Any comments about working @ Schwab
I'm looking for any insight to working at Schwab? Company culture, compensation, benefits, etc...
I have a buddy that works at a Schwab branch. They have a confusing comp plan that seems to change every 6 months and he is required to bring in $25 million a year in assets and jam them in to fee based accounts. He's only making a sliver over a $100,000 / year and is currently looking at transferring to ML.
From what I've heard they give you a 'book' to mine and manage. Damones right in that they are big on fee-based now (since the lost trading revenues the past few years).... Slary plus a confusing bonus plan... Had a buddy who worked there and hated it.... Now he's at Morgan and actually doing well...
A buddy of mine told me something like you get a 'book' (the company's of course) that you work. If you get money into fee-based, you get paid 50bps annually I believe. He made it sound good and tried to get me to sign on -- without success.
He's not stupid so I think there could be opportunity there if you want some training ground and/or don't want to cold-prospect. However, what will you have long-term?
Schwab will yank you around based on what they need.
Thankfully I am already Indy but if I had to start over I would work for Schwab before Jones!
Jones is a joke!