Who Manages Your TIAA Account at a University, and What Changes When Someone Else Does
Usually, you do. Your employer runs the plan and picks the investment menu, TIAA keeps the records and processes your requests, and you choose the investments. An outside advisor can manage the account inside the plan only through access you grant on TIAA's form, and at the University of Michigan the same split holds, with Fidelity as a second recordkeeper.
It's easy to see "TIAA" on every statement and assume TIAA makes the investment decisions. In plain English, it doesn't, unless you've signed up for that.
Who manages your TIAA account at a University?
Four parties touch a University retirement account, each with a different job. The employer (the plan sponsor) writes and runs the plan, and the recordkeeper, often TIAA and sometimes Fidelity alongside it, holds the records and processes requests. You direct the investments, and an outside advisor manages the account only if you grant access.
Party | What it does | What it doesn't do |
Your employer (the plan sponsor) | Adopts a written plan and must operate it by that document. Chooses the recordkeeper(s) and the investment menu. Sets the plan's rules, including whether an advisor's fee can come out of your account. | Pick your individual investments |
The recordkeeper (TIAA, often alongside Fidelity) | Keeps the records, processes your requests, answers questions and offers counseling. | Set the menu or the plan's rules. Manage your account, unless you sign up for its optional paid managed-account service |
You (the participant) | Choose investments from the plan's menu and change them. Name beneficiaries. Grant, limit and revoke anyone else's access, in writing. | Add funds the plan doesn't offer (outside a brokerage window, if your plan has one) |
An outside advisor | Gives advice. With the access you grant, can change allocations and move money among funds inside the plan. | Take money out of the plan or change beneficiaries at TIAA's limited access level. Speak for your employer or TIAA |
Sources: IRS 403(b) plan overview (last reviewed January 30, 2026); TIAA's account access form; University of Michigan HR plan pages. Read October 2026.
Whether the plan is covered by ERISA depends on what kind of employer sponsors it and how the plan is run. A plan that a state, or one of its instrumentalities, sets up for its employees is a governmental plan outside ERISA's Title I, which is where public Universities' plans usually sit. Private Universities' plans are generally ERISA plans, with exceptions, including some 403(b) programs where the employer's involvement is limited.
In an ERISA plan, choosing service providers is a fiduciary act, and the U.S. Department of Labor's fiduciary guide (September 2021) says the fiduciary "retains the responsibility for selecting and monitoring the investment alternatives" even when participants direct their own accounts. Not sure which kind of plan you have? Your benefits office knows.
What does TIAA do, and what doesn't it do?
TIAA is the recordkeeper: it holds the records, processes your contributions, fund changes, beneficiary updates, transfers and payouts, and answers your questions. Where your plan offers it, TIAA also sells an optional managed-account service. Unless you sign up for that service, TIAA doesn't choose your investments.
The annuity contracts TIAA issues, such as TIAA Traditional, carry their own rules, and those rules bind whoever manages the account. Our post on moving money out of TIAA Traditional walks through them, and our TIAA Traditional guide for University employees covers how the product works.
How can an outside advisor manage an account inside your plan?
Only through access you grant. An advisor can advise and leave every trade to you, or place trades under authority you give, which in a TIAA plan account comes from TIAA's authorization form. You name one firm or one person and choose exactly one of three access levels, from view-only to full power of attorney.
The SEC's Form ADV instructions say a firm has discretionary authority "if it has the authority to decide which securities to purchase and sell for the client." Investor.gov adds that an advisor's services and fees "will ultimately depend on the contract you negotiate with your adviser."
TIAA access level | What the person you name can do | What it leaves out |
Inquiry only | Receive account information, view it online (financial advisors only), and request forms | Any change to the account |
Limited rights plus inquiry (the level that lets an advisor manage allocations) | Everything above, plus change premium allocations, transfer or exchange funds among like accounts within TIAA, and cancel transfers or exchanges | Cash withdrawals, transfers out of TIAA, and beneficiary changes |
Full power of attorney | Beneficiary designations, benefit options, cash withdrawals and external transfers | Nothing on this list, but it requires a separate, notarized power of attorney |
Source: TIAA, "Authorization to Access TIAA Accounts," as posted on tiaa.org, read October 29, 2026. TIAA can revise its forms, so use the version TIAA gives you.
Here's something worth knowing before you sign. The same form also says:
Confidentiality. TIAA won't disclose your account information to anyone without your authorization.
Timing. Processing takes up to seven business days, and both you and the person you name get a confirmation statement.
Duration. The authorization lasts until you revoke it in writing, or until an expiration date you set.
Who else sees your data. An advisor you authorize may add designees and may have TIAA share your account information, which "may include personal identifiable information," with the advisor's third-party service providers.
See also our post on how professional in-plan management works at TIAA and Fidelity.
Can an advisor's fee come out of your plan account?
It depends on your employer. An advisor is paid either by you directly or, where your plan allows it, by a fee deducted from your account; some plans allow deductions under each participant's own agreement, some don't, and some appoint a registered investment advisor for participants themselves. Your benefits office knows which applies to you.
Investor.gov says an advisor's fee "is typically based on the value of all of the assets held in your account with the adviser."
Where a plan allows deductions, TIAA fee notices can carry a line reading "Advisor Fee: Please refer to your advisor's fee schedule." In ERISA plans the advisor's role is formal: TIAA's fee disclosure for one such plan says an advisor who deducts fees this way "is considered a covered service provider and a fiduciary of the plan," and must disclose its services, compensation and fiduciary role.
What changes when an advisor manages your account?
Less than you might expect: your plan, its menu, its rules and your annuity contracts all stay the same. What changes is who places the trades, who can see the account, and what you pay. Who has access, and at what level, stays your decision.
Question | On your own | With an outside advisor |
Who chooses the investments | You, from the plan's menu (or the plan's default fund) | The advisor recommends, and places trades only if you grant limited rights or more |
Who can move money out of the plan | You, within plan and contract rules | Still you. Limited rights doesn't include withdrawals or external transfers |
Who can see the account | You | Whoever you authorize, at the level you choose, and possibly the advisor's designees and service providers |
What you pay | The funds' own expenses, plus anything your plan charges | Add the advisor's fee under your agreement, deducted from the account only if the plan allows it |
How it ends | Not applicable | Revoke the access in writing with TIAA, and end the advisor agreement |
Sources: TIAA's account access form; SEC, Investor.gov; IRS 403(b) plan overview. Read October 2026.
Who manages TIAA accounts for University of Michigan employees?
At the University of Michigan, the same four-part split applies. U-M sponsors the plans, its Benefits Office is the Plan Administrator, and TIAA and Fidelity keep the records. You choose your investments (U-M's HR site says "You can also change your contribution amounts and allocations at any time"), and an outside advisor manages your account only if you arrange it.
Role | At the University of Michigan |
Plan sponsor and administrator | The University of Michigan. The Plan Administrator is the U-M Benefits Office (734-615-2000). U-M's policy says "The University in its sole discretion may modify, amend, or terminate the plan." |
The plans | The Basic Retirement Plan (a combined 403(b) and 401(a) plan), the 403(b) Supplemental Retirement Account (SRA), and the 457(b) Deferred Compensation Plan. U-M says they "are all non-ERISA governmental plans." |
Recordkeepers | TIAA and Fidelity Investments, which U-M calls "the only financial investment companies officially associated with the University of Michigan." Contributions can go to either or both. |
Investment choices | Over 200 funds through TIAA and Fidelity, plus a brokerage option. For people enrolled after 2008, the default funds are TIAA Lifecycle Index and Fidelity Freedom Index. |
Who chooses | You. Fund choices and beneficiaries default unless you change them, and changes must be made for each account you've enrolled in. |
The recordkeepers' own managed service | U-M says TIAA and Fidelity both "have an additional fee-based service that provides active account management." |
Plan-level fees | U-M says "All transaction fees (ex. for taking a loan, cash withdrawals, etc.) have been waived and there are no account maintenance fees," and that U-M "does not pay any fees to TIAA or Fidelity Investments." |
Sources: University of Michigan HR retirement pages and SPG 203.05 (last updated March 5, 2025). Read October 29, 2026.
Because U-M's plans are non-ERISA governmental plans, the ERISA rules described earlier don't govern them. For a wider tour of the three plans, see our University of Michigan TIAA and Fidelity retirement guide.
Can an outside advisor manage your University of Michigan 403(b)?
Yes. U-M's HR site says it directly: "An RIA can give investment advice and/or manage your U-M retirement account, including selecting and changing your investment funds on your behalf." The account stays in the U-M plan, at TIAA or Fidelity, and U-M is just as direct that no outside advisor is affiliated with or endorsed by the University.
What else U-M's own pages say about outside advisors, in U-M's words:
You have a choice. "You are not limited to working only with Fidelity and TIAA regarding your U-M retirement investments; however, do your homework before entrusting an unfamiliar business with your funds."
No advisor is part of the University. "An RIA is not affiliated with, endorsed by, sponsored by, or a provider, agent, or representative of TIAA, Fidelity Investments, or the University of Michigan."
Only two partners are approved. "If it's not Fidelity or TIAA, it's not an approved U-M partner."
Paying the advisor from the account. U-M's guidelines for registered investment advisors refer to advisors "previously approved for advisor fee account deductions from TIAA-CREF and/or Fidelity Investments." So at U-M, a deducted fee needs prior approval through TIAA, Fidelity or both, and approval doesn't make the advisor a representative, approved vendor, agent or service provider of either firm or U-M. For the steps, and which plans permit it, ask the Benefits Office.
How do you choose a financial advisor as a University of Michigan employee?
Start with U-M's own advice: read the advisor's Form ADV and look the firm up on IAPD, the public database U-M points employees to. Ask how the advisor would manage your account inside the U-M plans, how the fee is paid, and what access they would need. And remember that U-M doesn't require you to use an advisor at all.
Investor.gov explains that investment advisers register with the SEC or with state securities authorities, and that an advisor is "required to act in your best interest."
U-M's "Be Careful" page names two warning signs: a firm whose marketing talks about University employees in general without naming U-M, and pressure to roll your savings out of the U-M plans into an IRA.
Questions worth asking any advisor before you sign:
Will you manage my accounts inside the U-M plans, or will you ask me to move them?
Which TIAA access level will you ask for, and why? What access will you need at Fidelity?
How is your fee calculated, and will it come out of my plan account or be billed to me directly?
If it comes out of my account, has that deduction been approved through TIAA or Fidelity?
Where can I read your Form ADV?
How do you check who manages your account today?
Check three places: your accounts at TIAA (and Fidelity, if you use both), your employer's benefits office, and any advisor agreement you've signed. You're looking for three answers: which funds you hold, who else has access and at what level, and whether any advisor or managed-account fee is coming out of the account.
Log in and look at each account. If you never chose, your money is in the plan's default fund.
Ask TIAA who holds access to your account, and at what level. At U-M, U-M HR lists TIAA at 800-732-8353 and tiaa.org/umich.
Read your fee notice. Look for an "Advisor Fee" line or a managed-account fee.
Ask your benefits office whether your plan allows advisor fees to be deducted, and how approval works.
Frequently asked questions
Does TIAA manage my retirement account?
TIAA keeps the records and processes your requests. It doesn't choose your investments unless you sign up for its optional paid managed-account service, where your plan offers one. Otherwise you direct the investments, or your money sits in the plan's default fund.
Can a financial advisor manage my TIAA account without moving it?
Yes, if you grant access on TIAA's authorization form. The limited rights level lets an advisor change allocations and move money among like accounts within TIAA. Cash withdrawals, external transfers and beneficiary changes need the full power of attorney level, which requires a separate, notarized power of attorney.
Can an advisor's fee be paid from my 403(b)?
It depends on your employer's plan: some plans let an independent advisor deduct a fee from your account under your own agreement; others don't. At the University of Michigan, deductions through TIAA or Fidelity require prior approval. Ask your benefits office.
Who manages TIAA accounts for University of Michigan employees?
U-M sponsors the plans and its Benefits Office administers them, TIAA and Fidelity keep the records, and each employee chooses investments. U-M says an RIA can manage a U-M retirement account on your behalf, but is not affiliated with or endorsed by TIAA, Fidelity or U-M.
Do I have to use an advisor, or roll my money out when I leave U-M?
No to both. U-M says "There is no requirement that you work with an RIA," and "There is no requirement that you rollover your assets out of the U-M plans when you leave the University or retire."
Who is Provizr?
Provizr is an independent, fee-only fiduciary firm in Ann Arbor, Michigan. Provizr manages University employees' TIAA and Fidelity retirement accounts inside the plan they already have, with no rollover and no move to another provider, and University retirement plans are the only thing we do.
Provizr, 777 E. Eisenhower Pkwy., Ste. 742, Ann Arbor, MI 48108, (734) 864-4500, provizr.com.
If you'd like a second set of eyes on who manages your accounts today, and whether that's the arrangement you want, you can book a time to talk with Alan Brilliant. Not ready to talk yet? Start with the University Retirement Health Check.
Sources
University of Michigan HR, "Choosing a Financial Planner": https://hr.umich.edu/benefits-wellness/financial/retirement-savings-plans/annual-savings-tune-financial-advisors/choosing-financial-planner
University of Michigan HR, "Be Careful with Financial Advisor Solicitations": https://hr.umich.edu/benefits-wellness/financial/retirement-savings-plans/annual-savings-tune-financial-advisors/be-careful-financial-advisor-solicitations
University of Michigan HR, "Retirement Savings Plans": https://hr.umich.edu/benefits-wellness/financial/retirement-savings-plans
University of Michigan, SPG 203.05, "Retirement Savings Plan" (last updated March 5, 2025): https://spg.umich.edu/policy/203.05
SEC, Investor.gov, "Investment Advisers": https://www.investor.gov/introduction-investing/getting-started/working-investment-professional/investment-advisers
IRS, "IRC 403(b) tax-sheltered annuity plans" (last reviewed January 30, 2026): https://www.irs.gov/retirement-plans/irc-403b-tax-sheltered-annuity-plans
All sources accessed October 29, 2026.
Important information
Provizr, LLC is a Registered Investment Advisor in the State of Michigan and separate entity from Fidelity and TIAA. Provizr is not affiliated with or endorsed by TIAA, Fidelity, or any university. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any securities. The advisers may not transact business in states where it is not appropriately registered, excluded or exempted from registration.
