TIAA-CREF going on a hiring binge

Retirement plan sponsor, money manager, to hire 200 advisers over next year

By Trevor Hunnicutt

Oct 10, 2013 @ 4:45 pm (Updated 4:50 pm) EST

tiaa cref, advisers

TIAA-CREF is going on a hiring binge.

The company, known as a major provider of retirement plans to nonprofit institutions such as universities, plans to hire 200 financial advisers by the end of 2014, a 44% increase from the current amount, to meet growing demand for personal financial planning, Kathie Andrade, head of the Individual Advisory Services division, said in a statement.

TIAA-CREF, which manages $523 billion in assets, created its that division in 2005. Since 2012, the firm has increased its adviser head count by 75%, drawing from banks, independent firms and wirehouses, according to the firm.

TIAA-CREF Individual & Institutional Services LLC acts as both a registered investment adviser and a broker-dealer.