Are we seriously trying to do investments again? We just sold off the business a few years ago. No long term strategic vision here. The board is full of absentee landlords.
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Any update on this
They’ve been looking at doing this again for a few years now but have yet to pull the trigger, probably bc even Wayne knew this was a bad idea. My guess is some execs in Life Co are trying to push it in with a new CEO so they can rebuild their crumbling little empire.
@mn Perhaps they mention it because there is "hope" that people worried about their positions might find work in this area? I wouldn't put it down, and if it is not a discussion others are interested in, they can go to one of the other threads.
Fidelity would do a better job.
@mt+1k04xpxbq
Even more exciting is guessing who will be on the termination list with zero severance! Could it be you?
Speaking of layoff… when’s the next round coming… I can’t wait for that late November layoff of 2024 in 2025 💀
For those who keep putting others down: Acting like you are the smartest person in the room is a clear indicator that you are not. This is a Layoff site, in case you did not realize, for people that have lost or are losing their jobs. Why are you here?
@k1 I’m pretty sure AZ was talking about AUM for Schwab and VC lmao. Read that post again. AZ is not talking about the investment fund being owned by USAA hahaha these people on layoff site makes me wonder why there aren’t more layoffs
@az you’d only see increases in AUM if USAA retained custody of those assets, controlled the investment strategy and were able to capture full revenue streams from those assets.
Why don’t you stick to making flow charts about how to increase revenue and decrease costs. Strategy ain’t your thing.
We already tried this before and we couldn’t scales up to the volume needed to justify the number of staff we need on hand to do it well.
Stick to layoffs guys lol it’s embarrassing to see some of you referring blackrock as a fintech company lolol
Once again thinking the brand will carry. If the bank is not competitive, people will not leave their money there. This takes away the frictionless transaction. Why would I not go with Fidelity, Vanguard, or others to invest? Brands have to be, and remain, competitive. Inertia will only last so long - when the consumer sees a need to change, they will. Marketing 101.
@az that is not how that works. They would need to use like a BlackRock or some other fintech company on USAA’s platform. It would not make sense for Schwab or VC unless they are getting a cut still. There are other companies who do it better and it would make more sense for USAA to leave it with them. Let USAA keep referring their clients over
@az sounds like the consultant who sold us on this has entered the thread lol
@az brother, we’re still jumping into the same vertical we were in. There’s a reason we left. Thin margins and commoditized offerings. Add to that we now will have to pay fees to the 3rd party that actually administers the product, and we’ll undoubtedly pass those costs on to the member, which will in turn hurt our competitiveness. I cannot see this going well. Strategically inept choice.
So when will this be up and running?
Ok, you have drank the Kool aid. Sounds closer to MLM than anything I would want to invest in. USAA as a partner - you lost me. You had that.
It's not exactly that. It's a concept of an investment company applying embedded/partner investment model as it becomes more of a "platform" than a product provider. It ends up creating multiple distribution points and increasing Assets Under Management (AUM) through non-traditional, scalable channels for USAA. Think of it this way. When USAA had its ISCO and sold off business to VC and schwab, we only get a referral to victory and schwab. Under this new business model, when USAA members want to invest in investment products, USAA will allow transactions to occur on USAA platform while allowing victory and schwab to do their transactions on the backend. This just eliminates extra steps for USAA members to create new accounts and use victory's or schwab's interface.
Hence, USAA has been hiring M&A and new business venture managers.
This is the first I’ve heard of it so this should be interesting