026NEW YORK, May 15, 2025 /PRNewswire/ -- TIAA, a leading provider of lifetime income, today promoted Bret Hester to Senior Executive Vice President, Chief Legal Officer. Hester succeeds John Douglas, who will remain at TIAA as Special Adviser to the CEO through June 2026.Effective June 2, 2025, Hester will be responsible for legal, government relations and corporate secretary functions for both TIAA and Nuveen. He will report to CEO Thasunda Brown Duckett, join TIAA's executive committee, and be based in New York."John's legal prowess, unwavering dedication to clients, and deep passion for our mission make him an invaluable and trusted partner and I'm delighted that he will continue to serve in an advisory role," said Duckett. "We are also fortunate to be able to draw from our strong internal talent pool to promote Bret, whose deep experience will help us build on this foundation as we continue to fulfill and expand TIAA's mission."Hester currently serves as Executive Vice President, General Counsel and leads the legal team for TIAA Wealth Management and Advice Solutions, as well as the company's government relations and public policy team."I am grateful for Thasunda's and John's support and excited to contribute to both TIAA and Nuveen's enduring legacies and vital missions," said Hester. "I look forward to working alongside the enterprise leadership team and our talented and dedicated law and public policy professionals to help our clients achieve lasting financial security and investment success."Hester joined TIAA in 2017 from Barclays, where he led the Washington, D.C. office and previously served in the U.S

For many Americans, having a plan to leave money for their loved ones is a priority. According to a recent Empower survey, 40% of Americans say that leaving an inheritance for their children is part of having a happy retirement.Read Next: 3 Proven Strategies To Turn Middle-Class Earnings Into Lasting Family WealthCheck Out: 4 Things You Should Do if You Want To Retire EarlyIf this is one of your financial goals, you’ll likely need to look beyond your 401(k) to ensure you can save for your retirement and still have money left over.Here are three strategies you should consider to help you build a financial legacy.Diversify Your Retirement SavingsLook at accounts beyond your 401(k) to diversify your savings and investments, such as IRAs, brokerage accounts, annuities and real estate.“Many retirees assume their 401(k) will carry them through retirement, but a single-source strategy probably isn’t going to cut it,” said Rob Edwards, founder of Edwards Asset Management. “Healthcare costs, inflation and unpredictable markets make it critical to diversify.”IRAs offer unique advantages that you don’t get with 401(k) plans.“Unlike most employer retirement plans, IRAs give you the whole menu of what you can invest in,” said Rafael Rubio, president of Stable Retirement Planners in Southfield, Michigan. “You have more options to increase your assets. Traditional IRAs grow tax-deferred and can affect your tax bracket. Monies you invest in a traditional IRA are subtracted from your earned income for tax purposes.”Read Next: Suze Orman: 4 Moves Every Aspiring Early Retiree Must Make TodayMeanwhile, real estate can serve as an inflation hedge.“Real estate investments or other comparable sources of passive income can safeguard against inflation,” Edwards said.Evan Potash, executive wealth management advisor at TIAA, recommends utilizing brokerage accounts for their wealth transfer benefits.“Taxable brokerage accounts are ideal for additional savings, offering no contribution limits and a step-up in cost basis when inherited, which avoids capital gains taxes,” he said

90% of Americans turn to family & friends for financial guidance, while only 62% seek professional advisorsNEW YORK, March 28, 2025 /PRNewswire/ -- "The Future of Advice," a new TIAA Institute study in collaboration with MIT AgeLab reveals the value people place on financial advice, who they turn to for financial advice, as well as striking differences in how women and members of younger generations experience financial advice.Despite retirement planning being the top priority for financial advice, there's a significant satisfaction gap in the financial advice people receive, indicating a clear opportunity for industry improvement. In fact, only 40% are satisfied with the financial advice they receive. However, of those who worked with a financial advisor, 62% reported higher levels of satisfaction, underscoring the value and need for greater access to financial professionals. In implementing financial advice, the research shows that financial advisors use technology like AI to enhance, and not replace, the trusted advisor relationship."At this pivotal moment in financial services, we're witnessing more than just a change in how advice is delivered—we're seeing a fundamental shift in what it means to secure financial futures," said David Nason, CEO of TIAA Wealth Management and Advice Solutions. "As life expectancies extend and complexity increases, our industry's true measure of success will be our ability to help millions of Americans transform financial guidance into lifetime financial security."The study was conducted with more than 1,000 participants in the U.S., providing a clear look into consumer preferences. Interviews with professionals were also conducted for a comprehensive view of the landscape of advice."The 'Future of Advice' study is a unique opportunity to reshape how Americans across the generations receive and act on financial guidance," said Joseph Coughlin, founder and Director of the MIT AgeLab