After Victory Capital shows the way, Schwab antes up $1.8 billion to buy USAA's 'wealth management' and brokerage business -- and an exclusive crack (except for Victory) at the wallets of 13 million members

The San Antonio insurer sweetened the deal by entering into an exclusive long-term referral agreement for 'Chuck' to pitch its insurance faithful

Author Brooke Southall July 25, 2019 at 11:40 PM

4 Comments

Walt Bettinger: We believe this relationship makes so much sense for everyone involved.”

Charles Schwab

Charles Schwab & Co.

USAA

By Invitation

July 26, 2019 — 12:15 AM

How does Schwab's purchase impact the assets that Victory (thought they) were getting?

brooke southall

July 26, 2019 — 12:22 AM

Yes, I know it's confusing. But Victory bought the mutual funds assets and got those fees. Schwab bought the brokers who sold those mutual funds -- and other investment products -- and got those fees as its revenues. so, in some cases, it seems the same assets got sold twice.

dennis dugan

July 26, 2019 — 6:31 PM

speaking personally, I've been with USAA for 51 years (banking and all insurances) and with Schwab for about 30 years (investing). This arrangement should be good for both firms and their customers as it plays to each of their strengths in servicing customers' needs.

Mark. Hand

May 7, 2020 — 5:38 AM

Thanks to great people like Charles Schwab investment will always remain .What do we have without good concise investment in the future

Related Moves

Pathstone reclaims by poach Schwab’s family office division unit head, Eddie Brown, weeks after the Lovell Minnick ultrahigh-net-worth roll-up snapped up a $50 billion RIA

Brown's hire is also something of a 'reunion', given his near 15 years at Pathstone, and through family office roles at both Fidelity and Schwab.

November 14, 2024 at 7:23 PM

Walt Bettinger discloses expiration of unknown 'pact' to explain to Schwab investors why Bernie Clark, Peter Crawford and Joe Martinetto all chose to exit at once

The 'sort of informal' deal was struck in 2019, but never revealed to shareholders during the merger transition, until the departures were announced -- in one press release -- this month.

May 25, 2024 at 2:45 AM

Ex-PR chief of Schwab Advisor Services reappears at StreetCred while Schwab loses a corporate PR head and gains a new one to 'protect the brand' after a rough 2023

Rob Farmer joins Jimmy Moock, Emma Smith, Will Ruben and Jason Lahita at StreetCred; Andrew Wyse, an ex-Pepsi PR honcho, joins Schwab after Joe Carberry departure in January.

April 20, 2024 at 2:54 AM

A canary in the coal mine, Amy Richardson left Charles Schwab & Co. for an RIA -- before the 2,000 layoffs -- now a robust job market is saving the Schwab diaspora, she says

The former Schwab director wants former colleagues to know life exists after Schwab and good job opportunities are plentiful in the financial services sector.

December 20, 2023 at 1:52 AM

See more related moves