TIAA-CREF announced a new partnership on Wednesday with the Center for Due Diligence (CFDD) and PlanTools, a web-based risk management and ERISA firm, to help plan sponsors and participants select independent advisors for retirement planning.
The organizations have created a due diligence standard to qualify advisors to participate in the TIAA-CREF Advisor Network and who can work with plan sponsors and their participants. An annual fee paid to the CFDD for managing the program will provide advisors with marketing materials, exclusive plan level arrangements, special training sessions and participation in a new referral program.
According to TIAA-CREF, the program's minimum standards and advisor review will assist plan sponsors in meeting their fiduciary responsibilities. It will also provide participants with access to a pre-screened network of investment advisors who provide participant level advice at an investment advisory fiduciary standard of care.