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USAA move to Victory Capital, not Schwab for Mutual Fund Accounts

I don't think what was written here is correct:

https://community.quicken.com/discussion/7876582/new-6-4-20-usaa-investment-account-transition-to-schwab

From the USAA website: "On July 1, 2019, your USAA Mutual Funds and USAA 529 College Savings Plan accounts were acquired by Victory Capital, and you have continued access to them on usaa.com. We are finalizing the technology transition to vcm.com set to occur in the coming months. Once the technology transition is complete, you will begin accessing your accounts through Victory Capital's website." In a different web location, the USAA site states: "We selected Schwab to acquire USAA wealth management services, brokerage accounts and investment management solutions. Our transaction with Schwab has closed. Members can now access their brokerage and managed portfolio accounts through Schwab, as well as 24/7/365 support from their dedicated representatives and wealth management professionals." It further states, "The transaction of Victory Capital's acquisition of USAA Mutual Funds and USAA 529 accounts completed in July 2019. At the time, members can continue to access their mutual fund accounts on usaa.com. Victory Capital will transition account access to its website and introduce enhanced account statements in the third quarter of 2020."

I have mutual fund and Coverdell College Savings accounts. The USAA accounts that were sold to Schwab are brokerage accounts, not mutual fund (I believe). My issue is that my Direct Connect to my USAA Investment Management Co. accounts (mutual fund accounts before being sold to Victory Capital) is not working. As another member noted, when I went to update, those accounts asked for a password, Quicken added a "zzz" before the account name, and no amount of password/vault gyrations would solve the issue...they could not be connected and downloaded. So, I disconnected those accounts and tried to reestablish the connection. USAA Investment Management Co. is no longer available in the financial institution list and neither is Victory Capital. I tried to establish a Schwab account, but I have no accounts there (USAA accounts that would have transferred) according to them.

I guess my question is...when will Victory Capital be available in Quicken, or my old USAA Investment Management Co. login credentials restored, to continue downloading/updating these accounts?

Windows 10, Quicken Subscription, R28.24 Build 27.1.28.24.

Thanks.

Answers

  • FrankxFrankx SuperUser ✭✭✭✭✭
    Hi @ SkyPigPilot,

    I understand your point - and you re correct, USAA actually sold its wealth management business to Victory.  So if all of your accounts at USAA were part of that segment, there is no reason to try to connect with Schwab - none of your accounts would have transferred to Schwab.

    And given that Victory apparently doesn't current have its online platform established, since they seem to still be utilizing USAA's.  As far as when Victory Capital may be available for connecting through Quicken - I actually think that's something that you should ask Victory Capital about.  They would likely know a lot more about their plans than Quicken would.

    Frankx


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