Charles Schwab - customer focused, but shareholder value rules | Glassdoor
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There are newer employer reviews for Charles Schwab

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"customer focused, but shareholder value rules"

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  • Work/Life Balance
  • Culture & Values
  • Career Opportunities
  • Comp & Benefits
  • Senior Management
Former Employee - Vice President in San Francisco, CA
Former Employee - Vice President in San Francisco, CA
Recommends
Positive Outlook
Disapproves of CEO

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

Pros

smart people, change is constant

Cons

employees rank #3 after shareholders & customers

Other Employee Reviews for Charles Schwab

  1. Helpful (3)

    "Apathy"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Associate In SPCIA in Indianapolis, IN
    Current Employee - Associate In SPCIA in Indianapolis, IN
    Doesn't Recommend
    Positive Outlook

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

    Pros

    Decent 401k match, good hours if your in the right department, outstanding research team, reasonable fees, client focus

    Cons

    No focus to home or family life, sick time is listed as a benneft unless you use it, management tends to be micro management. Managers will sit there and watch the clock. If you are even 1 minute late for your shift they can and will take your bonus. Some managers are dictators. I don't want this to look like all managers are like this. Some are very good. Bonus for employees is very low. 2-3 thousand a year. All you hear about though is how much money the company brought in and how great they are doing. You would think being a Stock Broker or Portfolio Consultant or Financial Planner means you are a professional, trust me you are not treated that way. Moral in Private Client is very low. I can not speak for the rest of the company. Financial Planners are booked over 8 weeks out for the initial call. Portfolio Consultants and Associate Portfolio Consultants are told how they are not doing enough or contacting clients enough. Some of these folks have over 300 Clients and are expected to speak to them once a month. The closest thing I can compare it to is a modern day sweat shop. They tell you they are the best place in the world until you look elsewhere. The healthcare is terrible now. I wonder what happened to the company I hired into sometimes.

    Advice to Management

    Managers, Treat people like professionals. Stop messing with the pay structure. Call total comp what it is, a way to say we pay a bonus then not do it. Stop the treatment and demoralization of employees. Try to catch people doing good once in a while instead of being there to poiunce on them. Sr. Management needs to have a phsyc eval for anyone they want to make a team manager in the service center. It is obviouse the process you have in place now does not work.


  2. "Its a good place to start you need to advance fast or move on."

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Registered Representative in Phoenix, AZ
    Former Employee - Registered Representative in Phoenix, AZ
    Recommends
    Neutral Outlook
    Disapproves of CEO

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

    Pros

    The base pay is in the 30's. Schwab has good business fundamentals. (They do not mislead the clients in to bad products) fairness for men, women and those in between.
    If you work hard and stay ozzing positivity you will advance. On the sales side you can make 80-120k. about the same for managers. Almost 100% of the employees are great people. They execute operations better than any other brokerage! Very efficient!!!!

    Cons

    If you have a micro manager the job can be a real un-pleasent grind.
    The new CEO Walt is a real penny pincher. He has fired ( found technicalities to lay off) older employees to hire the younger for the cost savings. In Phoenix the labor board filed a law suit for this. Nothing new for a fortune 500 company. It makes me sad (because I used to Love SCHWAB) that the fairness and ethics only apply to the clients and not the employees.

    Advice to Management

    I feel slighted for the other quality senior people that were downsized than myself. People in their 50-60's that may not recover as well. I would like to see a cost effective way for the front line employees to get a fair share of the profits to where if they put in 10 years or so the could retire or mini-retire. Be owners in the business motivated to take care of clients and the business success.

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

See Most Recent

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