The sale of USAA Investment Management Services to Victory Capital came into full effect this week. I tried calling Victory twice today regarding a glitch that occured in a transfer of funds from one of my Mutual Fund Accounts. Received a recorded message: Nine Minute Wait Time. I didn't have 9 minutes to wait. Called back later and put on hold with no indication of how long I had to wait.
My question: What benefits were there to USAA Members from the sale to Victory Capital?
There are a lot of other institutional investment firms out there that have great and prompt customer service. I am a member of one of the others as well as 40+ years with USAA. If dealing with a USAA affiliate is going to become an issue, it may be time for a change in who manages my money. When USAA stopped writing homeowners insurance in FL, I went with one of their partner providers. Service waas terrible! Ended up cancelling, and then found a highly rated firm who wrote me the same coverage at half the price. When USAA began selling again in FL, they offered me a quote at more triple what I am paying. USAA Customer Loyalty only goes so far...
@Century19, thank you for your 40 plus years of membership, Victory Capital will offer members expert investment teams and more competitive choices, including:
Today's investment industry is filled with disruption driven by rapidly advancing technology, changing consumer preferences and fierce competition to deliver strong performance, with low to no fees and a wide selection of products.
Working with Victory Capital, we are delivering more value to our members by providing access to a wider array of mutual funds in addition to industry-leading USAA Mutual Funds, USAA 529 College Savings Plan and ETFs. Victory Capital shares similar company values and plans to provide exceptional member service and a culture aligned with USAA. ~ Marco
LOL. :-) What did you expect? I'm sure it didn't take them more than one minute to cut and paste the standard release statement. Any bets they send your response to a subject matter expert for for further review? LOL.
Have tried for the last week to call and talk to Victory Capital. End up on hold for ten to fifteen minutes.
Tried to request services via Email, but was told via Email that only voice conversation was accepted.
Glad I moved most of my funds to Vanguard. Really good service with Vanguard.
Still have left over funds with Victory Capital, but cannot get them to move my funds.
Within days afer the sale I got hit with a misc fee charge in my brokerage account for which no written response has been provided as to what it is for, despite my request for explanation. First impression of the sale is a big negative for me and I am considering all options, despite being a "USAA" brokerage account customer for over three decades. "Victory" has not impressed me, except negatively with apparent additional fee driven charges. The negative changes are unacceptable to me.