Stock Market

Usaa Total Stock Market Index Fund – USAA (IMCO) Bought by Charles Schwab

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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

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16 Comments

  1. Jake Broe
    July 31, 2021 at 12:27 pm

    Thanks for watching everyone! Give this video a LIKE to support my channel and be sure to check out my entire video playlist on Military Finance and Investing topics: https://www.youtube.com/playlist?list=PLscTZuOqKWIycpttIOB044CBFLdPpgiYu

  2. Ciann Davis
    July 31, 2021 at 12:27 pm

    USAA Not that good? They went to Hell in a handbasket

  3. Mark Braña
    July 31, 2021 at 12:27 pm

    With USAA swap some account moved to victory capital. Like 529 accounts. Do you have any opinion on victory capital? Should I consider moving away from victory capital?

  4. racing one
    July 31, 2021 at 12:27 pm

    Thanks so much for this video Jake. Like you, I too had a USAA Roth IRA (USSPX) that was sold to Charles Schwab. I'm just getting to logon to Schwab, aside from USSPX having a higher Morningstar rating (and expense ratio) than other similar mutual funds, the returns are about the same as FXAIX, SWPXX & VFIAX being the best. Since my investments are with Fidelity, I'll likely move my USSPX into a Fidelity Roth IRA – FXAIX. Your video certainly clarified my decision – thanks again!

  5. Colin
    July 31, 2021 at 12:27 pm

    Eh, just do Vanguard or Fidelity. No need for either Schwab or USAA when it comes to investing.

  6. yandri valdes
    July 31, 2021 at 12:27 pm

    What branch of the military are you in ? And how long ?

  7. Pino San
    July 31, 2021 at 12:27 pm

    I have mutual funds with USAA, USSCX and USAWX well now it belongs to Schwab. I'm staying with Schwab easy app and website to navigate with let's see how it goes for the remaining of the 2020 year.

  8. smr144
    July 31, 2021 at 12:27 pm

    I only use USAA for banking services, credit cards, etc. Insurances are geico and investment with Vanguard, and then very please.

  9. Marc Christopher
    July 31, 2021 at 12:27 pm

    I'm looking forward to this Schwab transition. I don't have enough to invest in most CS accounts but I def noticed that USAA's costs were high and the returns weren't that special

  10. Ajaarta Uma
    July 31, 2021 at 12:27 pm

    Hello! I’m enlisted active duty with USAF and just trying to start investing but I’m not sure which one I start with? Is there any difference between opining my individual brokerage through USAA then they will transfer me to Schwab or I just go directly to Schwab? Thanks for all help you’re providing throughout your videos!!!

  11. Sparky
    July 31, 2021 at 12:27 pm

    Transfer $1000 to Charles Schwab now before the USAA transfer to get a $100 bonus from Charles Schwab. Otherwise, miss out on the Charles Schwab bonus.

  12. Je P
    July 31, 2021 at 12:27 pm

    So did USAA go to CS yet? Also Did you transfer to Vangard?

  13. Errin
    July 31, 2021 at 12:27 pm

    USAA is not a credit union, but Schwab are great guys. People will love Schwab’s 24 hour customer service!

  14. Drew Corbett
    July 31, 2021 at 12:27 pm

    Good info. Thanks!

  15. Tory Alexander
    July 31, 2021 at 12:27 pm

    Would u compare Charles Schwab checking account vs USAA vs Navy fed?

  16. Jessica R
    July 31, 2021 at 12:27 pm

    I like the information you are providing in your videos.