Charles Schwab - Huge letdown. | Glassdoor
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There are newer employer reviews for Charles Schwab

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Helpful (5)

"Huge letdown."

StarStarStarStarStar
  • Work/Life Balance
  • Culture & Values
  • Career Opportunities
  • Comp & Benefits
  • Senior Management
Former Employee - Registered Representative in Denver, CO
Former Employee - Registered Representative in Denver, CO
Doesn't Recommend
Neutral Outlook
Approves of CEO

I worked at Charles Schwab full-time (More than a year)

Pros

For recent graduates, or individuals looking to get into the finance industry, Schwab provides free training and licensing; decent introduction into the industry and a good place to get licensed and start your career...that's about it.

Cons

For experienced individuals it will be the longest, most frustrating career you will have. Knowledgable about investing? Trading strategies? Have great ideas? Passionate about trading or economics? Tough luck. Your sole worth to the company (and a good portion of your compensation) depends on how often you can get clients to click on specific areas of the website or sign up for sup-par banking products. Your job will be a cross between low-level retail customer service, order taker, and tech support.

Despite their emphasis on being a dynamic "challenger brand" and transparent firm, management could not possibly be more superficial or out of touch with reality. I understand it is a big company and the individual sometimes gets lost in the big picture, but in my experience it was a complete joke, in that over half of the management is totally unavailable or disinterested, direction would often change with little to no reason or explanation, and expectations were often vague and incomplete. Despite actively soliciting recommendations and responses from reps on the front line, I found that most of these, often simple and basic requests that even our competitors were able to offer, went overlooked or blatantly ignored. As such, be prepared to get a lot of push back from disgruntled clients because Schwab also follows an ultra-conservative and strict business model (such as hold times, clearing times, processing times, or enacting account restrictions/standards).

Most jobs, even at the specialized level, are 100% phone based, so prepare to spend at least half of your days doing password resets, answering basic questions, or defusing disgruntled clients. Between December and April (tax time) this is even worse to the point of becoming mind numbing.

Lastly, the compensation (at least in the Denver offices) is substantially below other similar competitors (Fidelity, E-trade, Merrill, etc.) and about $10,000 below the national average. Bonuses are laughable, and I would conservatively estimate (based on conversations with many peers) that less than 5% of employees get anywhere near the stated bonus potential. It is no wonder that Schwab's turnaround rate is extremely high. Since they will hire just about anyone with a pulse, they bring on new hire classes with over 2 dozen people every few weeks to replace outgoing staff. I was with the firm for a year and out of the 30 or so we had in my new hire class, there were only five (including myself) that were still there.

Like I said, good place to come if you are just getting started, but as soon as you get your license, run! Not the worst place I have ever worked, but it is far from the best.

Advice to Management

Listen and respond to what your employees and clients are saying. Bring your applications and platforms into the 21st century. Provide better opportunities for growth and professional development. Provide better compensation; a plastic fish, silly knickknacks and 60% of your stated bonus are not competitive and not enough to retain skilled employees.

Other Employee Reviews for Charles Schwab

  1. Helpful (3)

    "Awesome company!"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Broker Trainee in Austin, TX
    Former Employee - Broker Trainee in Austin, TX
    Recommends
    Positive Outlook
    Approves of CEO

    I worked at Charles Schwab full-time (Less than a year)

    Pros

    Loved our customers and Charles Schwab is one of my hero's!

    Cons

    The usual's, management that did not listen.

    Advice to Management

    Listen! You must have a back up system for employees, especially new ones, to go to when their managers aren't right. There is no employee advocates easily found.


  2. "A unique company in the financial services industry"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Managing Director in San Francisco, CA
    Current Employee - Managing Director in San Francisco, CA
    Recommends
    Neutral Outlook
    No opinion of CEO

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

    Pros

    - Company is focused on its clients and their outcomes
    - Management respect work/life balance
    - Excellent work culture. It attracts a diverse, good group of employees

    Cons

    - Pay is generally less than competitors in the industry
    - Resources are always an issue. The company runs on razor thin margins

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

See Most Recent

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