Brings together leading financial services provider with pioneer in account management technology
Furthers the company’s mission to provide financial advice to all
New York and San Francisco, June 30, 2016 – TIAA, a leading provider of financial services, announced today that it has acquired MyVest, a pioneer in holistic wealth management technology. Today’s news underscores TIAA’s commitment to help individuals navigate their financial lives in a clear, simple and efficient way.
TIAA is a mission-driven company that serves the financial needs of millions of individuals in the not-for-profit sector. The company offers a wide range of financial solutions, including investing, banking, advice and guidance, and retirement services.
Headquartered in San Francisco, MyVest provides scalable, customized wealth management services on a single unified platform for financial institutions and will operate as a subsidiary of TIAA that focuses on emerging technologies. It will report to TIAA Chief Digital Officer Scott Blandford. TIAA has collaborated with MyVest since 2009 to help provide customized discretionary investment and tax management services for individuals.
“We have benefited from MyVest’s innovations for many years and are thrilled to welcome this talented team to the TIAA family. MyVest’s engineering and design expertise, coupled with its deep knowledge of wealth management will help us find new ways to simplify the complex – and often daunting – world of personal finance our clients navigate throughout their lives,” said Blandford.
For nearly a decade, TIAA has offered personalized financial advice to customers regardless of their financial position. The acquisition of MyVest will advance TIAA’s efforts to deliver a full suite of digital advice capabilities in addition to its in-person and phone-based services.
Kathie Andrade, CEO of Retail Financial Services at TIAA, said, “Our customers deserve choices and should be able to interact with us on their terms – when, where and how they want. This move will improve our ability to personalize financial services offerings and better meet customer needs, including those who prefer to interact with us online.”
Personalized advice and guidance have become more important than ever with thousands of Baby Boomers retiring each week and Millennials becoming the largest demographic in the U.S., looking for help with everything from managing student loan debt to buying their first home.
Following this acquisition, TIAA and MyVest will continue to work together to deliver simplified advice and planning technology across TIAA's vast array of financial services products, from retirement plans to IRAs and banking products.
“The world keeps changing and people deserve a financial services provider who truly understands how, when and where they want to engage,” said Rahul Merchant, TIAA Chief information Officer. “MyVest’s talented team and leading technology will help us continue to innovate and deliver the best experience for our customers.”
MyVest employs a team of experienced technology, investment management and services operations professionals and will continue to serve its current client base.
“We remain committed to serving our clients and continuing to provide the tools advisors need to prepare their clients for the future,” said MyVest CEO Anton Honikman.
Terms of the deal were not disclosed.
TIAA (TIAA.org) is a unique financial partner. With an award-wining track record for consistent investment performance, TIAA is the leading provider of financial services in the academic, research, medical, cultural and government fields. TIAA has $861 billion in assets under management (as of 3/31/2016) and offers a wide range of financial solutions, including investing, banking, advice and guidance, and retirement services.
MyVest is a pioneer in holistic wealth management technology for financial institutions. MyVest's core offering is the Strategic Portfolio System™ (SPS), a cloud-based platform that enables client-centric wealth management across the entire enterprise in a single, unified system. With MyVest, investors receive superior personalized solutions, advisors spend more time with clients and prospects, and wealth management firms grow scale and margins. Headquartered in San Francisco, MyVest is at the center of the Bay Area's technology and financial services communities.