I transferred the securities in my TD account to Schwab in 2020 w/o any problems whatsoever, and got a decent transfer bonus. Maybe that's because I did it long before they actually began moving accounts? *shrug* (I moved early b/c I didn't want to deal with the chaos of another broker merger)

Again from The Military Wallet:

If you don’t want to wait for the Schwab acquisition to close, then Schwab will pay you to make the transition on your own. It might seem unbelievable that Schwab will pay up to $500 for you to move now, but it’s a pittance against the total cost of moving over a million of USAA’s wealth-management clients.

https://themilitarywallet.com/usaa-victory-capital-schwab/

A dividend from USAA would have been the right thing to have done for its members so I don't fault Schwab
The right thing to have done, as with any sale, was to have compensated the owners for the sale. USAA's members were customers receiving services. They were not owners merely because they were members.

Use of the term "member" or "membership" refers to membership in USAA Membership Services and does not convey any legal or ownership rights in USAA.

https://www.usaa.com/inet/wc/about_usaa_corporate_overview_main
However, USAA is a mutual company (not to be confused with a mutual fund) owned via Subscriber Savings Accounts. (This is similar to the way Vanguard customers own The Vanguard Group via investments in Vanguard funds.) It appears that members automatically get a Subscriber Account and via this account become owners of USAA.
http://www.savermetrics.com/2022/10/25/usaa-subscribers-savings-account-distribution-explained/
As suggested on The Military Wallet Site, owners (i.e. those with a Subscriber Account) would get some cash out of the sale:

All USAA members benefit from the sales to Victory and Schwab. By the end of 2020, USAA will have a new focus on insurance and banking– without trying to handle an investment branch. There might even be a little extra distribution in the Subscriber Accounts.

https://themilitarywallet.com/usaa-subscriber-savings-account-insurance-policy/
It looks like there was "a little extra distribution" to Subscriber Account holders, at least according to this member:

We receive two bonus checks annually as part of this relationship [with USAA].
The first for $412 was the annual distribution (dividend) from the Subscriber’s Account, a portion of the capital base for this mutual insurance company. USAA stated that the amount was partly from the sale of their asset management company as well as from their overall net income.

https://chipfilson.com/2020/01/remembering-long-time-members/
had I allowed Schwab to take custody of my accounts I would have had to liquidate my positions at USAA
Why would you have had to liquidate? Was Schwab requiring everyone to liquidate all positions, or just positions it couldn't hold. If it was the latter, are you now facing the same prospect - that your positions can be held by TDA but not by Schwab?

It never hurts to ask. I told Schwab I wanted to transfer VTMFX although they charge $75 to buy additional shares for Admiral class. They agreed I could and buy more without a fee.

While I wish you could buy VMFXX at Schwab or Fido, the inconvenience and nuisances at Vanguard IMHO do not make up the difference. For $50,000 I am loosing $50 to put up with Vanguard
I don't have $1,000,000 to put into cash which is the minimum for institutional funds at least at Schwab and Fidelity I think.
Never looked at Merrill online.
@msf Is it worth looking at?
I have tried not to leave much in MMF recently, as T bills and CDs pay better and are a little bit more secure

When rates were effectively zero, fund sponsors subsidized their funds so that they all yielded 0.01%.
SWVXX 7 day yield w/waivers: 4.49%: w/o waivers: 4.48% (as of 3/22/23)
https://www.schwabassetmanagement.com/products/swvxx
E/R (after waiver); 0.34%
E/R (w/o waiver): 0.35%
Summary prospectus
If one is willing to trade convenience for small improvements in yield (which can make sense for larger piles of cash), instead of VMFXX (0.11% ER, 4.55% yield, gov fund), one might use VUSXX (0.09% ER, 4.59% yield, pure treasury).
For Fidelity MMFs (again, sacrificing convenience for return) one might use FSIXX (0.21% ER, 0.18% w/waivers; 4.48% w/waivers; pure treasury), available with a $1K min at Merrill.
https://olui2.fs.ml.com/Publish/Content/application/pdf/GWMOL/ICCRateSheet.pdf

Not sure why I didn't pay attention to this before, but I never bothered to look at the expense ratio of the Schwab MM fund, SWVXX. It's 0.34%. The 7day yield given is 4.49% but with an added stipulation, 7 day yield with waivers. So, is the actual "net yield " actually 4.49-0.34 = 4.15% after expenses? Or, is the expense ratio known as "waivers"?
I'm assuming the Fidelity MM fund has the same connotation, with waivers(?)
Which now has me thinking, a couple years ago when rates were measured in fractions of a percent, 0.1, 0.2% yield, were we actually losing money being in this fund?

There is a filing for several active Price ETFs, including TCAF (although 80%+ equity; ER 0.31% only) to be managed by Giroux (PRWCX). Filing also includes several other active ETFs.
https://www.sec.gov/ix?doc=/Archives/edgar/data/1795351/000174177323000901/c485bpos.htm

There is a filing for several active Price ETFs, including TCAF (although 80%+ equity; ER 0.31% only) to be managed by Giroux (PRWCX). Filing also includes several other active ETFs.
https://www.sec.gov/ix?doc=/Archives/edgar/data/1795351/000174177323000901/c485bpos.htm

A reason to buy bank stocks: K. O'Leary won't touch them.
https://finance.yahoo.com/news/never-put-money-bank-stock-110000539.html

Trend is UP for global rates, TwitterLINK.

For the week ending on 3/22/23, bearish remained the top sentiment (48.9%; very high) & bullish remained the bottom sentiment (20.9%; very low); neutral remained the middle sentiment (30.2%; above average); Bull-Bear Spread was -28.0% (very low). Investor concerns: Inflation (moderating but high); economy; the Fed (hiked by +25 bps); dollar; cryptos; market volatility (VIX, VXN, MOVE); Russia-Ukraine war (56+ weeks, 2/24/22- ); geopolitical. For the Survey week (Th-Wed), stocks were up, bonds down, oil up sharply, gold up, dollar down sharply. Global banking crisis continued; the US regulation of smaller banks needs reforms. #AAII #Sentiment #Markets
https://ybbpersonalfinance.proboards.com/post/988/thread

I’ve played around a bit with CCOR over the past year or two. Small amounts. Currently out. From what I’ve read it buys / sells deep in the money options with about 10% of assets and so provides a strong hedge on big down days. For whatever reason, that wasn’t the case today, as it fell 0.72% . A guess is that the speed and suddenness with which the markets turned upside down prevented it from working its magic. I still think it’s a good defensive fund - but one needs to find the right role for it inside a diverse portfolio.
Re: CCOR - ”Options are then used to control portfolio volatility and to maintain cash flows. As a hedge, the fund may sell S&P 500 calls to finance the purchase of S&P 500 puts. This strategy may cause the fund to give up some upside potential in exchange for downside protection. Managers may utilize other option strategies like spreads for hedging and income generation as well.” - Source

Email from T Rowe Price concerning the reopening:
View in browser
T. Rowe Price Log in to your account T. Rowe Price
Dear Investor,
Fund Name Ticker CUSIP
T. Rowe Price Emerging Markets Stock Fund – Investor Class PRMSX 77956H864
T. Rowe Price Emerging Markets Stock Fund – I Class PRZIX 77956H484
T. Rowe Price Institutional Emerging Markets Equity Fund IEMFX 74144Q203
T. Rowe Price New Horizons Fund – Investor Class PRNHX 779562107
T. Rowe Price New Horizons Fund – I Class PRJIX 779562206
We are writing to inform you that effective April 26, 2023, we are removing the purchase restrictions on the Emerging Markets Stock Fund, Institutional Emerging Markets Equity Fund, and New Horizons Fund.
These funds have been restricted to all investors due to capacity constraints. At that time, we were concerned that continued significant cash inflows would overwhelm the portfolio manager’s ability to invest prudently. This change now allows investors who trade directly with T. Rowe Price to open new accounts in the funds.
Since that time, market conditions have changed, and overall assets under management have decreased. Following a thorough review of net flows and other factors related to the potential capacity of the strategy, we believe we can accommodate controlled asset growth over time.
Thank you for your continued business and partnership with T. Rowe Price. If you have any questions regarding this matter, please feel free to reach out to us.
Download a prospectus for the T. Rowe Price Emerging Markets Stock Fund, the T. Rowe Price Institutional Emerging Markets Equity Fund and the T. Rowe Price New Horizons Fund.
All funds are subject to market risk, including the potential loss of principal.
This communication does not undertake to give investment advice in a fiduciary capacity. T. Rowe Price Associates, Inc., and/or its affiliates receive revenue from T. Rowe Price investment products and services.
This email may be considered advertising under federal law.
T. Rowe Price Investment Services, Inc.

Unless you bought at the peak of CCOR's performance late last year as David described, it has proven generally more defensive than DSTL, up 2.5% in 2022 overall while DSTL was down 10.6%. Yet no question, CCOR is struggling this year. But these two funds seem quite different in their strategies.

Let’s say one retired on 1/1/2022 with 1m investable in tax deferrred accounts. Not yet doing RMD. Let’s say you had no imagination and did 50% SPY and 50% AGG. Let’s say you reinvested your Divs and withdrew 4% annually. According to Portfolio Visualizer by the end of Feb. 23 you would now be sitting on $827,299. Yuuup. That is the classic SORR. Of course nobody here retired at the start of 2022 and nobody here would invest that way. So let’s all be thankful.

These folks are a tough spot on whether to deal with the inflation while facing with the bank mess ant the same time. Clearly something broke. Even with this 25 bps rate hike, the market sold off for 1%. Guess Powell chose inflation over bank crisis. Will watch Powell speech this evening. Tomorrow will be interesting.

Notes from FOMC Statement & Powell's Presser

Fed fund rate hike of +25 bps to 4.75-5.00%; bank reserve balance rate 4.9%; discount rate 5%. Guidance changed from "ongoing rate increases" to "tightening as necessary" based on future data and events. Rate cuts are unlikely this year despite market expectations. The Fed deals with fiscal policy as it comes and has no comments or input into it. Inflation is moderating but remains high; path to +2% average inflation may be long and bumpy.
QT continues at -$60 billion/mo for Treasuries and -$35 billion/mo for MBS. The recent expansion of the Fed balance sheet due to temporary and short-term bank lending isn't really offsetting the QT that is for its longer-term securities.
Labor market remains strong now but the unemployment rate may rise to 4.5% later this year.
Economy is slowing overall. Services and consumer spending (possibly due to milder Winter) are strong, but goods and housing are weak. Risks now are to the downside, but soft landing is still possible.
Banking crisis: Strong actions were taken to boost confidence in the banking system. This crisis may lead to some tightening of financial conditions. The new FTBP and Discount Window lending facilities available to all banks should protect deposits and avoid runs (some happened very quickly). The failed banks and several others were under Fed watch, but runs and collapses still happened. Fed VC Barr is leading a review of bank supervision and regulation. The CRE exposure of smaller banks isn't seen as an issue now. Resolution of Swiss Credit Suisse was a huge relief.
Reaction of the stock market was mixed - first up, then down. Most Treasury rates fell on the day of fed fund rate hike.
https://ybbpersonalfinance.proboards.com/post/986/thread

As I am retired and threw my back out yesterday chain sawing I listened to entire press conference.
Hiked 0.25% but gee he could not predict if the turmoil in banks would lead to tighter lending and there fore make recession more likely and rate cuts sooner.
Incredibly wide range of expected federal funds rate at end of 2023 5% to 2%
Impressive performance, but reporters were complaining it was "Dull". Sorta speaks to their priorities. Calm cool and reasoned discussions don't sell papers.
They quickly changed focus to Yellen who apparently said she did not believe every bank should be bailed out
Regional Banks crashed
Another day in the big city