Why isn't this the top criteria for leaders at Schwab?. So many of them don't give a sh*t about clients unless it's their team that gets the credit. If clients only knew, they would move their money somewhere else
12 replies (most recent on top)
The cash sweep is pretty disgusting. I only found out recently you had to move the money yourself to higher yielding products unlike Fidelity. I am telling anyone who uses Schwab to do it as well because that is Schwab taking advantage of the ignorance of people.
To the marketing officer or leadership lackey that wrote this note above
"You have no facts to back up your claim…. I don’t see a single leader not caring about the customers… lot of disgruntled ex employees here poising the well…. Move on. It su-ks to be laid off, but the nonsense and vile being spread is disgusting… and those still employed, get a damn clue… do your job or go somewhere else."
April 14 by Anonymous | 57 reactions (+7/-50)
Post ID: @mfc+1s2V6wVN
You are full of nonsense and obviously a management troll in here attempting to squash the truth. THe firm does not care about employees and clients dont fare much better. The cash sweep is a disgraceful attempt to take advantage of clients. Management will say "we tell people to move in to higher yielding products". Nonsense! They cringe when cash balances go down as it cuts driectly in to profits.
If you do care Schwab then.....move cash balances automatically in to a higher yielding instrument. Schwab employees should unionize. That place is the land of the walking dead. Did walt get his 20 million dollar bonus again this year? Peter Crawford get his 3-5 million ? For what! Horrible job on all fronts
I am exhausted from advocating for clients at this point. I push and push, I am lucky if I get anywhere in terms of improvement ideas.
Op is correct. Some leaders are on a power trip and intentionally sabatoge teams due to lack of knowledge. They will be happy to watch you/team fail. In the end it is the client who suffers.
Don't forget the $119 million for YieldPlus.
Didn’t we pay $180 million because we didn’t see through client’s eyes?
And isn’t that slogan beyond gross?
I mean, like, are the eyes removed before we look through them? Or is it surgical where we tap into the optic nerve…
Fidelity, for example, automatically deposits cash in your account(s) into a higher-yielding money market fund.
That is looking through the client's eyes.
Schwab, by contrast, skims a little off the top for themselves with that cash. When I joined the company and moved my assets, I laughed at the cash sweeping notice. Such a sc-mmy way to increase income that takes advantage of people who do not actively manage their investments.
You have no facts to back up your claim…
That’s ok. I do!
- Placed employees into an HSA program that pays nearly no interest. Employees in this context are customers. Fidelity and other HSA custodians pay 5%. And have lower fees.
- Created a profit model designed to fleece customers by assuming they were too d-mb to move assets from low interest accounts provided by Schwab (cash sweep). This may be through client’s eyes, but only really d-mb ones. This led to degradation of the company’s services, exacerbated by unimaginable bond decisions.
- Dismissal of senior staff and SMEs, deferred system upgrades and maintenance, limited system and service updates, and aggressive movement towards less experienced advisors. This includes years of missed service levels. Customers experience this as outages and missing features. Look at this year’s ORKs. Another lost year. Look at previous year OKRs were so many were missed or redefined.
And many, many more. But the point is made. None of these were to the customer’s benefit or desires. In fact, it was antithetical to what a customer would seek.
I do my job and then some. I care about customers and shareholders. I am both. But I certainly wouldn’t have given Mr Schwab a double digit raise in the same year we were cutting infrastructure purchases for budget concerns if only due to optics.
Amazing to see the corporate lackeys out in force. The new PR team is kicking it into overdrive.
You have no facts to back up your claim…. I don’t see a single leader not caring about the customers… lot of disgruntled ex employees here poising the well…. Move on. It su-ks to be laid off, but the nonsense and vile being spread is disgusting… and those still employed, get a damn clue… do your job or go somewhere else.
Because they don’t care
Clients are moving their money elsewhere cus asset mgmt s*cks