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Looks like as of May 26th 2020 investment accounts with USAA will be taken over by Schwab. For those who have investments in USAA are you okay with Schwab or do you plan on moving your accounts to another financial institution?

labumfam wrote:Looks like as of May 26th 2020 investment accounts with USAA will be taken over by Schwab. For those who have investments in USAA are you okay with Schwab or do you plan on moving your accounts to another financial institution?

I invest a bit with them, but most with Fidelity and M1. I'll probably throw more at those 2. Schwab has nothing to offer.

Where did you hear it was Schwab?

Under the My Accounts Section of my USAA account there is a note with a link to the transition details. That link states that my ROTH IRA will transfer to Schwab as of 29 Mar 2020.

Got it. My account is moving to Victory Capital. I was impressed with their criticism of the poor investment choices USAA had made in their Aggressive Growth account. I used to tally the Friday cob share prices. Once when talking with a USAA representative I pointed out that the share price two years ago was better than the share price last Friday. He quickly ended our conversation. My choice is Palisades Research Systems (http://www.stocmarket.com) that another Gamer from this web site shared with me a while back. His 2019 gain was 40% but he downplays that. So far this year my account is up some 25% I believe. I use Palisades as a litmus test to see how well my stock trades work compared to his daily reallocations. Anyhow, I await Victory Capital to see what portfolio changes they make and whether my account balance grows faster. I thought all USAA accounts would transfer to them. Must have been some competitive bidding dividing up the spoils. Hope your account grows well for you.

I am informed by USAA that my mutual funds are transferring to Victory Capital while my Brokerage accounts to Schwab on 26 May. Thanks for the exchange and tips here. I started exploring other options in which efforts have been toward fees on the lower side. I was advised to consider total performance which is hard to do in today's climate of uncertainty. I will likely watch the transfers happen while I patiently assess.

Palisades posts a daily comment on where funds have been placed for tomorrow. You might start reading it to see how another investor moves money around. Somedays good, somedays not so good but the general trend beats my efforts, maybe yours as well. The goal is a million regardless the paths followed.

Thanks for the info everyone and good luck.

I like Vanguard. I like having more than 2 trades a month.

Sticking with M1

USAA needed to do something, because their investment services were terrible IMHO. All I use them for nowadays is my kids 529 college savings accounts. All my retirement investments I pulled from them years ago after dismal returns and too few investment choices.

IRQVET do you get the feeling they are in financial trouble due to the massive claims of hurricanes and fires? They are all over the place advertising their company. I wonder why they spend so much money seeking so few. What do you think?