Charles Schwab Reviews

Updated August 23, 2014
Updated August 23, 2014
880 Reviews

3.1
880 Reviews
Rating Trends

Recommend to a friend
Approve of CEO
Charles Schwab President and Chief Executive Officer Walt Bettinger II
Walt Bettinger II
531 Ratings

Review Highlights

Pros
  • It does allow for a good work/life balance which was very important to me (in 72 reviews)

  • good benefits especially Sabbath every five years (in 51 reviews)


Cons
  • Not much room for growth in Indy unless you want to stay in a call center (in 43 reviews)

  • There are very few woman and people of color in middle and senior management (in 24 reviews)

More Highlights

Employee Reviews

Sort: Popular Rating Date
  1.  

    Technical Support

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Technical Support Representative  in  Austin, TX
    Current Employee - Technical Support Representative in Austin, TX

    I have been working at Charles Schwab full-time for more than 5 years

    Pros

    Schwab treats their employees very well, providing many different opportunities to move with in the company. People are very nice and easy to mingle in between the different departments.

    Cons

    Because so many employees love working for Schwab it does take a little time for movement with in the company. Due to advancement being slow paced it is easy to become comfortable and complacent.

    Advice to ManagementAdvice

    Continue to provide opportunities for advancement for employees.

    Recommends
    Positive Outlook
    Approves of CEO
  2.  

    Great Company and Opportunities

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Client Reporting and Security Services  in  Orlando, FL
    Current Employee - Client Reporting and Security Services in Orlando, FL

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

    Pros

    Values, Schedules, Pay, Management, Friendly

    Cons

    Intimidating workload and first, but by remaining committed you will get the hang of it.

    Recommends
    Positive Outlook
    Approves of CEO
  3. 2 people found this helpful  

    Worst company to work for.

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

    I have been working at Charles Schwab full-time for more than a year

    Pros

    thee are no pros, worst company with a very low work morale and balance.

    Cons

    People are narrow minded, a lot of politics (politically correct - which means shut up and do nothing); executive team are hypocrites. salaries are on the lowest end. Do not work for this company, you are never going to be appreciated there.

    Advice to ManagementAdvice

    think about your people first

    Doesn't Recommend
    Negative Outlook
    No opinion of CEO
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  5. 6 people found this helpful  

    Overall an okay company, but I probably wont be here forever.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Senior Manager  in  Denver, CO
    Current Employee - Senior Manager in Denver, CO

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

    Pros

    Excellent employee services. Seriously, the best I have ever seen. Free access to a Financial Consultant, discounts on trading fees, and a generous Employee Stock Purchase Plan. Honestly, the 401K isn’t bad either. Match up to 5%, good funds to select from, and a discounted managed portfolio for those that want it. Ok pay, ok salary increases (3% in 2014), ok profit sharing bonus.

    Large and stable company that you know is going to be around for the long haul.

    Cons

    Frankly, I have to agree with most of the other comments I am seeing on here. Schwab is a very conservative organization that is slow to change and improve. Seriously, I am still using Windows XP and Office 2003.

    I also agree with the comments regarding management. It appears to me that the people promoted to directors and VPs aren’t really the best candidates, but have been the ones that stayed around the longest. Most don’t appear to have any new fresh ideas of how to improve the “client experience.” They also aren’t very realistic on their expectations and timelines they set for the executives. I saw one comment about how managers shield the executives from what is really going on and I could not agree more. I will also add that the directors and VPs that really have fresh new ideas tend to get pushed out fairly quickly. I think a lot of the VPs and even the managing directors really set up some of the employees for failure.

    I also completely agree with the negative comments regarding the healthcare benefits. I was very frustrated with this change and it has caused me to look for employment elsewhere. I also completely agree with the feedback regarding the possible advancements.

    It definitely appears to me that Schwab has implemented several tactics meant to keep employees even those that might want to leave, which I think leads to some of the negative comments about the workforce. For example, Schwab doesn’t contribute to your 401K regularly it’s only once per year in February. Also, the bonus (really more of a profit sharing bonus) is only paid annually in March. The profit sharing bonus I get, but the 401K contributions really bother me.

    I would also like to highlight one of the most confusing elements at Schwab. I completely agree with the comments about Schwab being very client focused. Seriously, they will bend over backwards and even provide client experience gestures (money) to people that complain. However, the directors and VPs just don’t seem to even think about ways to improve the client experience in a practical sense. I could list 20 or so things that as a client just drive me nuts that Schwab could fix really easily, but they don’t.

    Advice to ManagementAdvice

    There is a significant difference between being busy and being productive. All of the directors and VPs I work with appear to be super busy all of the time, but never seem to get anything done.

    Also, be realistic about your expectations. Some of the town halls and other presentation I have attend make me think you really expect total loans to just take off by sending out spam emails…really? Is that really realistic?

    There is also a significant difference between leaders and managers. Just because someone appears to be really good at their job does not automatically qualify them for management.

    Lastly, there is so much more to the "client experience" than how you resolve complaints. Why not make the process just easier for the client from the get go? There are always going to be exceptions and things that just don't work right, but seriously, some of the smallest changes could really make a big improvement.

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

    Call Center Sweat Shop

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Registered Representative  in  Phoenix, AZ
    Former Employee - Registered Representative in Phoenix, AZ

    I worked at Charles Schwab full-time for more than 3 years

    Pros

    they pay you money, under cover parking, they have benefits (but their not good), you learn a lot of what not to do when it comes to investing, colleagues are nice.

    Cons

    you take call after call after call of abuse from customers, you see a lot of upper management moving around but not the people that actually work hard taking calls from clients.

    Advice to ManagementAdvice

    promote from within, they are your loyal employee. stop promoting from competitors.

    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO
  7.  

    NOT GOOD for the seasoned Financial Advisor

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Vice President Financial Consultant  in  San Francisco, CA
    Current Employee - Vice President Financial Consultant in San Francisco, CA

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

    Pros

    You get a book of business, no "cold calling."
    You might be able to take a sabbatical after 5 years, but it all comes down to whether you are the manager's favorite or not.
    Support from the operations center in Phoenix and Austin are great.

    Cons

    Low base salary of $40,000 and if you get pegged into a lower level (levels 1 or 2 vs 3 or 4), you will work just as hard as your peers for less.
    Trying to pass Schwab off as "wealth managers" when they lack a private bank, local teams of advisors/support, the ability to show the true capabilities of the Private Client advisory offer
    Management plays favorites in structuring your "level" for compensation and will cut you out of leads and opportunities to grow. Very petty and childish atmosphere.
    Unqualified to barely-qualified "Financial Consultants" and operations personnel

    Advice to ManagementAdvice

    Pay a better salary if you are going to expect your Financial Consultants to be actual Wealth Managers
    Provide the proper tools to do the job
    Add private bank or trust services if you really want to attract ultra high net worth clients
    Quit relying on phone-based teams to handle new clients that are eligible for a branch relationship -- wealthy clients want a team of professionals nearby with whom they can meet and have all their paperwork handled locally, not back and forth over the phone until it gets so messed up they walk into a branch ticked off.

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO
  8. 2 people found this helpful  

    Great company, very cheap.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Senior Manager  in  Denver, CO
    Current Employee - Senior Manager in Denver, CO

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

    Pros

    Schwab has a strong culture and initially attracts good talent with their "anti-broker" culture. The firm focuses on their culture greatly and communication is generally pretty good. Management is experienced, yet very conservative.

    Cons

    Schwab needs to recognize potential in employees and pay for talent. There is quite a bit of turnover from talented people. Their conservative nature focuses on protecting the brand, sometimes forcing them to look past opportunity.

    Advice to ManagementAdvice

    Try something different. Understand that the market is changing and employees are looking to be a part of something, not a cog in the wheel. I don't see that Schwab has a dedication to understanding how employees get engaged, they merely care about the engagement score.

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

    A changing company

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

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

    Pros

    Great products for clients and a solid, ethical client focus.

    Cons

    Little room for creativity and innovation; institutionalized processes; frequent re-organizations. Lots of managing up required, limiting potential of good managers and lessening the focus of managers on their teams. Not a lot of room for diversity of style.

    Advice to ManagementAdvice

    Continuous re-orgs and lay-offs instill fear-based and conservative culture that limits innovation and forward-thinking.

    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO
  10. 3 people found this helpful  

    PC

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

    I have been working at Charles Schwab full-time for more than 5 years

    Pros

    This was a great place to work sometime ago. As an employee you knew you cared for. Those days are long gone and they are not coming back.

    Cons

    The only way to get promoted is to put your nose up managements back side. Managers only want to hear how good they are. Never the truth. There is no training for managers, so maybe it is not their fault they are so bad at their job. They work in fear of their positions like everyone else does. Pay is not good, and getting worse. They change the pay and what it takes to get a good bonus every year. Morale is very bad.

    Advice to ManagementAdvice

    Why are we still using windows XP. I can not get to some of the companies own web sites! Train managers how to do their job.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  11.  

    I'm sure there are worse jobs... I haven't had one.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Operations Associate  in  Maitland, FL
    Former Employee - Operations Associate in Maitland, FL

    I worked at Charles Schwab full-time for more than a year

    Pros

    The best part of this job is it is a true 9-5. You leave it at home after you pass your Series 7. You work a 40 hour workweek for $50k (which is technically more then working 100 hours for $100k). Positive phone training. Decent pay and benefits. Good place to work if you fit in the box they create.

    Cons

    The culture is not very receptive to upward mobility (albeit the few advancement opportunities are hired within). However, management wants you to "stay in your place" as they have an economic motivation to keep you put (since it's a hard and expensive job to learn with little growth potential). All the while, they are blatantly outsourcing your job function to India. In other words, your loyalty in the form of complacency is not rewarded with loyalty in the form of job security. Worse, they don't develop you for any jobs outside of Schwab.. Poor Management, Poor Office Culture, Lack of Mobility.

    Advice to ManagementAdvice

    Treat your employees better, CEO didn't visit office one time during my stay, Neither did the spokesperson Charles Schwab... highest management level to visit was a VP (so maybe advice would be manage?)...

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

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