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What Does Schwab’s Purchase of USAA Mean to Me?

What Does Schwab’s Purchase of USAA Mean to Me?


On July 25, 2019, Charles Schwab announced plans to acquire assets of USAA’s Investment Management Co., including brokerage and managed portfolio accounts, for $1.8 billion in cash.

If you have investment accounts at USAA, you’re likely asking yourself, “What does this mean to me?”  Even though you had no input in the decision doesn’t mean you’re not entitled to answers to some basic questions:

  • Will my asset management fees remain the same or move to Schwab’s standard rate of 1.35%?
  • To what extent will timeliness and quality of service be affected by adding a large number of USAA investment clients to Schwab’s business model? 
  • What are the certification requirements for Schwab investment advisors?
  • Is Schwab a fiduciary financial advisory firm?
  • What conflicts of interest should I be made aware of?
  • What is the average number of years of experience of a Schwab financial advisor? 

Gap Financial was established to give everyday people access to what is normally reserved for the ultra wealthy. We believe everyone deserves access to an innovative balance of institutional investment options and unbiased planning advice. 

We focus on the quality of our individual advice, and we specialize in overcoming complexity.  Our solutions are priced competitively and are tailored to help clients reach their financial goals.  We fulfill our fiduciary responsibility with the utmost integrity, accountability, and excellence with every client relationship. 

We offer a no-cost initial meeting to determine ways in which we might work together.  We also offer a no-cost second opinion for those who would like to compare their portfolios to what Gap can achieve.

If you would like to learn more about Gap Financial or need help answering the above questions, please contact us today!

Disclaimer: This article is provided for general information and illustration purposes only. Nothing contained in the material constitutes tax advice, a recommendation for purchase or sale of any security, or investment advisory services. We encourage you to consult a fiduciary financial planner, accountant, and/or legal counsel for advice for your specific situation.