There are newer employer reviews for Charles Schwab

Helpful (6)

Vice President-Financial Consultant

  • Comp & Benefits
  • Work/Life Balance
  • Senior Management
  • Culture & Values
  • Career Opportunities
Current Employee - Vice President, Financial Consultant in San Jose, CA (US)
Current Employee - Vice President, Financial Consultant in San Jose, CA (US)

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

Neutral Outlook
Neutral Outlook

Pros

Ethical financial guidance;
Reasonable/affordable product pricing;
Transparency of fees;
Great brand name;
Work/life balance;
Supportive and collaborative work environment;
Diverse employee base;
Embracement of new technologies;
Good benefits;
Time to volunteer of 8 hours per year;

Cons

Few career advancement opportunities or options except growing own practice;
Employee base is diverse, but management is not;
Overly cumbersome paperwork and procedures, especially on advice products;
Frequent changes in executive level leadership result in inconsistent policies;
Opinions of top producers count, but not the others;
Favoritism hurts morale;
Quarterly resets burn out even the best calibers;
Termination after 2-4 quarters of bottom 20% sales: Financial Consultants are treated like disposables within the company while trying to convince clients they are experienced and trusted advisors and will be there for clients for a long time;

Advice to Management

If you would like clients to believe they are dealing with a trusted advisory service provider firm, you need to respect and empower your front-line Financial Consultants, especially those with 10+ years of experiences, and allow for bottom-up feedback and participation instead of only top-down dumping of compensation/advice/product policy changes, campaigns and quotas.

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  1. Schwab can be a hard place to work, but also rewarding.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Anonymous Employee in San Francisco, CA (US)
    Former Employee - Anonymous Employee in San Francisco, CA (US)

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

    Recommends
    Neutral Outlook
    No opinion of CEO
    Recommends
    Neutral Outlook
    No opinion of CEO

    Pros

    1. SCHW is a values-driven company offering a diverse set of products to consumers who are interested in investing. 2. Diversity is valued. 3. Schwab is a collaborative company (almost overly so). 4. There is an excellent job posting system that allows you to apply for internal positions as long as you have been in your present position for 1 year or more.

    Cons

    It can be a stressful environment. IT frequently has to meet target delivery dates which have been publicly announced by executives without sufficient analysis as to feasibility. Schwab also tries to save money by stating a strategy of purchasing application systems externally, with the intention of deploying the product with "off the shelf" functionality, e.g. minimal customization. What happens is once the product is brought in-house the business sees its limitations and the "off the shelf" agreement fails, and the pressure is on to deliver the required modifications as close to the original target date as possible.

    Advice to Management

    Please try to avoid making public delivery commitments without checking in regarding the feasibility.

  2. Helpful (2)

    Stock Broker

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Stock Broker in Englewood, CO (US)
    Former Employee - Stock Broker in Englewood, CO (US)

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

    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO
    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO

    Pros

    Opportunity to learn a lot about trading, banking, retirement, and finance in general. You also get paid to earn you series 7 and 63. It teaches you how to talk confidently and professionally on the phone. It's a great job to get into the business.

    Cons

    You are a robot. You are told what to say and when. There is no freedom, no creativity, and no individuality. Even your toilet breaks are timed. Promotions are very competitive, and only given to those who fit the corporate mold. Lots of time spent on the phone with angry customers. There are always new people, so things are always messed up.

    Advice to Management

    Retain your employees for longer with better incentives. This will create efficiency by having a knowledgable staff that can serve the clients better.

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