USAA closes deal with Schwab to acquire USAA brokerage and USAA managed portfolio accounts

Today, USAA announced the official close and conversion of Charles Schwab & Co., Inc’s acquisition of USAA brokerage and USAA Managed Portfolios ® (UMP) accounts. Beginning today, members with transitioned accounts will access their brokerage and managed portfolio accounts through Schwab, as well as 24/7/365 support from dedicated representatives and wealth management professionals.


USAA has also signed a long-term referral agreement for Schwab to be the exclusive provider of wealth management and investment brokerage services for USAA members.


“USAA and Schwab share the same unwavering commitment to facilitate 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,” said 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.”


This change supports USAA’s efforts to simplify its business and focus on core products and services in insurance and banking. USAA continues to expand on its award-winning service and product offerings.


USAA will continue to provide service and highly competitive products across banking, property and casualty insurance, life and health insurance, and annuities.


With the transaction closing, nearly 400 USAA investment employees also have transitioned to Schwab, and a large majority of those employees will continue to support USAA members with their investment and wealth management needs at Schwab.


USAA means United Services Automobile Association and its affiliates. Use of the term “member” or “membership” refers to membership in USAA Membership Services and does not convey any legal or ownership rights in USAA. Restrictions apply and are subject to change.


USAA Investment Services Company (ISCO), a registered broker-dealer and a registered investment adviser, provides referral and marketing services on behalf of Charles Schwab & Co., Inc. (Schwab), a dually registered investment adviser and broker-dealer. Schwab compensates ISCO for these services.


An annuity is a long-term insurance contract sold by an insurance company designed to provide an income, usually after retirement that cannot be outlived. There are fees, expenses and surrender charges that may apply.


Annuities are generally suitable for long-term investing, particularly retirement savings.


Life insurance and annuities provided by USAA Life Insurance Company of New York, Highland Falls, NY. All insurance products are subject to state availability, issue limitations and contractual terms and conditions.


Health insurance solutions provided through USAA Life General Agency, Inc. (LGA) (known in CA and NY as USAA Health and Life Insurance Agency), which acts as an agent for select insurance companies to provide products to USAA members. LGA representatives are salaried and receive no commissions. However, LGA receives compensation from those companies, which may be based on the total quantity and quality of insurance coverage purchased through LGA. Plans not available in all states. Each company has sole financial responsibility for its own products.


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