United Services Automobile Association Employee PAC - USAA Employee Pac issued the following announcement on Aug. 2.
USAA has selected the Charles Schwab Corporation to acquire assets of USAA Investment Management Company (IMCO), which includes brokerage and managed portfolio accounts. The transaction is expected to close in 2020.
Schwab puts clients at the heart of everything it does, offering 24/7/365 support from representatives who consistently are recognized for their service. Schwab will provide members with a broad range of products, services and approaches to meet different investors’ needs and financial goals. It also offers some of the lowest costs in the industry and no brokerage account minimums.
USAA members do not need to take any action at this time and can continue to interact with USAA as they do today. USAA will communicate any necessary changes throughout the transition.
“Our mission is to facilitate the financial security of the military community through highly competitive products. This agreement with Schwab can help enhance our members’ financial futures with a client-first approach that offers access to more choices in investment products,” said Stuart Parker, CEO of USAA. “We are committed to making this a seamless transition for members and providing opportunities for employees. USAA remains focused on providing award-winning member service and advice on products and services across P&C, banking and life insurance.”
Original source can be found here.