There is a shake-up underway in New York City. TIAA-CREF's [profile] individual financial services business is undergoing a major reorganization, according to an internal memo obtained by MFWire.

A source with knowledge of the situation said the changes occurred about a month ago, and that the reason for the new structure is to make create easier, more efficient access for customers.

Edward Van Dolsen writes in the memo that the TIAA-CREF retirement business now has five main sections: Institutional Business, Individual Business, Individual Advisory Services, Client Services and Business Transformation. In addition, there will be sections of the business devoted to Organizatonal Effectiveness, and to Strategy, Controls and Metrics.

He writes:

All of these changes also enabled us to think more strategically about the points of intersection between the Institutional and Individual businesses that are necessary to achieve our Vision 2020 growth objectives. Our clients have told us that they are beginning to see the benefits of our end-to-end service focus, but that they want to see more. Now, we’re ready to take this integration to the next level.

Van Dolsen is the plan provider's executive vice president for retirement and individual financial services.

The individual business will be lead by Doug Chittenden. Eric Jones will lead the private asset management, managed accounts and advice offer team, in addition to the team working on retirement income product innovation. He will report to Chittenden. The affect of these changes on TIAA-CREF's retirement plan business was covered in our sister publication, 401kWire. 

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