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Very improved after Pottruck was fired

  • Comp & Benefits
  • Work/Life Balance
  • Senior Management
  • Culture & Values
  • Career Opportunities
Former Employee - Registered Representative II  in  Phoenix, AZ (US)
Former Employee - Registered Representative II in Phoenix, AZ (US)

I worked at Charles Schwab full-time for more than 8 years

Pros

Chuck Schwab and Walt Bettinger seem like the real deal ... sincere in caring about both their employees and their customers.

The company has been pretty successful in eliminating conflict of interest in the products that the brokers sell.

The 'customer comes first' attitude seems to be real again. No longer just lip service.

Cons

At least when I left there were still several directors that had yet to convert away from the greed of the Pottruck years. Some departments were clearly happy and doing well. Some were still suffering.

Employee incentive still seems to be misaligned at times.

Advice to ManagementAdvice

Continue to the return back to Chuck Schwab's founding principles. Do more to make employees also Schwab stock holders. Continue weeding out those directors and managers that are still holding on the 'Pottruck' attitude. You will continue losing your best people until you can really fix the employee experience.

Recommends
Approves of CEO

Other Reviews for Charles Schwab

  1.  

    Good people, but low pay

    Former Employee - Associate  in  Phoenix, AZ (US)
    Former Employee - Associate in Phoenix, AZ (US)

    I worked at Charles Schwab for more than 5 years

    Pros

    Good culture and provides a lot of training. Many career paths to take if you are located in one of the primary service center cities.

    Cons

    Low salary and annual salary increase is terrible. Tell you 2% is standard, and should be grateful in the "current environment".

    Advice to ManagementAdvice

    Have more openness with salary info, especially with your own employees. Two people in the same department, working the same job could have a completely different salary. Even it out, and pay people what they deserve.

  2. 4 people found this helpful  

    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 for more than 10 years

    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 ManagementAdvice

    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.

    Neutral Outlook
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