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

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Helpful (3)

I'm not moving to Denver....

  • Comp & Benefits
  • Senior Management
  • Culture & Values
  • Career Opportunities
Current Employee - Director in San Francisco, CA
Current Employee - Director in San Francisco, CA

I have been working at Charles Schwab

Recommends
Approves of CEO
Recommends
Approves of CEO

Pros

I've enjoyed working here for several years. The 5 year/ 1 month sabbatical program is great. Fundamentally it's a really strong business, well managed and with many good opportunities for success. If you can find a good niche, it can be a nice place to stay.

Cons

I can't figure out what my career path could be. I don't know whether I'll still have a spot after they consolidate real estate in San Francisco. Less pursuit of excellence, and more let's all play nicely.

Advice to Management

Be careful playing with people's compensation systems and job locations/ off-shoring. It's pretty easy to bruise employee engagement if you cut sales salaries or whack whole departments. Some senior management has a very condescending attitude towards employees & clients, although they hide it with platitudes. Get better at communicating honestly and individually about how strategies are going to affect each person specifically. Learn how to give more critical feedback to get employees to raise their games, instead of just 'go team, rah-rah'.

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  1. Helpful (6)

    good place to start, but dont stay awhile!

    • Comp & Benefits
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Reg Representative in Indianapolis, IN
    Current Employee - Reg Representative in Indianapolis, IN

    I have been working at Charles Schwab

    Approves of CEO
    Approves of CEO

    Pros

    I work in the client service and support division in Schwab so these comments are from my experience in that role within the company. It is a great place to start a career in the brokerage business. You get great deal of exposure to all aspects of being a broker. If you looking for a place to get your foot in the door and gather experience it’s a good place to begin a career. If you really think the brokerage business is for you and you have minimal experience, you’re paid a salary, so you don’t have the pressure of building a book, and you can gather the experience necessary to maybe gain a more lucrative position down the road. The benefits are great as well, and the salary is reasonable. They also allow you to study for your series 7 and 63 while on the clock, and the exams are paid for by the company.

    Cons

    The way employees (at least in the service centers) are ranked for promotions, raises, etc is not the greatest system, and often times leaves talented people left behind. The system rewards those who can manipulate it successfully. For example client surveys account for about 25% of your bonuses compensation and indirectly your ability for promotions. Surveys are disproportional weighted, so if you get one non-perfect survey it can have a major adverse affect on where you stand with in the ranking system for bonuses and promotions. Also management has a real hard time throwing out bad surveys that reps did nothing to deserve. In other words senior management doesn’t have your back. And there are those who manipulate the system. A survey is generated on almost every inbound call, if you remain on the line and let the customer hang up before you, no survey is generated. Therefore, what you find is that reps who are highly ranked in surveys have very few of them, because they are not allowing clients to take the survey and manipulating the system, and unfortunate they are rewarded for doing so.
    Also in my experience our FC's (financial consultants) in our branch network are not the brightest bunch. For example I had an FC call and ask me how to figure interest due on a CD at maturity. I mean for crying out loud a sixth grader could figure that.
    The training is not the greatest either. There is very little in the way of training brokers to be brokers. If you want to be successful and knowledgeable you have to do the homework on your own.

    Advice to Management

    My greatest advice would be to give the brokers on the phone training on how to be credible and knowledgeable brokers. I can remember in training when the instructor asked what we wanted to accomplish or learn, I said "I want to become and knowledgeable broker and to have intelligent well informed discussions with clients" he replied "well we all should but that’s really going to require your doing the research and conducting outside learning." Training is all about how to take orders and not screw them op, which is undoubtedly important, but is not the only thing we need to know to do our jobs. On the same note, I would focus away form things like how long it takes for reps to answer the phone and call volumes to making sure the reps have the training to be great brokers, not just phone operators.

  2. An ethical company with a strong mission

    • Comp & Benefits
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Director in San Francisco, CA
    Current Employee - Director in San Francisco, CA

    I have been working at Charles Schwab

    Recommends
    Approves of CEO
    Recommends
    Approves of CEO

    Pros

    Schwab is an ethical company with a mission one can believe in: helping everyone become financially fit. I work closely with senior management and they truly try to put clients first and work to do the right thing for clients and employees. The strong employee communications approach is an example of this commitment. Senior executives are open and honest in their communications and they communicate frequently. Additionally, this is a special place because of the people at all levels of the company. They are good people - nice, fun, hard working, smart.

    Cons

    Like many companies, your experience will depend on your individual manager. Many managers are not focused on the people aspect of their job. Schwab could provide better coaching, more feedback from direct reports and hold managers more accountable in this area. Also, while the culture is great and benefits are good at the company, salaries are not as competitive as they could be.

    Advice to Management

    Keep emphasizing open, honest communications with employees. Try harder to retain your top talent at the senior manager/director level.

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

See Most Recent

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