Usaa Total Stock Market Index Fund – USAA (IMCO) Bought by Charles Schwab
Usaa Total Stock Market Index Fund – Best Deal Right Now?
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USAA’s wealth management accounts were purchased by Charles Schwab Corporation. If you have a brokerage or retirement account with USAA, it will be completely transferred over to Charles Schwab in the next year. About one million USAA accounts and a total of over $100 billion in assets will be moved. Schwab made the purchase for $1.8 billion and these new accounts will join Schwab’s existing $3.5 trillion in money management assets.
If you have insurance, a checking/savings account, or a credit card with USAA, none of that will be changing. Only your wealth management accounts will be migrating over.
In this video I will touch on why USAA decided to do this for their customers and ultimately it is because they did not feel like they were large enough or had a wealthy enough client base to support real wealth management and financial services like larger institutions can (like Vanguard or Fidelity).
#USAA #CharlesSchwab #WealthManagement