I would like to consider going somewhere other than Schwab... hopefully with a transfer bonus and the ability to move assets "in kind".
When Schwab bought out USAA members (I being one) I was under the hopeful impression USAA accounts holders were to be partial recipient of this buyout ($1.8 B). We (as owners of these accounts) were not. USAA pocketed millions while members were told that this windfall would help enrich USAA member experience. A dividend from USAA would have been the right thing to have done for its members so I don't fault Schwab. I just felt like a pawn in this buyout. In addition, had I allowed Schwab to take custody of my accounts I would have had to liquidate my positions at USAA (to cash) which was not appealing to me. I decided to shop my account.
Merrill Edge was my first stop. I transferred funds "in kind"...collect my bonus. A year later I moved assets to TD Ameritrade "in kind" and received another bonus.
Schwab! got me again. TD Ameritrade was bought out by... Schwab!
It was a little bit of a part time job moving the account from USAA to Merrill to TD Ameritrade, but it was thousands of dollars for my efforts. Transfer bonuses were tax free since this was a Roth account.
Looks like I have until May to find a new brokerage for this TD Ameritrade account.
Here's one from Merrill I will look into:merrill-edge-promotions
List of other Bonus Offers:best-brokerage-bonuses/
My own history with this account: Started at OptionsXpress, got fed up w/their platform, moved to ThinkorSwim. OptionsXpress got bought by Schwab. Then ThinkorSwim got bought by TD Ameritrade. Now TD and Schwab have merged. Le sigh.
I think OptionsXpress platform still serves as the basis for Schwab's StreetSmart, which I avoid using. Can't wait for ThinkDesktop to be fully online at 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. 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.
As suggested on The Military Wallet Site, owners (i.e. those with a Subscriber Account) would get some cash out of the sale: 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: 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?