Charles Schwab
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I was thinking about taking a look at discount brokerages as a good place to start a career. My thinking is that while you are building your own book of business you can live off the accounts you are given, until eventually you have your own book of business that will hopefully follow you whever you go. Have any of you had any experiences with Charles Schwab? Is the pay decent? Will clients actually leave when you leave?
I had some friends that were FAs at Schwab. That place is terrible place to work as an advisor. The pay is terrible, they have outrageous numbers that you have to meet, the most confusing comp plan that nobody can possibly understand and once you think you have figured out how you will be payed... they change the plan on you.I was thinking about taking a look at discount brokerages as a good place to start a career. My thinking is that while you are building your own book of business you can live off the accounts you are given, until eventually you have your own book of business that will hopefully follow you whever you go. Have any of you had any experiences with Charles Schwab? Is the pay decent? Will clients actually leave when you leave?
Ahahaha. The first thing I saw was “Charles Schwab” and then I noticed you had posted and thought: “He’s going to nod at me, isn’t he?”
Sure enough. ;) I don't care. I overreacted big time. I wouldn't go there to work as an advisor. Ice, we'll need to chat soon. I'm thinking about reversing the professional course you took in the last few years. I would like to get some thoughts from a guy with a nice savings account.Jay,
You say you have a CFP, ChFC, and are working towrds my CFA, I'm wondering how you know so little about this industry. Second it appears like you are looking for a wat that will allow you success without having to prospect. You need to be reading th 500 day war and how to cold call not how to get a free book. It doesnt work that way that I know of.[quote=JayUT1]I was thinking about taking a look at discount brokerages as a good place to start a career. My thinking is that while you are building your own book of business you can live off the accounts you are given, until eventually you have your own book of business that will hopefully follow you whever you go. Have any of you had any experiences with Charles Schwab? Is the pay decent? Will clients actually leave when you leave?[/quote]
The problem lies in your thinking. You will NOT be building YOUR book of business. You will be scrounging for cheapskate clients that will belong to the firm, who will be useless to you if you EVER get hired by a real firm. BY the way…most real firms will not see you as a quality broker and won’t want to spend the resources to undo the the thought processes that you will pick up working with a mickey mouse firm. Not trying to offend you - I’m just keeping it real.
The thing is from my past experience, in the 2 years before Merrill Lynch and through the 4 years I was there, the only people who were left standing either had someone take them in as a partner, or were just filtering accounts to them to work with in addition to their own prospecting. Not one single person made it through without getting fired or quiting without this kind of relationship. And as things are looking right now I would assume there are few FA’s helping people out like this anymore, because they got their own problems. So I am just looking at every single possibility available that leads to the greatest chance of success. I personally don’t know any people who work or have worked in banks or discount brokerages, so am just trying to get a little feedback so I can be informed on how things actually are.
It’s called the “Merrill Model” go somewhere else where the even half way want you to succeed. I had an offer from them but the office I was thinking about had an air of predation about it that made it a no way for me.
Just MVHOFrom what I understand Schwab hires very few brokers and if you leave Schwab they have a very good non-compete and they sue you for trying to take clients. I would continue to work at Merrill or move to an independent especially if they are cutting Merrill’s grid as I suspect.
Good Luck