Switching from TIAA-CREF to VALIC?
August 24, 2009 1:44 PM Subscribe
I have been offered an individual consultation with a financial advisor from VALIC with the aim of convincing me to switch my 403(b) from TIAA-CREF to VALIC. Does anyone have any experience with VALIC? Should I be wary of the fact that VALIC is a rebranded arm of AIG?
Some quickie bio : I'm 33, married, starting a family. My wife and I both work at a University. We both have had TIAA-CREF accounts here for two years. We have had no problems with them (other than the same stock market woes everyone went through in 2008-09).
A financial advisor will be coming to my office to give me the rundown on how VALIC can offer better services than TIAA-CREF. He already gave me the abbreviated rundown : he can serve as an actual financial advisor for me whereas TIAA-CREF can only allow me to pick from some different funds. He will come prepared to demonstrate how that will provide a better return on my investments. He can give me a (biased) explanation of why to switch.
I did my own research and discovered that VALIC is a new name for the financial advising wing of AIG. All else being even, I suppose I'd rather not work with AIG. It seems fairly clear that they swindled some of the US Treasury this past Winter... Perhaps someone would like to argue that point to the contrary...
So, could I benefit from the collective MeFi experience regarding VALIC and the wisdom of potentially switching to their service..? Specifically, if you know, what is the impact of their connection to AIG? Thanks in advance!