Victory Capital's website is difficult to navigate. Their expense ratios are higher. I have already joined Vanguard and started the process to have my retirement account directly transferred from USAA to Vanguard. Fidelity would be my second choice to have my retirement account. I have never heard of Victory Capital until I received a letter in the mail from USAA.
I have noticed that USAA has been going down hill over the last few years as I watch my USAA home insurance premium slowly increase. So, I also became a member of Navy Federal Credit Union and quickly move my savings account. But, I will continue to maintain a checking and savings account with USAA for the moment. I might need to get my home insurance with Ally Bank.
I hope USAA start to offer better rates in CDs and savings accounts once they are out of the mutual fund/investment business.
I agree with the comments made. Being a USAA member for over 50 years I have had the pleasure of experiencing service that truly reflects the motto. However, based upon the limited information received, it seems USAA management and Board members might have “forgotten what it means to serve.”
Should those of us who question this move and might continue to feel betrayed as time goes on, I would hope USAA retains a small vestige of truly knowing what it means to serve and considers waiving all fees for those of us who might eventually conclude that this acquisition is not in our best interest. It would be a small gesture for those of us who have retained loyalty to this company over many years. We should be allowed to move investments elsewhere without cost should we conclude that we feel so compelled.
The grass is greener on the other side, I will tell you that. I have not been with USAA nearly as long as you, but started the process last year moving products away from USAA. They do a great job of sucking you into the USAA vortex and you think you're being taken care of, until you do research and get quotes to realize you could save half a grand elsewhere and their brokerage was always overpriced, so I don't see this being any worse. Their deposit rates are laughable, but I've already been down that road. Look at a brokerage or local credit union, that'll probably be best. I have only my mortgage here now. I used to have insurance (home and auto), banking, credit cards and brokerage. Slowly decided that my money wasn't working for me and decided to move on.
I still have auto/homeowner insurance with USAA but moved everything else out. Started with USAA back in the 1980s but noticed several services going downhill especially on the banking, investment and consumer loans side. This latest aquisition just continues to prove to me that USAA isn't worried about getting negative feedback (or input) from its members. I'm sure their decision makers consistently remind themselves that they're in a better postion to know what's best for the company. I think their arrogance regularly obstructs their ability to view the whole picture--especially when you're close to the top of the decision-making process and doing it at the expense of your members. I still have auto/homeowner insurance with USAA but moved/closed everything else last year. Investments are with Vanguard and banking/cc/cd at another financial institution. Result? Better options, low cost ratios (that USAA will never match) and better returns on everything. USAA did what it thinks works for them--and I did what I think works for me.
Maybe USAA should offer a guaranteed reimbursement that covers the time and effort required to move to other financial providers. That would signal confidence that there's no reason for members to be going elsewhere.
I agree wholheartedly. I was on the phone last evening to USAA investments and the representative sounded like she was overly fatigued and tired of answering questions. Sadly USAA has lost its shimmer of being a company of the members to a company of the few and well paid. Even worse is that the board is composed of retired military members. Shame on them for allowing this to happen. Really it's time to ask the question: is USAA a company that has been? From the looks of it, the plan is to slowly and painfully "spin off" the pieces until USAA is no longer in existence. Such a shame after 41 years of membership.
Before allowing your accounts to be moved to Victory Capital Management, please do your own due diligence. Moving an investment account is very simple and, except for IRAs, it is generally without fees.
This will be the 5th acquisition by Victory Capital in the last 4 years and the 2nd one in 2018. If you don't have a Moody's account, get one and check out what they have to say about Victory Capital. You'll find phrases like "continued reliance on debt", "elevated financial leverage" and "significant integration risks". You will learn that USAA has consistently been rated Aaa ( the lowest level of credit risk) while Victory is rated Ba (substantial credit risk).
Personally, we are in the process of moving our taxable account and our IRAs away from USAA/Victory.
Right. I wonder what "evidence" Victory Capital has provided (or can provide) that DOUBLING their "assets under management" is within their capabilities. Putting words into Victory's mouth: "We are really good at acquiring other investment entities, but we still haven't gotten all the integration pieces done well," for example.
I'm going to get out. USAA Asset Management's service and reliability has gone steadily downhill for years but this appears to be the last straw. You can no longer talk to a responsible, knowledgeable person about ANYTHING or get any answer - much less a straight one - to any question. Not a good situation for members trying to manage their life savings. USAA is now about one notch down from the cable company. It is tragic to see what used to be the best financial services company in the world become one more giant crooked scam.