Standing Ready to Serve:

Schwab welcomes its new clients and colleagues

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This Memorial Day Weekend, Schwab welcomed new clients and nearly 400 new Schwabbies, with the completion of Schwab’s acquisition of brokerage and managed portfolio accounts and assets from USAA’s Investment Management Company. 

Schwab now has the privilege of helping more active members of the military, our country’s veterans and their families build secure financial futures. The completion of the acquisition includes a referral agreement that makes Schwab the exclusive provider of wealth management and investment brokerage services for USAA members. Schwab has a tremendous opportunity to serve and grow the more than one million client accounts representing approximately $80 billion in assets.

Bettinger Quote

“We are incredibly honored that USAA entrusted Schwab with the vital task of building the financial futures of its members. We understand that with this transaction comes a great responsibility to USAA members and their talented employees, and we are committed to making the integration as smooth and efficient as possible. We are so proud to serve the men and women who have served our country and their families, and we’ll commit ourselves to working each day to continue delivering the highest level of service to them. As an employer of choice of veterans, Schwab has long supported the military community and we look forward to strengthening that relationship.”

Walt Bettinger, President and CEO of Schwab
Walt Bettinger, President and Chief Executive Officer, The Charles Schwab Corporation

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Since the initial agreement was announced in July of 2019, employees from both firms have worked tirelessly to provide a smooth transition for both USAA members and employees.

Donner Quote

“We are ecstatic to welcome our newest employees to Schwab. It’s an exciting time to be joining Schwab. We are humbled to serve the USAA members who are also now Schwab clients and welcome these fantastic, talented employees into our special Schwab culture.”

Monica Donner, Regional Market Executive and one of the Schwabbies who led the integration work
Monica Donner, Regional Market Executive

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Our newest colleagues were virtually on-boarded and are largely home-based at this time because of the COVID-19 pandemic. The new Schwabbies will eventually be based in new Schwab locations in Colorado Springs, Tampa Bay, and San Antonio and at our campuses in Westlake and Phoenix. Others will join Schwab colleagues in a limited number of branch locations across the country. 

“The culture at Schwab is extremely important. We believe our new employees will find we share many of the same values at Schwab, holding high a true commitment to service,” said Rahul Magan, Senior Vice President of Schwab’s Investor Services. “We will focus on seeing through our new clients’ eyes as well. We deeply appreciate the military service of these new clients and their family members. It is our honor to serve them here at Schwab.”

At Schwab, we stand ready to serve our new clients.

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USAA Investment Services Company (ISCO), a registered broker-dealer and TX-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.