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Contributor

Per the announcement, copied below, of the IMCO sale to Schwab -- what portion of the sale proceeds went to the recent Subscriber Savings distributions?

 

"About the Agreement

Schwab has entered into a definitive agreement to acquire assets of USAA’s Investment Management Company (IMCO) for $1.8B in cash, which includes brokerage and managed portfolio accounts. Net proceeds from this transaction will be used to further benefit the USAA membership. For example, USAA will invest appropriately to improve the competitiveness of its banking and insurance products, as well as look to distribute an appropriate amount in the annual member distribution process. The companies have also agreed to enter into a long-term referral agreement, effective at closing of the acquisition, that would make Schwab the exclusive wealth management and brokerage provider for USAA members. "

1 REPLY

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I don't get insurance through USAA therefore am ineligible for distributions.  This sellout to Schwab has ZERO benefit for me, but causes not only more work for me keeping track of even MORE accounts, but also opens up even further risk for personal finacial information being leaked. 

 

I'm going to close my investments prior ot the transition and choose my OWN investment bank, not have one forced upon me with no benefit to me.  I've had funds with Fidelity for quite a while so they'll probably get it.