The Charles Schwab Corporation announced this Wednesday that it has completed the acquisition of the assets of USAA’s Investment Management Company, adding around $80 billion to Schwab’s $3.8 trillion in total client assets.
Under the acquisition, the underlying brokerage and managed portfolio accounts have been transferred to . Furthermore, Schwab has entered into a long-term referral agreement with USAA, which makes the former the exclusive provider of wealth management and investment brokerage services for USAA members.
400 former USAA employees transition to Charles Schwab
In order to support the more than one million accounts that have been transferred to Charles Schwab, almost 400 former USAA employees have joined the financial firm. Their aim will be to ensure transitioning members feel confident with the move.
Source: LinkedIn
“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.”
For the USAA members whose accounts were transferred to Schwab, the company has provided them access to a new hub on Schwab.com. According to the company, this hub will guide them through the features and services with their Schwab account.
Source: 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.”
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