Schwab completes asset acquisition of USAA’s investment management company

The Charles Schwab Corporation has completed its acquisition of the assets of USAA’s Investment Management Company and has transitioned the underlying brokerage and managed portfolio accounts to Schwab. 

As announced in July 2019, the companies have also entered into a long-term referral agreement that makes Schwab the exclusive provider of wealth management and investment brokerage services for USAA members.

Schwab’s commitment to putting clients first, serving their financial needs and seeing the world through their eyes now extends to USAA members, representing over one million brokerage and managed portfolio accounts, now serviced by Schwab.

“We are incredibly honoured that USAA entrusted Schwab with the vital task of building the financial futures of its members,” says Walt Bettinger, President and CEO of Schwab. “We understand that with this transaction comes a great responsibility to USAA members and their talented employees, and we are committed to making the integration as seamless and efficient as possible. We are so proud to serve the men and women who have served our country and their families, and we’ll commit ourselves to working each day to continue delivering the highest level of service to them. As an employer of choice of veterans, Schwab has long supported the military community and we look forward to strengthening that relationship.”

“USAA and Schwab share an unwavering commitment to the financial security of our members and clients. Schwab approaches every decision ‘through clients’ eyes’ and offers a wide selection of investment products and services for some of the lowest costs in the industry,” says Wayne Peacock, president and CEO of USAA. “Our members now will receive expanded solutions from Schwab, who shares our client-centric approach and is committed to serving and employing military members.”

To uphold a shared focus on integrity, relationships and service, both organisations have worked together to facilitate a smooth transition of USAA member accounts to Schwab. Nearly 400 former USAA employees have joined Schwab to support the one million plus new accounts with continued high-caliber service and to help transitioning members feel confident about their accounts moving to Schwab.

USAA members with accounts that transferred to Schwab have access to a new hub on Schwab.com to guide them through the features and services available with their Schwab account, including helpful FAQs, to-do lists and Schwab contact information.

For Schwab, the transaction adds scale through the addition of approximately USD80 billion to its USD3.8 trillion in total client assets. It also provides Schwab an opportunity to serve USAA members as their exclusive provider of wealth management and investment brokerage services, through the long-term referral agreement.