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Nuveen Asset Management Review

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Nuveen Asset Management

Nuveen Asset Management, LLC (NAM) is a financial advisor firm with just under 230 advisors in its offices who manage $176 billion in client assets. Its headquarters are located in Chicago, Illinois. The firm principally serves individuals (both with and without a high net worth), but it also maintains relationships with pension plans, businesses, government entities, investment advisors and companies and other institutional clients.

Nuveen is a fee-only firm. This means that all of the firm’s compensation comes from client-based management fees. Fee-only is different from fee-based, which indicates that a firm earns income through both client fees and outside sources, like insurance sales. A fee-only firm avoids the conflicts of interest inherent in such commission-based sales.

Nuveen Asset Management Background

Nuveen Asset Management has been providing investment advice since its founding in 1989. According to the firm’s Form ADV, Nuveen Asset Management is a subsidiary of Nuveen Fund Advisors, LLC, which is, in turn, a subsidiary of Nuveen, LLC. At the highest level, though, NAM is the asset management branch of Teachers Insurance and Annuity Association of America, which is commonly known as TIAA.

The firm employs a total of 229 advisors, some of whom have earned advisory certifications such as chartered financial analyst (CFA), chartered alternative investment analyst (CAIA) and certified investment management analyst (CIMA).

What Types of Clients Does Nuveen Asset Management Accept?

Nuveen Asset Management works with more than 43,000 clients in total. Of these clients, 34,000 are individuals below the high-net-worth cutoff. The remaining clients include high-net-worth individuals, corporations, investment companies, pension plans, charitable organizations, government entities, insurance companies and pooled investment funds.

Nuveen Asset Management Minimum Account Sizes

Nuveen Asset Management imposes varying minimum requirements depending on the type of account you own. For retail separate accounts, the firm typically calls for at least $100,000 in investable assets for equity and asset allocation strategies and $250,000 for fixed-income strategies.

To maintain an institutional account, the minimum can range from $5 million to $100 million depending on the investment strategy.

Services Offered by Nuveen Asset Management

Nuveen Asset Management provides investment management to both institutional and retail separate clients, such as individuals. Nuveen works with separately managed accounts (SMAs) either directly or through a wrap fee program. The firm may also offer model portfolios or other non-discretionary investment advice to certain clients, like banking institutions or other financial services firms.

Nuveen Asset Management Investment Philosophy

Nuveen Asset Management uses many different investment strategies. The one your portfolio will adhere to depends on your financial goals, preferences and risk tolerance. These strategies fall into six broad categories:

  • Equity Strategies: These portfolios invest exclusively in equity securities. Strategies within this category can focus on a specific industry, geographic region or market capitalization.
  • Public Real Assets Strategies: This looks to construct portfolios with investments in real assets or securities that represent real assets. This can include real estate investment trusts (REITs), other real estate-related securities and equity securities of infrastructure-related companies.
  • Taxable Fixed-Income Strategies: Primarily investing in debt securities, this strategy is centered around corporate debt, government securities and mortgage-backed securities.
  • Municipal Bond Fixed-Income Strategies: As its name indicates, this strategy invests in municipal bonds, though securities vary by maturity, duration and quality.
  • Solutions Strategies: This all-encompassing strategy doesn’t have a preference for any particular asset classes. In other words, investments are made across asset classes and markets.

Fees Under Nuveen Asset Management

For its investment advisory services, Nuveen charges fees as a percentage of each client’s assets under management (AUM). These charges are broken down first by which of the firm’s four overarching investment strategies you select, and then by the individual strategy you go with. Annual fees for each of Nuveen’s large-scale strategies adhere to these rates:

  • Equity Strategies: 0.40% - 1.10%
  • Public Real Assets Strategies: 0.52% - 0.80%
  • Taxable Fixed-Income Strategies: 0.08% - 0.50%
  • Municipal Bond Fixed-Income Strategies: 0.20% - 0.60%
  • Solutions Strategies: 0.05% - 0.30%
  • Retail SMAs: 0.12% - 0.70%

What to Watch Out For

For certain client accounts, Nuveen Asset Management will charge performance-based fees. The firm states that these fees are negotiated on an individual basis. Its Form ADV also highlights the following: “Performance-based fees may create an incentive for NAM to make investments that are riskier or more speculative than would be the case in the absence of a performance-based fee.”

Despite the above fee arrangements, Nuveen abides by fiduciary duty. As a result of this, it is legally bound to act in clients’ best interests at all times.

Disclosures

Nuveen Asset Management has six disclosures listed on its Form ADV. However, each of these belong to the firm’s parent company, TIAA. As a result, Nuveen Asset Management itself has a clean legal and regulatory record.

Opening an Account With Nuveen Asset Management

To get in touch with Nuveen Asset Management, you can call the firm at (312) 917-7700. If you prefer working online, go to the firm’s website and fill out the contact form with your full name, email address, phone number and a message.

Where Is Nuveen Asset Management Located?

Nuveen Asset Management has its headquarters in Chicago, Illinois on Wacker Drive, next to the intersection of North Franklin Street and Lake Street.

Tips for Retirement Planning

  • Finding the right financial advisor that fits your needs doesn’t have to be hard. SmartAsset’s free tool matches you with financial advisors in your area in 5 minutes. If you’re ready to be matched with local advisors that will help you achieve your financial goals, get started now.
  • Don’t forget to take Social Security payments into account when you formulate what kind of income you’ll need in retirement. If you don’t know what you’re in line to receive, check out SmartAsset’s Social Security calculator.

How Many Years $1 Million Lasts in Retirement

SmartAsset's interactive map highlights places where $1 million will last the longest in retirement. Zoom between states and the national map to see the top spots in each region. Also, scroll over any city to learn about the cost of living in retirement for that location.

Least
Most
Rank City Housing Expenses Food Expenses Healthcare Expenses Utilities Expenses Transportation Expenses

Methodology To determine how long a $1 million nest egg would cover retirement costs in cities across America, we analyzed data on average expenditures for seniors, cost of living and investment returns.

First, we looked at data from the Bureau of Labor Statistics (BLS) on the average annual expenditures of seniors. We then applied cost of living data from the Council for Community and Economic Research to adjust those national average spending levels based on the costs of each expense category (housing, food, healthcare, utilities, transportation and other) in each city. Using this data, SmartAsset calculated the average cost of living for retirees in the largest U.S. cities.

We assumed the $1 million would grow at a real return (interest minus inflation) of 2%. This reflects the typical return on a conservative investment portfolio. Then, we divided $1 million by the sum of each of those annual numbers to determine how long $1 million would cover retirement expenses in each of the cities in our study. Cities where $1 million lasted the longest ranked the highest in the study.

Sources: Bureau of Labor Statistics (BLS), Council for Community and Economic Research