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Frequent Contributor

Hello!

 

If you decide to move your investments "In Kind" from USAA to another institution... DO NOT let USAA know!  I called USAA Managed Investments and the financial adviser said I had to liquidate the entire account and sell every position, because that's how managed accounts worked, because the new institution would not be able to accept the positions because they are in a USAA managed account, and thus only the cash would transfer over to the new institution.  The next morning, I called USAA and talked with a different USAA Managed Investment specialist and they said I did not have to liquidate the entire account because only those positions the new institution would not be able to accept would be liquidated into cash for the transfer.  I immediately asked for a stop gap and requested to keep certain positions the new institution can accept.  Therefore, if all the position's actually sell because of bad advise from the adviser I will have grounds for a formal complaint because USAA gave bad advice and did not exercise (potentially) fiduciary responsibility.

 

This  above interaction affirms my reason to leave USAA investments...

1.  Inconsistent messages to investors.

 

2.  Failure to exercise (potentially) Fiduciary Responsibility.

 

3.  Then the gull of several USAA advisers to ask if I was interested in additional Life Insurance and other "Products"... sad but true... I wonder if USAA has qouta's for selling prodcuts...

 

In my new institution, I was going to place a substantial amount of postions into USAA mutual funds becuse the new institution allows investments in USAA funds with No Transaction Fees.  That means in my new institution it is as if I had the position in USAA and that means USAA would have still made money.  However, after this, no way will have future positions in USAA investment assets.

 

Bottom Line... if you "Transfer In Kind" let your new institution perform all the work and DO NOT let USAA know because...

 

 

Best wishes! 

3 REPLIES

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OverWatchG,

 

Thank you for providing your comments and we want to make sure your concerns are addressed. I'm engaging a subject matter expert to review your information and reach out to you. -Paula

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Paula,

 

Fortunately the stop gap worked and I was able to obtain the select positions and liquidate the others.  I may re-consider using USAA Mutual Funds in my new institution.  

 

Irregardless, I will stand-by for the Subject Matter Expert to address the issues I raised.  

 

Thank You!

 

OverWatchG

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Wow what happened OverWatchG?