One year later: Schwab remains ready to serve
June 4, 2021
By Melissa Brandon, Director, Communications
Remarkably, one year has already passed since Charles Schwab acquired the brokerage and managed portfolio accounts and assets from USAA’s Investment Management Company. With that acquisition, the firm grew by nearly 400 Schwabbies and more than one million client accounts representing approximately $80 billion in assets.
We recently had a chance to ask several former USAA employees, now full-fledged Schwabbies, about their experience over the past year.
Question: It's good to chat with the four of you. Tell us about your experiences coming to Schwab in the past year?
Danielle M., San Antonio, Texas: My experience over the past year has exceeded my expectations. The people, culture, and our strategy around our Through the Clients’ Eyes strategy comes through so loud and clear. Everyone has welcomed me and my team with such open arms.
Josh C., Tampa, Florida: It’s been just amazing how welcoming and helpful everyone here at Schwab was and still is. We had countless individuals join training meetings and share best practices and they almost always ended the conversation with a genuine offer of being there to help with anything that came up.
Question: What surprised you about the experience over the past year?
Jesse R., San Antonio, Texas: What surprised me about the experience was the culture of Schwab and how it serves to support the client and its frontline employees. There is a great sense of community; leaders reaching out from various areas of the business to support you in your new role and partners aligning directly with you to help support clients in various areas of financial planning and advice.
Ann B., Phoenix, Arizona: Schwab offers a full spectrum of best-in-class investing solutions for everyone from do-it-yourselfers to fully discretionary investment management and everything in between. In the past year I’ve learned about so many Schwab services, from educational workshops and webcasts to mortgage lending and banking products to fixed income and trust services, to name a few. These resources allow custom-tailored options to address whatever needs clients may have. We’ve been given a loaded toolbox to best serve our clients and the relationship partners in every department to support us in accomplishing that mission.
Danielle M.: One surprise has been how aligned our two cultures are. I was also surprised how client-centric Schwab is and how no matter what we ALWAYS see things Through the Clients’ Eyes.
Question: What about lessons you’ve learned during the transition and last year?
Paul R., Phoenix, Arizona: Schwab employees are extremely accessible. I’ve reached out to many Schwabbies who were more than happy to take time out of their day to help. I felt very blessed to be working for a company with shared values that truly believes in the old Army saying of, “One Team, One Fight.” Or in Schwab terms, “One Schwab.”
Josh C.: The lesson I learned was more of a confirmation of the idea of embracing change. From employees to clients to myself, each encounter I’ve had that came from the place of excitement and possibilities of the transition, generally led to better experiences and outcomes.
Question: What is your overall feeling one year after the acquisition?
Ann B.: I’m actually a returning Schwabbie, a Schwab-boomerang “Schwoomerang.” On coming back to Schwab, I felt warmly welcomed by old friends and colleagues.
Jesse R.: My overarching sentiment about coming to Schwab is one of empowerment; Schwab has provided the resources and support needed to meet the various needs of clients. I believe Schwab cares about its employees and acknowledges them for their team effort. If I had to do it all over again, I would not have changed a thing. Schwab empowers you to own your tomorrow.
USAA Investment Services Company (ISCO), a registered broker-dealer and a registered investment adviser, provides referral and marketing services on behalf of Charles Schwab & Co., Inc. (Schwab), a dually registered investment adviser and broker-dealer. Schwab compensates ISCO for these services.