Schwab vs EDJ, ML, etc

or Register to post new content in the forum

15 RepliesJump to last post

 

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Jun 8, 2006 11:40 pm

Does anyone know how working at Schwab stacks up compared to the other firms out there?  I've heard there's no cold calling involved.  Everyone starts out with a base salary of about 50k and a set amout of assets under management.  This seems too good to be true, especially from someone who walks around getting chased out of neighborhoods all day earning about 12 cents an hour.

Jun 8, 2006 11:58 pm

From the sound of things, I'd say it's highly likely you'll be happier at Schwab.

Jun 9, 2006 12:40 am

Brokers that fail go to Schwab.  I know of 2 Jones brokers that went there about 6 years ago.  One was let go when they cut 30% of their workforce early 2003.  If you are happy making less than 100k your whole life, go there.


    I guess Rome was built in a day.

Jun 9, 2006 12:49 am

Yeah I've heard the same thing before.  That was one of my concerns.  I was just wondering though because I heard they have changed quite a bit since then.  Less than 100k without the EDJ door to door sales almost sounds okay though.  Hmmm......

Jun 9, 2006 1:29 pm
rankstocks:

Brokers that fail go to Schwab.  I know of 2 Jones brokers that went there about 6 years ago.  One was let go when they cut 30% of their workforce early 2003.  If you are happy making less than 100k your whole life, go there.


    I guess Rome was built in a day.



All this talk about failure rank....reminds me of a Freudian concept.

Jun 11, 2006 9:48 am

Take a closer look at Schwaab. Things have changed and the gravy train

salary is a thing of the past from what my research is telling me.

Jun 11, 2006 11:05 am

TT, what is your research telling you?!?!  That sounds so ominous!


Ace

Jun 11, 2006 12:16 pm

I heard Scottrade and TDWaterhouse are hiring too.  If your happy making less than 100K why are you in this business?  You could sell a product people want such as diamonds, cars and home improvements and make 100K with people coming to see you.  Why would you work this hard if your settling for the salary everyone gets?

Jun 11, 2006 5:28 pm

My advice is to stay away from outfits such as these (Schwab, Ameritrade, etc) as far as being an "advisor" goes.  I had some friends who joined the old Quick & Reilly and it was mostly a disaster.  Clients of those firms are there for a reason (costs, doing it themselves, etc).  AKA Pikers who don't want any help and definitely will not pay for it.  My friends thought they were getting in on a great deal as they were given approx. 20 million to "manage." The clients wanted to do everything online and they had to resort to trying to shove new-issue closed-ends' and annuities down their throats to try and make a living.  Most didn't last a year, and these were relatively talented people.

Jun 14, 2006 2:40 pm
rankstocks:

  If you are happy making less than 100k your whole life, go there.


    I guess Rome was built in a day.



Or go to Jones

Jun 14, 2006 3:40 pm

The thing you'll see at Schwab is that you are servicing accounts vs. being an advisor. 

Jun 14, 2006 10:59 pm

On another thread a guy said that trainees start at $34K but it may be a tad higher if you're licensed.   Just keep in mind that the book is never yours, many, if not most clients are "do it yourself" people who won't want your help, you aren't building a book you can move and that you only get to give cookie cutter advice.


I see on their website they are offering some advice for fee services.  I guess before indicating interest, you should probably find out what GROWTH opportunities exist and whether or not it is going to take your career where YOU want it to go.


As others have said, this may be an "easy" route, but keep in mind that when they set up the AZ call center they laid off hundreds of people throughout the country, and that if you aren't in a position to aggressively bring them new business, and the book isn't yours you are only an employee.  Employees are always expendable.


However, like all firms there is a corporate ladder that can be climbed and I'm sure quite a few folks make good money at some point.


So...in the end, what do YOU want for yourself?  


(and I'm making no judgement of good or bad, just what works for you)

Jun 15, 2006 9:18 am

Rank,


So when are you going to Schwab?  Since your gross is under 200k, you would fit in there well.  The only problem I see for you is that the average no-load index buyer will be more knowledgeable than you are--so you might have trouble "advising" them.  Perhaps maybe the call center to start and work your way up to handling custodial accounts?


And, by the way--you can't work out of your house at RJ.  Of course I can access my branch (and office email) from any internet computer without cost, but every rep still must work out of a branch.  It's LPL that allows you to work out of your home.

Jun 15, 2006 1:07 pm

rankstocks:

Brokers that fail go to Schwab.  I know of 2 Jones brokers that went there about 6 years ago.  One was let go when they cut 30% of their workforce early 2003.  If you are happy making less than 100k your whole life, go there.


    I guess Rome was built in a day.




That's weird, I know a guy who got fired from Schwab, then parked his license at World Financial while he worked as a bug man. He now works for Jones. He tells his clients' he was at Schwab for 'over ten years'. ACTUALLY, he was at Schwab over ten years AGO. HEY- isn't he in your Region?


AND speaking of that- how WAS Summer Regional? I heard you had a little problem.


When they were announcing the names of all the I R's who had their first TEN NET MONTH you caused a little disturbance when you jumped up and screamed "NET? YOU CALL THAT NET??!! I CAN ONLY ASSUME YOU ARE OPERATING ILLEGALLY BY NOT PAYING YOUR FICA TAXES!!  AND WHAT ABOUT YOUR POSTAGE HUH? ARE YOU BREAKING THE LAW BY NOT MAILING OUT PROSPECTUSES!!??? HUH ? "


  (tHESE ARE THE VETERANS IN YOUR REGION LAUGHING AT YOU )

Jun 15, 2006 2:28 pm

And this is ZACKO laughing at Rank: