My father is single and has started to exhibit some memory issues that are impacting his financial health such as missing payments, locking himselves out of accounts, etc.
In the process of trying to help him, I came across some of his disclosures from his accounts at TIAA-CREF (a 403b and a trad IRA). This included the funds:
ACMVX - American Century Mid Cap Value Fund (0.98% ER)
NFRIX - Nuveen Floating Rate Income I (0.72% ER)
NCOIX - Nuveen High Yield Income I (0.77% ER)
IWS - iShares Russell Mid-Cap Value ETF (0.06% ER)
WMFAX = Allspring Municipal Bond Fund - Class A (0.75% ER)
PHYZX - PGIM High Yield Z (0.51% ER)
ESGU/ESGD/ESGE - "ESG Aware" iShares Index funds - these seem the least egregious as they at least broadly track the total market
The one that raised a red flag was the Mid-cap value and municipal bond fund, because why would you need a mid cap value fund, and why would you have a municipal bond fund in a tax-advantaged account, also my father is probably in the 12/15% tax bracket so no real tax advantage there either.
Does anyone know if TIAA-CREF has a history of taking advantage of their clients by putting them in these weird, high-expense ratio funds? Or is it more likely that my father just made bad financial decisions?
In the process of trying to help him, I came across some of his disclosures from his accounts at TIAA-CREF (a 403b and a trad IRA). This included the funds:
ACMVX - American Century Mid Cap Value Fund (0.98% ER)
NFRIX - Nuveen Floating Rate Income I (0.72% ER)
NCOIX - Nuveen High Yield Income I (0.77% ER)
IWS - iShares Russell Mid-Cap Value ETF (0.06% ER)
WMFAX = Allspring Municipal Bond Fund - Class A (0.75% ER)
PHYZX - PGIM High Yield Z (0.51% ER)
ESGU/ESGD/ESGE - "ESG Aware" iShares Index funds - these seem the least egregious as they at least broadly track the total market
The one that raised a red flag was the Mid-cap value and municipal bond fund, because why would you need a mid cap value fund, and why would you have a municipal bond fund in a tax-advantaged account, also my father is probably in the 12/15% tax bracket so no real tax advantage there either.
Does anyone know if TIAA-CREF has a history of taking advantage of their clients by putting them in these weird, high-expense ratio funds? Or is it more likely that my father just made bad financial decisions?
Statistics: Posted by ScaledWheel — Wed Nov 27, 2024 8:52 pm — Replies 5 — Views 613