Charles Schwab Vice President, Financial Consultant Reviews | Glassdoor

Charles Schwab Vice President, Financial Consultant Reviews

Updated February 26, 2017
38 reviews

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Vice President, Financial Consultant

2.9
Star Star Star Star Star
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Charles Schwab President and Chief Executive Officer Walt Bettinger II
Walt Bettinger II
25 Ratings

Employee Reviews

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Pros
Cons
  • Being a call center limits flexibility (in 79 reviews)

  • The seems to be a lack of a proper work/life balance (in 27 reviews)

More Pros and Cons

  1. "Good company, room for improvement"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Vice President, Financial Consultant in Los Angeles, CA
    Current Employee - Vice President, Financial Consultant in Los Angeles, CA
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at Charles Schwab full-time (More than 5 years)

    Pros

    Comp is solid if you are a performer. Company allows you to be somewhat independent. Colleagues are decent.

    Cons

    No upward advancement without a significant pay cut. Branch management is full of opportunity for improvement (a.k.a. pretty bad). Regional level has, for the most part, been there forever and think they are demigods. High performers have nowhere to go except out and the new managers are mostly jokes who don't know how to manage a proper sales team.

    Advice to Management

    Learn the difference between experience and expertise. In IS, executive branch leadership is respected, mid-level leadership is tolerated, and BMs are relegated to punchlines.


  2. Helpful (5)

    "financial consultant"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Vice President Financial Consultant in Cincinnati, OH
    Former Employee - Vice President Financial Consultant in Cincinnati, OH
    Recommends
    Positive Outlook
    Approves of CEO

    I worked at Charles Schwab full-time (More than 10 years)

    Pros

    great resources to help you work with clients. good knowledgeable employees. decent amount of managed products to help with client solutions. able to spend time with clients to make sure you're doing the best job for them. top rate benefits package. overall a great place to work

    Cons

    starting to get more like other companies in requiring you to focus on certain products. also want you to play a numbers game on goal planning and retirement planning. fc's often use bogus plans for sake of meeting number each month. often pushed to follow the agenda of a regional manager who might be looking to make a name for themselves. comp can be difficult to follow

    Advice to Management

    listen to those who are experienced and have been in the industry and in the role for more than a cup of coffee. don't be afraid to stand up to upper management when being pushed in the wrong direction.


  3. Helpful (10)

    "VP - Financial Consultant Level 2"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Vice President - Financial Consultant Level II in New York, NY
    Former Employee - Vice President - Financial Consultant Level II in New York, NY
    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

    I worked at Charles Schwab (More than 10 years)

    Pros

    When I originally joined almost 11 years ago, Schwab, as run by it's namesake, Chuck, was a great place to work and for me to do some of my best work in an industry I've been in for going on 24 years. It was client focused and relationship based.

    Cons

    Since Chuck has stepped away micro management has taken over it's more about the numbers than the clients or the FCs. Very little local assistance and focus is on monetizing clients not doing your best work for them.

    Advice to Management

    You had a great culture and company and the advent of relationship based advice was a great direction - go back to that!


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  5. Helpful (11)

    "Financial Consultant and CFP(R)"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Vice President, Financial Consultant in Brea, CA
    Former Employee - Vice President, Financial Consultant in Brea, CA
    Doesn't Recommend
    Neutral Outlook

    I worked at Charles Schwab full-time (More than 8 years)

    Pros

    Most likely you will find good co-workers in the branch with the exception of the manager who likely has zero experience as a Financial Consultant or in consultative sales generally, has little actual management experience of experienced sales professionals, and is too young to understand how to effectively interpret complicated nuanced communications--something that can only be learned by having significant consultative sales experience.

    Cons

    See above re Manager lack of experience. Micro management is now on steroids as is check the box criteria that have zero beneficial results for the client but since the firm invested money in some technology it must be used extensively even if it is a waste of time and energy. They no longer care more about revenue production than all else. They care more about conforming to the latest dictate from above. For multiple years, 2014 and 2015, I was the #1 producer in my branch, the only CFP(r) despite compensation claw backs and reduced benefits but since I did not play the politics and kiss the ring of the under qualified manager I was terminated without just cause.

    Advice to Management

    Your FCs are assets. They are the rainmakers. Your managers are the liabilities and actually stunt growth. Wake up.


  6. "Financial Consultant"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Vice President, Financial Consultant in Millburn, NJ
    Current Employee - Vice President, Financial Consultant in Millburn, NJ
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at Charles Schwab full-time (More than a year)

    Pros

    Great opportunity, competitive pay, clients come first, long term potential, great management and room for growth. Easily the best place I have ever worked.

    Cons

    Limited operational assistance and no sales support staff other than operations. Complicated daily employment because advisors spend a lot of time on operational issues.

    Advice to Management

    Add employees


  7. Helpful (2)

    "Financial Consultant"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Vice President/Financial Consultant in Somerville, MA
    Current Employee - Vice President/Financial Consultant in Somerville, MA

    I have been working at Charles Schwab (More than 3 years)

    Pros

    Atmosphere, 401k match, sales experience

    Cons

    Pay isn't competitive with other financial firms in the area. 95% of Financial Consultants are treated as average while top 5% get 100% of the recognition.


  8. Helpful (3)

    "Financial consultant"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Vice President, Financial Consultant in San Francisco, CA
    Current Employee - Vice President, Financial Consultant in San Francisco, CA
    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

    I have been working at Charles Schwab full-time (More than 10 years)

    Pros

    Great brand recognition and clients walk in the door - limited prospecting. Clients respect the Schwab name

    Cons

    Huge bureaucracy, politics and clawbacks on comp plan. Branch managers don't manage. Infighting among FC's can be terrible too.

    Advice to Management

    Trim the fat and focus on providing only the best client investment options


  9. Helpful (2)

    "Strong ethics, clients come first, solid financial services company."

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Vice President, Financial Consultant in Glen Allen, VA
    Current Employee - Vice President, Financial Consultant in Glen Allen, VA
    Recommends
    Neutral Outlook
    Approves of CEO

    I have been working at Charles Schwab full-time (More than 8 years)

    Pros

    Clients come first, Schwab's core competencies revolve around doing what's right for each client. Solid suite of investment capabilities for both the novice and sophisticated clients. Schwab serves the self directed and those that need assets managed. They do it well. Planning, advice, costs, range of investments are all superior to competition

    Cons

    Practice sizes are too large. Marketing message is inefficient and vague at best. If high net worth clients knew about our full range of services, the "full service" firms would lose many clients to Schwab. Our existing client base that are engaged with the branches know what we offer. But many of these clients want to be left alone. We need clients that want a trusted, lower cost relationship with higher end wealth management strategies. Schwab's lack of direction on our capabilities to high net worth clientele makes an FC's job very frustrating and inefficient

    Advice to Management

    Get to the point and attract HNW clients to Schwab by advertising SPC, MAS & SAN. illustrate that we have done this for many many years.


  10. Helpful (1)

    "Charles Schwab"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Vice President, Financial Consultant in New York, NY
    Current Employee - Vice President, Financial Consultant in New York, NY
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at Charles Schwab full-time (More than a year)

    Pros

    Very transparent company to work for, easy to provide a value proposition to clients.

    Cons

    Not always the best at marketing themselves including chosen locations, although getting better


  11. Helpful (6)

    "Overall, it was a good experience. I resigned because of change in culture that started from the top down. Not good."

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - VP-Financial Consultant in Dallas, TX
    Former Employee - VP-Financial Consultant in Dallas, TX
    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

    I worked at Charles Schwab full-time (More than 10 years)

    Pros

    Commission pay was decent. However, that accounted for the majority of your income. Most offices have a relaxed environment. You also have a corp. credit card for client events.

    Cons

    Training is overwhelming and non-stop. The base salary is extremely low. The recent changes has made the company more product pushing focus versus being client centric.

    Advice to Management

    Stop changing the comp plan every year and stop trying to be a firm for every investor. Focus on a key area whether it is advice or trading, etc.