Faculty and staff have recently reported an increase in the number of unauthorized solicitations of financial advisers.
These “cold” calls and emails sometimes offer help managing your TIAA and Fidelity investments retirement savings plans. Some suggest or imply by using the iconic block “M” graphic that UM endorses their services, or that they have an affiliation with UM and its pension plans.
Practical tips on cold calling
These unauthorized solicitations may be mistaken for legitimate communications from JLPN and loyalty, who provide financial education and investment advice through dedicated teams familiar with UM plans. Advice to the wise: if a financial adviser with whom you do not have an established relationship offers to help you, proceed with caution.
Although most outside solicitations are most likely to come from reputable companies, please note that only financial consultants employed by TIAA and Fidelity provide free investment advice on your UM retirement plan. This service is provided as part of the UM Pension Plan benefits.
five reasons why
You may choose to work with an outside advisor for your retirement plan and other investments. However, before responding to a solicitation, it is important to keep a few points in mind:
- Advisors who are not employed by TIAA or Fidelity have access to your UM contact information because UM is a public entity. This status makes your email address accessible to everyone.
- The university allows you to pay for the services of an outside advisor using funds from your Fidelity or TIAA retirement plan accounts for your convenience. Some advisors may represent this as “having a relationship” with TIAA or Fidelity.
- Anyone can reserve a room at UM facilities using the publicly available online reservation system. However, this does not mean that the person or group is affiliated with UM.
- UM is proud to offer undergraduate and graduate degrees in financial services. However, use of the UM logo in an email or as part of a signature does not imply that the individual represents the services of the university’s pension plan.
- When you work with an advisor other than TIAA and Fidelity, you pay additional fees and/or commission for these services.
Schedule your free consultation
To schedule a free virtual or in-person consultation with a TIAA or Fidelity specialist, visit:
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