Charles Schwab

www.schwab.com

Charles Schwab Reviews

Updated January 29, 2015
Updated January 29, 2015
934 Reviews
3.2
934 Reviews
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Charles Schwab President and Chief Executive Officer Walt Bettinger II
Walt Bettinger II
550 Ratings

Review Highlights

Pros
  • It does allow for a good work/life balance which was very important to me (in 80 reviews)

  • good benefits especially Sabbath every five years (in 59 reviews)


Cons
  • Not much room for growth in Indy unless you want to stay in a call center (in 45 reviews)

  • There are very few woman and people of color in middle and senior management (in 25 reviews)

More Highlights

196 Employee Reviews Back to all reviews

Sort: Popular Rating Date
  1.  

    Used to be good...

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    I have been working at Charles Schwab

    Pros

    Compensation is fair. Benefits are good and location is great.

    Cons

    There has been a recent change of management in investor services that has led to major deterioration in company culture. Recent increases in workload and reductions in support staff have made Schwab Private Client a poor place to work. In 2014 the turnover in the Denver location has been around 20%.

    Advice to ManagementAdvice

    start thinking about employees again.

    Doesn't Recommend
    Negative Outlook
    Approves of CEO
  2.  

    This company offers minimal opportunities for advancement

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    I have been working at Charles Schwab full-time (more than 10 years)

    Pros

    A lot of good knowledgeable people, nice culture, however getting worse lately

    Cons

    Unless you are in upper management, you get stuck in a position without opportunites for advancement. Salaries not competitive. Diminishing benefits. Lack of performance recognition. Technologically backward.

    Advice to ManagementAdvice

    Value your best performers and recognize them. Make it possible for them to advance. Be open to innovation. Playing safe becomes boring when overused.

    Doesn't Recommend
    Negative Outlook
  3.  

    Was a nice place to work

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Technical Director in San Francisco, CA
    Former Employee - Technical Director in San Francisco, CA

    I worked at Charles Schwab full-time (more than 8 years)

    Pros

    Decent pay and benefits. I wish I could say more, but it's hard to find anything positive. It was a thriving company to work for. It slowly disintegrated as the work was off loaded out of state (CA).

    Cons

    Continual layoffs and reorganizations. The company is moving from San Francisco to Denver, Phoenix and Austin in a cost cutting ploy.

    Most employees are just trying to hold onto their jobs and won't rock the boat even though the layoff cloud is hanging over everyone's head.

    Overly bureaucratic organization. Even simple changes require multiple levels of review and approval. The work is stressful and deadlines are unrealistic.

    Over reliance on outsourcing for development work. The in house technical leaders mainly write powerpoint presentations and are disconnected from the real work.

    Doesn't Recommend
    Negative Outlook
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  5. 2 people found this helpful  

    Retirement Plan Services is dysfunctional

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Client Service Manager in Richfield, OH
    Current Employee - Client Service Manager in Richfield, OH

    I have been working at Charles Schwab

    Pros

    Flexible and co-workers are nice. Schwab has good benefits, and the company as a whole has a great philosophy of being a low cost provider.

    Cons

    RPS is so dysfunctional... It is impossible to get anything accomplished as the record keeping systems are archaic and their is no accountability. Management is all former Key Bank people who act like they are in a cult. They are afraid of change, and do not have no thought leadership.

    Advice to ManagementAdvice

    You may need to change out some of the leadership from the old Key Bank, as they are stuck in yesterday and are not looking to improve things. There needs to be clear objectives and processes and procedures that would allow for productivity and efficiency.

    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO
  6. 1 person found this helpful  

    #aformerlygreatcompany

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Managing Director, Marketing in San Francisco, CA
    Former Employee - Managing Director, Marketing in San Francisco, CA

    I worked at Charles Schwab full-time (more than 10 years)

    Pros

    - Work/life balance
    - Good location in downtown SF
    - Full of employees dedicated to advocating for the client
    - Sabbatical after 5 years of service for anyone below the VP level

    Cons

    - Highly political, rewarding managers who bow to senior management vs. recommend creative strategies
    - Extreme lack of diversity in mid-to-senior level management; senior management is predominately white and very conservative
    - Very little room for advancement particularly for those in marketing roles

    Advice to ManagementAdvice

    The geographic strategy in SF has dramatically affected morale. The good people are leaving because they can as the job market is competitive in the SF Bay Area now. To remain competitive, management must acknowledge the "brain drain" and retain those valuable employees. They claim they are doing so, but every day I hear about more and more talented, creative risk-takers leaving. Don't be penny wise, pound foolish.

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO
  7. 1 person found this helpful  

    #formerlygreatcompany

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Managing Director, Marketing in San Francisco, CA
    Former Employee - Managing Director, Marketing in San Francisco, CA

    I worked at Charles Schwab full-time (more than 10 years)

    Pros

    - Work/life balance
    - Employees dedicated to serving clients and advocating on their behalf
    - Good location in SF, near public transportation
    - Sabbatical after 5 years of service for FTEs below VP level

    Cons

    - Highly political, rewarding employees who bow to senior management vs. have creative ideas
    - Lacks diversity at mid to senior management levels; most senior management is white, male and conservative politically
    - Very little opportunity for career advancement since company is top heavy and not growing

    Advice to ManagementAdvice

    Senior management needs to acknowledge that the geographic strategy is affecting morale in SF deeply. There is a massive "brain drain" as the job market is competitive in the Bay Area and the smart ones are leaving. There are talented employees who will stay, but these tend to be the ones who can please their bosses and aren't exceptionally innovative or willing to challenge the status quo because they have to spend too much time navigating politics.

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO
  8.  

    Slow and Steady does not go anywhere

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Data Analyst in San Francisco, CA
    Former Employee - Data Analyst in San Francisco, CA

    I worked at Charles Schwab as a contractor (more than a year)

    Pros

    Had a good coffee machine. The floor I was in smelled OK. Lot of good restaurants around. Have Starbucks and Pete's coffee next to them

    Cons

    Well! It depends on the way you look at it. When I was there, a consultant company created a table for more than 3 months. So you can see they are deep and detail oriented or plain incompetent. You need to get approval for every sentence you write and have to listen to guys talk about their families. You really need to care about their families. Again this might be good or bad depending on you want to work or not.

    One guy was farting all over the place. I am not sure if this is a norm or was doing it because of special circumstances. So you can say they are very accommodating. A good place to work if you want to learn about perceptions etc.. i.e anything other than work. They are also very worried about your religion, what you think about interracial couples etc.

    Advice to ManagementAdvice

    Got nothing to say

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO
  9. 1 person found this helpful  

    What you see is not what you get

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee

    I worked at Charles Schwab

    Pros

    Good salary
    Good work/life balance
    Used to have lots of great people

    Cons

    Say they want change but not willing to support it
    Upper management is off playing in their own sandbox
    No accountability and lots of churn
    People there are not to be trusted

    Advice to ManagementAdvice

    Listen

    Doesn't Recommend
    Neutral Outlook
    Approves of CEO
  10. 1 person found this helpful  

    No longer a good place

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    I have been working at Charles Schwab (more than 10 years)

    Pros

    Sabbatical
    Work life balance
    Decent vacation

    Cons

    Middle management is inexcusable
    Keep your head down mentality
    Health benefits have declined
    Favoritism

    Advice to ManagementAdvice

    No one tells the truth on the engagement survey, so stop kidding yourself

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO
  11. 1 person found this helpful  

    More and more levels of ineffectual middle management suck ups being added in branch network sales organization.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - VP-Financial Consultant in Chicago, IL
    Current Employee - VP-Financial Consultant in Chicago, IL

    I have been working at Charles Schwab full-time (more than 3 years)

    Pros

    Autonomy to run your practice the way you want, and the single best thing about Schwab is it's great name recognition and Schwab presents the opportunities to you, so lead flow development isn't a huge problem, although they have been shunting lead flow to the phone sites lately now that there are "centralized" Financial Consultants that they can pay less than the branch network staff.

    Cons

    Too many layers of management who are mostly micro-managers since many of them have no real sales experience. When I started, there were two layers of management between me and the branch network executive, now there are four. There seems to be no real vision for Schwab that includes the development of its key branch network employees, except running them ragged and churning and burning. Also, the regulatory environment is terrible and Schwab being a conservative company with antiquated computer systems makes managing compliance issues another part-time job in addition to your sales expectations. It's a race to the bottom for clients and getting them in advice.

    Advice to ManagementAdvice

    Get rid of all of the (new) middle managers that don't do a damn thing except eat up company resources. So called "Market Leaders" don't do anything to help us, hell, RBE's don't really as well, but at least I get the point of them. Then, there's new roles above the RBE's that I'm sure are good at sitting on conference calls all day, but not much else.

    Doesn't Recommend
    Negative Outlook
    Approves of CEO

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