Charles Schwab

www.schwab.com
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5 people found this helpful  

Do Not Work in Advisor Services

  • Comp & Benefits
  • Work/Life Balance
  • Senior Management
  • Culture & Values
  • Career Opportunities
Former Employee - Relationship Specialist in Orlando, FL
Former Employee - Relationship Specialist in Orlando, FL

I worked at Charles Schwab full-time (more than 5 years)

Pros

The manager's are for the most part, great people. Great people. Enjoyed each of the managers that I worked under. Co-workers were good too.

Cons

Before I give this scathing review, please know that i won multiple performance awards at Schwab and was highly regarded by my superiors. That said... Advisor Services is brutal. That place is a revolving door with mass departures after bonus time in mid-March. Anyone who has worked in a professional environment will die from the petty micro management. The directors are clueless. About 8 years ago Schwab was in a tough spot because they were treating clients terribly and it hurt the business. They learned their lesson and stopped treating clients terribly. Now they have a new strategy... treating employees terribly. They have slashed pay and benefits and yet demanded more and more work. This year, healthcare was slashed to being stuck with high deductible plans. United Healthcare who is Schwab's provider in Florida, will even tell you over the phone that they can't believe how badly Schwab employees got screwed by the plan change from 2012 to 2013. This little tidbit should be insightful in helping you determine how much senior management values employees: attrition was so bad over these past 6 months that the middle management had this genius idea of creating a "Hire Ahead Program." They literally hire people in advance in order to prepare for people constantly leaving. When somebody leaves they just throw the next warm body off the "Hire Ahead Team," in the chair. Talk about a morale killer; they are effectively telling you that some guy off the street is just as valuable as your multi-year contributions to Schwab. Management believes you are so disposable that they would rather hire people with no experience in preparation for you to quit under the low pay and outrageous workload. That is how much they value you. Even crazier... If you get "experience" in the department (working more then 1 year is what they would call "experience") then you will get more "special roles" without a dime of extra pay. More work less pay. Hello! Pulling a page straight out of the Communist Manifesto. Lastly, say everyone on your team is responsible for three advisors, you all get paid the same. That is fine. But then let's say John Doe leaves your team and so his three advisors should be given to a new person. But no, John Doe's advisors want you. They want you because they think you are great. Schwab isn't going to tell a billion dollar advisor that they are stuck with the new person so they give you two of the three extra advisors from the person who just quit. You tell your manager, "This is crazy, I need more money." Nope! Now you have more advisors, plus your special roles and you make the same as the guy who takes half the phone calls as you and does half the work you do. Bottom Line... Less pay, falling pay scale, slashing benefits, understaffing, revolving door, so stressful that they would be wise to start mixing Xanax with the water. Stay Away.

Advice to ManagementAdvice

My advice to upper upper management: Fire all of middle management. They are incompetent.

Doesn't Recommend
Negative Outlook
Disapproves of CEO

934 Other Employee Reviews for Charles Schwab (View Most Recent)

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  1. 1 person found this helpful  

    Great company/solutions, quality benefits, somewhat high turnover

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

    I worked at Charles Schwab full-time

    Pros

    Great benefits
    1 Month Sabbatical for every 5 years worked
    Good products to sell, including SMA accounts, wrap accounts and insurance products.

    Cons

    Outdated performance review metrics led to a near complete turnover of several offices in the area.
    Can you afford to take a sabbatical for one month if your performance is judged quarter by quarter?

    Advice to ManagementAdvice

    Performance reviews should be more aligned with retention and long term performance, including retention of clients currently enrolled in managed account products

    Recommends
    Neutral Outlook
    Approves of CEO
  2. 4 people found this helpful  

    I want to quit but where can you go in this job market!

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Operations Specialist in Orlando, FL
    Current Employee - Operations Specialist in Orlando, FL

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

    Pros

    It really depends on your manager if you like Schwab or not. If you want to get anywhere in the company, you will need manager approval. If you have a cool manager, they can be straight with you on exactly what you need to get where you want to go and if you are meeting the requirements. If you are not, they can help you meet the requirements because they know it makes them look good too.

    You will know in the first 6 months if you will be successful or not. Don't let anyone fool you, all you need to do to succeed here is be good at sales. So, if you have never done sales before, as many have said you do not get commission meaning if you are bad at it, you will still get paid. If your sales number are high, you may get lucky and get into a better role that is a based on commission.

    If you are not good at sales, you can get into an operations role and just stay there until the job market picks up and get experience you can put on your resume.

    Series 7 & 63

    Cons

    There probably is no other job where you will work constantly. Schwab has a number for everything to maximize efficiency from each of its employees. The work load is unreal for the amount of time Schwab gives you to get everything done. There is absolutely no time off the phone now as they are keeping the staff low. I remember one time the manager wanted to give me my 6 month review, but there was not any time during the MONTH for me to get off the phone for a half hour, so I had to me stay after work one day just to get my review.

    Schwab is busy all year for various reason. For example, tax time is from January to April so on one is allowed to do anything. I mean you cannot get a day off during these months so don't try. You are not allowed to make out bound calls because so many people are calling in and they need people on the phones. So, if you don't know the answer, too bad! You can't call the client back. Then, no one is allowed to do anything in the summer months because they have people off the phone( never you) getting mandatory training that no one wants to do in order to give you more skills to do more work at the same pay. Finally, it gets busy from October to December because all our clients are old and need to take out there required distribution and call in and you need to show them how to use a computer. Then, it starts all over the next year.

    If you do get your 7 & 63, there is only one number the manager looks at and it is your business development (sales). If this number is low(all others are fine), they will not tell you until your year end review and not give you your $300 year end bonus and you are about to be fired if this continues. Just a word of caution.

    The turn over is so high because of brokers who cannot do sales get fired, the brokers who can do sales quit to get paid more somewhere else, or people just get tired of the micro management and high work load and leave. They work you to death here.

    Eventually, you see all the people you hired in with leave the company, and it makes you wonder if something is wrong with you since you are still there and could not escape!

    Advice to ManagementAdvice

    I feel like Schwab is trying to drive all of its employees away. If you are an above average employee, there is no additional compensation and limited advancement opportunities. If your sales numbers are good, you do not get any additional compensation for it. The opportunities that are here are extremely competitive and hard to get. In the three years I have been here, I have had 3 meetings with my manager where I was getting a raise and they made it clear that I knew it was not because of my performance, but because Schwab's salary is not in line with its competitors. Just pay people more for the work they do.

    Doesn't Recommend
    Negative Outlook
    Approves of CEO
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