While financial advisors clearly have high regard for mutual fund pioneers TIAA-CREF and Nuveen Investments, they are also raising questions concerning culture, strategy and personnel in the wake of the blockbuster $6.25 billion deal to merge the two firms.

Both TIAA-CREF, best known for its non-profit roots and work with teachers' retirement plans and hospitals, and Nuveen, with its municipal bond and government expertise, enjoy "great reputations" in the advisor community, as FPA president Janet Stanzak, principal of Bloomington, Minn.,-based Financial Empowerment points out.

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