| Topic Name: |
Fc pay |
| Message Name: |
Time's a wastin' |
| Date Posted: |
01/12/2006 |
| In Reply To: |
Off the wall ... your points are right on the mark. Schwab brokers occassionally provide value to their clients, but typically they are chasing their tail trying to determine how to write MARS notes instead of closing business. I mean come on ... you give a broker 150-250 clients and pay em' $100k~ a year and ask them to make a few calls, close a few deals. What a joke of a company.
Till Schwab brokers are out there in the community REALLY developing relationships from unknowns. Grunting it out to build a real book ... its just a lot of hot air till reality bites you in the rear. |
| Message: |
Yes, of course, you're right. I am wasting my time with Schwabbo. I am now convinced there are brokers at Schwab who really believe they are completely intergrated into the lives of their clients. I believe that some are but clearly many are not. If Schwabbo believes he holds 100% of all of his clients dollars, then he is either very stupid are very new to the business. His luduicrous assertions belie his knowledge of retail brokerage specifically and the investment community in general. Again, I say, repeat this nonsense to your prospects then await their reply. (By "prospects" I mean potential clients that you have developed as a result of marketing your expertise/salesmanship. I am not referring to the guy/gals that happens across your office door on their way to Starbucks and wants to know what the S&P in S&P 500 means.)
I know/knew many Schwab reps. and heard many outlandish stories about folks making a living by manipulating the client relationship database. I wouldn't be at all suprised if this Schwabbo character was amoung those brilliant brokers. I understand Schwab brokers now "own" their own books of business. That's interesting. Were the brokers integral in putting those books together, was it a managerial decision or some combination of the two? I can't imagine every broker at Schwab making an in-person introduction to their clients. Sounds to me like Schwab is looking to cull the herd of both unprofitable clients and brokers. I imagine there will now be a fair amount of "real-life" pressure placed on Schwab reps. to perform. Schwabbo better start lining up a spot in operations....No offense intended to those in operations, honestly!
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