Just contacted to work at Schwab? help
Well I just graduated with a Finance Degree (good GPA, average school) and have been looking at various financial advising firms. I was offered a job at Edward Jones and Axa but decided not to take them cause I'm 22, still look pretty young and don't know if I'd be able to sell myself just yet. I was planning on getting my MBA to mature a little but Charles Schwab called me today about a "Registered Representative Trainee" starting salary $34k plus bonuses, 4% raise a year, etc. Also I'm wanting to work in Phoenix, AZ where the schwab place is located so it works out well.
1.Any advise given I have no experience at all in financial services?
2.Is schwab an alright place to gain some experience?
3.You get licensed as a broker but it sounds like you are just doing incoming calls. Does anyone know if you can advance into higher positions within Schwab if you start this way?
4.If schwab is bad whats your advice for me to do?
Can’t see anything wrong with 34K to start out in this biz. You can see how it goes, grow some “whiskers” and move on to full service after you’ve matured both physically,mentally and experientially. What’s to lose?
Like your thought process Revealer. Would be hard starting out from scratch with Jones or AXA at your age. Don’t know much about Schwab, I am assuming it is always a salaried position…so should be pretty safe for a few years until you decide what you are going to do.
You aren't likely to conquer any major challenges, but it does give you your basic investment licenses and a chance to learn more about the biz before choosing your ultimate path. At some point they will expect you to be making outbound calls to see if you can gather more assets from your clients. I'm not sure if you call non-clients or not. I talked to them some years ago and I know they've changed.
I notice that Schwab is also beginning to offer "advice" at a fee. I'm not sure what level of advice or how the indy network of advisors that clear through Schwab (and used to get referrals) feel about it. But it is possible you may be able to learn about real advice and planning at some point (though I don't think they offer insurance, or if they do, many options and without insurance products, you aren't really able to be a real planner).
Their typical advice is pretty cookie cutter. Still I think your idea of seasoning a bit is probably a good one.
Interesting, I was recently offered this same position in
Phoenix. I was told you would spend 7.5 hours out of an 8 hour
day answering phones, that you would get 180 days to study for and pass
your licensing tests. I asked the lady what Charles Schwab was
these days and she said she didn’t know, that they used to be known as
the discount broker. Kind of turned me off. She also said
it could take 3 to 5 years of this job to actually become a financial
advisor for them. It might work for some people but I don’t want
to sit in a call center that long.
I could be wrong about the 3-5 year thing, it has been over a month since I talked to the lady.
go back to them and ask them for a more complete job description of what is expected of you. also, what licensing you will receive.
If it is just cold calling for someone else you will go bonkers.