I have not been happy with the Customer Service at Victory Capital.
For years most of my accounts used my middle name on the account. Our Estate Planner suggested that I have all accounts under my legal name (the one on my passport).
After several calls to VC I was told to submit it on line through their website. Then received an email requiring me to send them a letter with the old name on my account and the "new name". They also requested the reason I wanted to change, (not really any of your business) which I supplied.
Charles Schwab was a piece of cake in comparison. E-mail and done.
I had 11 shares of AMR left in an account that was sold to Victory Capital. Victory considered this an 'Orphan Account' as I wasn't actively using/contributing to it. As a result, they sold all 11 shares and charged me an 'Administrative' fee that coincidentally was the exact amount of the value of the stock. Effectively, Victory Capital stole 11 shares of AMR from me, which would now be worth considerably more than it was when they took it as a fee.
Absolutely unethical and likely illegal...it just isn't worth the battle for ~$500.
Well, three weeks after requesting that my first name be added to Victory, multiple emails, and forms to fill out, it has become a reality.
Can't believe that it only took a phone call to USAA, and 1 email to Schwab to accomplish this simple task.
I just wanted to make sure all accounts were under my legal name.
Moving my account as soon as possible.
the transition from usaa to victory was a nightmare. I was lucky and got my usaa cornertone fund out of victory and Vanguard di the transfer paperwork. Victory was very difficult to reach they did not answer phone or respond to emails . Now i might have moved that fund to Schwab,but at the time I did not know usaa was using Schwab as well as victory. Had usaa just moved my fund to schwab i would have stayed with Schwab. Not sure why some of us ended up at Victory and others at Schwab. Schwab has low fees and fine mutual funds, Victory funds have over 1% ER which is way too high . USAA was not looking out for the customer here very sad. I also dont like usaa spending $$ advertising with NFL.NFL supports BLM and slave labor in China. But being woke must be more important than customer care. Sad what usaa has become. I only bank and have saving and car auto insurance. I have yet to shop around on insurance .
I got my funds out of Victory as soon as I could . They never asked me why i was moving my funds out, since i had Vanguard do a broker to broker transfer. That way my personal contact with Victory was minimal. IAs I said earlier I did not have the option with Schwab my funds went straight to Victory. anyway water under the bridge now as i am quite happy with vanguard and their 0.04% expence ratio and I have a couple funds at Fidelity that have 0% ER. USAA should have went with schwab, Vanguard or fidelity.. or at least gave customers a choice betwwen Schwab and Victory. I hope USAA ups it's game this year. Navy Credit union or federal credit union is looking better all the time