Schwab Interview

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Nov 6, 2007 9:16 am

Hi,

I recently scored an interview with Schwab. I've spoken with 3 friends and they all give differing opinions about the place. After reading their site I'm still not clear on the role of FA's in the firm. Anyone have any experience with Schwab or what their FA's do?
 
This is what I think I know:
They develop/"work" an existing Schwab client base with the hope (expectation?) of bringing on new assets.
 
They are paid commission based on transactions - fee platforms are limited.
There is also compensation based on service.
 
I guess my question has to do with the clients. Most call in asking for advice on a trade. How much new assets are you expected to bring in or if you're generating revenue, is working the existing clients sufficient enough?
Thanks in advance for the info. The interview isn't until next Monday since the recruiter is taking Wednesday thru Friday off this week.
Nov 6, 2007 10:39 am

Being an FA at Schwab is basically being a glorified customer service rep.  They have a confusing compensation package and once you have it figured out, they will change it on you.  Also, your job will be to slam penny pinchers into advisory accounts.  I would look elsewhere and can’t think of one good thing to say about working at Schwab.<?: prefix = o ns = "urn:schemas-microsoft-com:office:office" />

Nov 6, 2007 10:53 am

Mike - how long were at Schwab before you left?

Nov 6, 2007 11:46 am

I've never worked there, but I haven't really heard anything positive about Schwab as far as a career path goes.  It may be fine to cut your teeth there, but if you're looking for long-term employment, I doubt if Schwab is your ticket.  Worse yet, Schwab's ACAT fees are pretty high.  My clients paid $90/account over two years ago to move from Schwab to my firm, so you might keep that in mind if you think you'll ever want to leave and take accounts with you.