The move would put it on the same page as Goldman Sachs, which bought a wealth management organization earlier this year.

US-listed Charles Schwab - which is scheduled to announce its second quarter figures today - is reportedly discussing buying brokerage and wealth management operations from USAA for about $2.0 billion.

If agreed, the deal could add about $100 billion of assets from USAA to Schwab, the Wall Street Journal reported, citing unnamed sources. Schwab, based in San Francisco, has more than $3.5 trillion of client assets.

As the WSJ noted, such a move would put Schwab into the same field as the likes of Goldman Sachs, which earlier in 2019 agreed to buy wealth management firm United Capital Partners for $750 million. The strategy is to tap into the demand for wealth management at a time when an estimated $30 trillion of assets is due to change hands as Baby Boomers transfer to the next generation. Also, firms typically see wealth management as a stickier and more stable revenue source.

As this publication has chronicled, there has been a strong recent trend of mergers and acquisitions in wealth management - partly driven by regulatory costs, a need for scale, and a desire by some players to exit the field as they retire.

Besides brokerage work, Schwab also acts as a custodian for other wealth advisory businesses.

USAA provides home, life and auto insurance as well as banking and investment services to serving and former military personnel and their families.

Among recent developments, Charles Schwab moved to a subscription-driven financial planning option for its digital advisory service.