Charles Schwab

  www.schwab.com
  www.schwab.com
There are newer employer reviews for Charles Schwab

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

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

Sort: Rating Date
  1.  

    day in day out grind

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

    I have been working at Charles Schwab full-time (less than an year)

    Pros

    Pleasant Atmosphere
    Good Coworkers
    Acceptable Compensation
    Excellent location

    Cons

    Constant micromanagement
    Grind all day to keep your stats up
    Inbound calls that never stop

    Advice to ManagementAdvice

    Don't let being understaffed become the new normal- hire more people or lose the ones you have. Current workload on employees is unsustainable, people have been dropping like flies the last few months to go somewhere better.

    Doesn't Recommend
    Positive Outlook
    No opinion of CEO
  2. 1 person found this helpful  

    Committed to Customers - restrictive culture

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

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

    Pros

    Absolute dedication to it's clients
    Always ask "is this the right thing to do for our customers" before making business decisions
    Very high integrity from top down

    Cons

    Very slow moving
    Beauracratic
    Sr. HR leadership is more concerned with their own careers than those of employees.
    quiet

    Advice to ManagementAdvice

    Foster Innovation from the bottom up more

    Recommends
    Neutral Outlook
    Approves of CEO
There are newer employer reviews for Charles Schwab

Work at Charles Schwab? Share Your Experiences

Charles Schwab

 
Click to Rate
or

Your response will be removed from the review – this cannot be undone.