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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
no description available
Walt Bettinger: We believe this relationship makes so much sense for everyone involved.”

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Biz Briefs: The sorry scene at my local First Republic branch • Schwab launches new (smaller) lay-off round • Schwab hoovers pennies passing FINRA fee to clients • Gensler pleas for funds • Fidelity owner's private equity pres. retires • an Orion-Envestnet staff switcheroo • LPL dumps FutureAdvisor

Range Rovers screeched in and drivers joined a grim queue to get their cash, and cookie • The Schwab-TDA deal cull count now stands at roughly 3.5% of its staff • FMR's hockey star president has stepped down • SEC chief wants more enforcers • An Envestnet executive proves joining a rival is good business • LPL now has an in-house robot.

April 29, 2023 at 1:36 AM

Charles 'Chuck Schwab' called James Gorman to protest a two-broker poach, kicking off a hydra-headed legal battle, costing Morgan Stanley millions, so far

The Schwab founder and chairman invoked Charles Schwab Corp.'s zero-tolerance policy against Wall Street -- or RIA -- poaching of talent and AUM from Schwab branches.

March 9, 2023 at 1:23 AM

Another RIA whisperer, Julian Lopez, has left Schwab Advisor Services after 24 years to join LPL, which he sees as more advisor-focused and 'entrepreneurial'

The Houston executive, like Kelly Smith in Chicago, was considered a key service talent for RIAs though Lopez says his circumstances differ.

February 23, 2023 at 8:14 AM

Biz Briefs: Schwab puts checks for $52 million in mail to robo-RIA customers allegedly misled about cash allocations • BlackRock blacklisted (again) • iShares beats NZAM-exiter Vanguard • Fidelity makes first acquisition in eight years • CFP board realizes Moms don't like CFPs

BlackRock gets Kentucky coal in stocking, and Vanguard keeps skating; iShares inches above -- by 2.8% -- Vanguard's annual net new ETF asset haul; Fidelity takes "natural next step" for stock plan business; new CFP chair outlines plans and the DOJ is set to become a major Robinhood shareholder..

January 13, 2023 at 3:01 AM

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By Invitation

By Invitation

July 26, 2019 — 12:15 AM
How does Schwab's purchase impact the assets that Victory (thought they) were getting?
brooke southall

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

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

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

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