There are newer employer reviews for Charles Schwab

1 person found this helpful  

Not What It Appears

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

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

Pros

- work/life balance
- great coworkers
- decent benefits
- company invests heavily in continuing education/licensing

Cons

- lower than industry average pay/bonuses
- not much room for advancement
- not very innovative
- technology is beyond terrible

I read numerous reviews before being hired about the technology (or should I say lack thereof) but seeing is believing and it's every bit as bad as people said it was. It's demoralizing to say the least when you're constantly being compared to Fidelity or being asked by clients why your company can't innovate. They are lagging behind when it comes to technology not only for external clients but internally as well. Windows 2003? Come on, Schwab. I had such an old version of Excel that I couldn't even open some spreadsheets sent to me by clients. That's a MAJOR problem but Schwab's management doesn't seem too concerned.

The pay is also lower than the industry average but it's not terrible. The opportunities for advancement are more of a sore spot than the pay in my opinion. I was told BY MY MANAGER that promotions are given when it's cheaper for them to bump you up to the next pay grade than give you another raise. Did I mention that was told to me BY MY MANAGER?! Who says stuff like that to their employees??? There haven't been any openings in my department but I've noticed in other departments that there doesn't seem to be much promotion from within. There is not a lot of cultivating of internal talent and that has a huge effect on morale.

It's not a horrible company by any means but it's definitely not a place to stay for 10 years either. My recommendation? Unless some things change around here, start your career here and leave once you've got the name on your resume.

Neutral Outlook
Approves of CEO

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

Sort: Rating Date
  1. 1 person found this helpful  

    Retirement Plan Services

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

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

    Pros

    This department has a knack for hiring friendly and competent employees at the entry level.
    Company is very ethical to participants. Reps are encouraged to position Schwab products when appropriate. This means you won't lose sleep at night over selling people on stuff they don't need. Lateral promotions are very common.

    Cons

    Managers' responsibilities are passed along to reps with no additional pay increases.
    Maximum annual bonus never exceeds 3K and is easily lost if reps are even a fractional percent away from goal.
    Getting licensed or promoted to "proficient" status does not include a pay raise.
    Department is relatively unknown to the greater organization.
    Company is so focused on running fiscally lean that annual reviews don't keep up with inflation.
    Understaffing is a significant issue and often leads to call volume spikes and little-to-no vacation time
    Attendance policy is very strict. Time-off is difficult to schedule due to understaffing and reps cannot have more than two unscheduled absences, sick time, or late-arrivals within a 90-day rolling period or they will be written up.
    Management is very top-down There is little to no room for any recommendations to improve productivity. A request for more effective/efficient resources is often answered by management with a solution that involves more tedious responsibilities of reps.

    Advice to ManagementAdvice

    Invest in technology and the well-being of your representatives. This department is a revolving door because pay-raises are practically non-existent, bonuses are small, new assets under management does not reflect in reps' bottom-line, management does very little to streamline processes and technology necessary to aid reps in day-to-day activities.

    Also, pass of some of the profit from the converted retail leads to Retirement Plan Services reps. These reps are the face of Schwab and deserve some of the commissions/revenue that they generate.

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO
  2.  

    mediocre, great career path for those with college degrees

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

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

    Pros

    focus on career advancement in different parts of the company, whether its upper or lateral

    Cons

    will not hire with in, don't let go of pursuing your degree if you are not in to financial advising or sales. I don't think my manager knows what a CFA is or how to prepare for one.

    Advice to ManagementAdvice

    Utilize the talent that you have hired on the bottom ranks and provide access to different career paths in the company. Your call center teams are comprised with professionals of varying levels of college degrees. Utilize there talents. Not everyone you hire wants to be a Financial Portfolio Manager or an Advisor.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
There are newer employer reviews for Charles Schwab

Worked for Charles Schwab? Contribute to the Community!

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