Charles Schwab

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

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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 (more than an 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

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

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  1.  

    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 (more than an 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
  2.  

    For the most part this was a good work environment

    Former Employee - Administrator in Coppell, TX
    Former Employee - Administrator in Coppell, TX

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

    Pros

    Great benefits, friendly co-workers and good location

    Cons

    Working long hours during month end. Managers micro manage

    Advice to ManagementAdvice

    Management needs to stop micro-managing

There are newer employer reviews for Charles Schwab

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