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Articles tagged "USAA"


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Walt Bettinger: 'The executive team made sort of an informal pact.'

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

David Brown: There still is some drag on our flow profile from the sale of the USAA brokerage business to Schwab.

Victory Capital admits to 'leaking' AUM after Schwab acquires USAA wealth managers, whose sales efforts let air out of Victory's USAA funds purchase

The mutual fund rollup shed $14.8 billion in fund assets in six months thanks largely to Schwab, but Victory CEO maintains the leak is being patched.

December 1, 2020 at 2:52 AM

USAA is delivering on its promise to be a fount of referrals for Schwab -- to the benefit of both.

Charles Schwab Corp.'s $1.6 billion USAA deal is yielding 1,000 referrals a week at the right price in an increasingly competitive client acquisition game

The San Francisco broker's bet that USAA insurance customers would like Schwab offerings better is proving out in the early weeks.

August 8, 2020 at 1:52 AM

Peter Crawford:  [Referrals are] what makes this deal so appealing … on an ongoing basis.

Charles Schwab Corp. shaves $200 million off USAA deal price, after client asset transfers fall billions short and has now closed three of four pending deals

With TD Ameritrade on deck, the San Francisco acquirer snacked on Wasmer, Motif and USAA's brokerage unit, but the latter's 'warm lead' referral flow has Schwab execs salivating.

July 8, 2020 at 10:46 PM

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

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

July 25, 2019 at 11:40 PM

David Brown is chopping $120 million of inefficiencies from USAA funds and improving service, he says.

Victory Capital squeezes costs out of USAA mutual funds following acquisition, but Schwab may walk off with brokerage, wealth manager in purported $2B deal

With the deal closed, shares of the Brooklyn, Ohio-based holding firm keep skyrocketing as it exploits an asset worth far more than it paid

July 17, 2019 at 3:03 AM

Milton Berlinski is bringing 26 years of Goldman Sachs experience to creating a national mass affluent company.

With the DOL rule dead, 'the door is open' and Reverence Capital buys Advisor Group, which unites AIG's old annuity salesforce and Voya's rebranded annuity factory

Reverence Capital, which also holds big stakes in Russell Investments and USAA mutual funds. jumps at chance to own a 7,000-person sales force

May 10, 2019 at 3:00 AM

David Brown: I think we're as well-positioned as anyone to be a consolidator in the business," he says. This shows the kind of quality (brand) we can attract to this platform.

Victory Capital to pay $1 billion -- of mostly other people's money -- for USAA mutual funds and use of its sweet brand-- Victory who?

The Brooklyn, Ohio firm doubles its assets to $144 billion, adding USAA's $69 billion to Munder, RS Investments, Harvest and other assets --Brooklyn where?

November 7, 2018 at 9:27 PM

Tim Buckley: With mutual fund fees coming down, the highest fee is the advisory fee itself.

At Inside ETFs, Vanguard CEO skipped over ETFs to get to a hotter topic -- mass delivery of financial advice

In his first public speech, Tim Buckley warned that asset managers no longer have the target on their backs -- but advisors do

January 30, 2018 at 10:13 PM

Richard Powers: If [new products] don’t differentiate in product design or exposures, some form of traditional active is how many firms look at ETF’s as 'my only shot.'

Morningstar renders ETF verdict by discontinuing ETF-only conferences after category becomes the Vanguard-BlackRock show

Smaller, newer ETF players are forced to pursue micro-niches and active management -- only to encounter the big players lurking there, too

September 13, 2017 at 5:26 PM

Kunal Kapoor: This is a future of advice conference.

Jack Bogle's ICI grumbles and Kunal Kapoor's 'future' mode make Morningstar's 2017 conference sparkle with an uber relevance

The Vanguard founder made a dig at ICI and the Morningstar CEO put RIA bloggers on even agenda-slot footing with BlackRock CEO and IBM's Sironi

May 4, 2017 at 3:17 AM

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