There are newer employer reviews for Charles Schwab
There are newer employer reviews for Charles Schwab

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Helpful (6)

Vice President-Financial Consultant

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

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

Pros

Ethical financial guidance; Reasonable/affordable product pricing; Transparency of fees; Great brand name; Work/life balance; Supportive and collaborative work environment; Diverse employee base; Embracement of new technologies; Good benefits; Time to volunteer of 8 hours per year;

Cons

Few career advancement opportunities or options except growing own practice; Employee base is diverse, but management is not; Overly cumbersome paperwork and procedures, especially on advice products; Frequent changes in executive level leadership result in inconsistent policies; Opinions of top producers count, but not the others; Favoritism hurts morale; Quarterly resets burn out even the best calibers; Termination after 2-4 quarters of bottom 20% sales: Financial Consultants are treated like disposables within the company while trying to convince clients they are experienced and trusted advisors and will be there for clients for a long time;

Advice to Management

If you would like clients to believe they are dealing with a trusted advisory service provider firm, you need to respect and empower your front-line Financial Consultants, especially those with 10+ years of experiences, and allow for bottom-up feedback and participation instead of only top-down dumping of compensation/advice/product policy changes, campaigns and quotas.

Other Employee Reviews for Charles Schwab

  1. Schwab can be a hard place to work, but also rewarding.

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee in San Francisco, CA
    Former Employee - Anonymous Employee in San Francisco, CA
    Recommends
    Neutral Outlook
    No opinion of CEO

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

    Pros

    1. SCHW is a values-driven company offering a diverse set of products to consumers who are interested in investing. 2. Diversity is valued. 3. Schwab is a collaborative company (almost overly so). 4. There is an excellent job posting system that allows you to apply for internal positions as long as you have been in your present position for 1 year or more.

    Cons

    It can be a stressful environment. IT frequently has to meet target delivery dates which have been publicly announced by executives without sufficient analysis as to feasibility. Schwab also tries to save money by stating a strategy of purchasing application systems externally, with the intention of deploying the product with "off the shelf" functionality, e.g. minimal customization. What happens is once the product is brought in-house the business sees its limitations and the "off the shelf" agreement fails, and the pressure is on to deliver the required modifications as close to the original target date as possible.

    Advice to Management

    Please try to avoid making public delivery commitments without checking in regarding the feasibility.


  2. Very improved after Pottruck was fired

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

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

    Pros

    Chuck Schwab and Walt Bettinger seem like the real deal ... sincere in caring about both their employees and their customers. The company has been pretty successful in eliminating conflict of interest in the products that the brokers sell. The 'customer comes first' attitude seems to be real again. No longer just lip service.

    Cons

    At least when I left there were still several directors that had yet to convert away from the greed of the Pottruck years. Some departments were clearly happy and doing well. Some were still suffering. Employee incentive still seems to be misaligned at times.

    Advice to Management

    Continue to the return back to Chuck Schwab's founding principles. Do more to make employees also Schwab stock holders. Continue weeding out those directors and managers that are still holding on the 'Pottruck' attitude. You will continue losing your best people until you can really fix the employee experience.


There are newer employer reviews for Charles Schwab
There are newer employer reviews for Charles Schwab

See Most Recent

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