Good start for licensing, but culture stifles growth
Pros
Good place to get your initial licensing and boots on the ground. It was TDA when I got hired so maybe that’s not true anymore, but at least it was good at the time for starting out. Some of the teams can be really close knit on trader. Mine was until they broke us up. Some of the conversations you can have with clients are robust, expansive. If you have a high intellect and a knack for teaching and explaining, they really show appreciation. I have won multiple client service awards. They have decent medical leave for when the place makes you have a mental health breakdown.
Cons
Low pay Slow promotions Micromanagement Increasingly tight adherence standards Management is uninspired from the top down. Culture encourages “yes man” behavior and falling in line. Stifled innovation. Expectation on CS&S and Trader services is to be on the phone continuously for 8-10 hours a day with two 15 minute breaks and a 30 minute lunch. They micromanage adherence until you hate the job. They’ll stop you from advancing just for adherence even if you are top 1% in every other metric. Small annual cost of living raises that feel like an insult especially in this environment. Got one $1000 stock bonus in 5 years. No profit sharing, no pension. You are a number here, nothing more, despite all The nonsense about “schwab family.” TDA was a family. This is the empty husk of this family with a parasite living in it. Smart money stays for 2-5 years tops and moves on or else you’ll be doomed to poverty and small 2.5% annual cost of living raises each year. Bonuses are mediocre. Appreciation comes in the form of pizza parties. Are we in elementary school? Managers and anyone still around are either biding their time, or have resigned themselves to be sycophants. Such an environment does not breed competitiveness nor innovation, and it cannot retain top talent.
