Any comments about working @ Schwab

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Jan 6, 2006 7:58 am

I’m looking for any insight to working at Schwab? Company culture, compensation, benefits, etc…

Jan 6, 2006 10:57 am

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.

Jan 6, 2006 11:03 am

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…

Jan 6, 2006 4:04 pm

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.

Jan 6, 2006 10:20 pm

How do they compare with Edward Jones?

Jan 7, 2006 10:28 am

Thankfully I am already Indy but if I had to start over I would work for Schwab before Jones!

Jones is a joke!