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Long time happy Schwab customer but no longer. I won’t get into the details of my frustration but I made two separate attempts to connect with the “Client Advocacy Team.” I was told by the representative on chat that clients are not allowed to speak with the “Client Advocacy Team.” Think about that.
Yes, I understand. EL BIG-O SUCK-O. As for ME: no one at the local office returned my calls, so I stopped trying. Too much work now, and too soon, to switch to a different brokerage. But as for service: they were all glad-handing me, and could not do enough, until they got my money into a Schwab account. After that, it's been suck-ass all the way. I depend upon the website, and chat, if I need it. But I have seen that what they tell you on the chat function is not always reliable. Harumph. I think our calls are the means by which they get trained and become familiar with what's what.
Bad customer service is the new norm. So to which brokerage do you move? Fido seems ok at best. Vanguard is a pit. No brokerage houses "shine" these days.
In service business you can have two of the three: Quality, Cheap, & Fast but not all three. At least that is what I used to tell my clients. If you are dealing with a brokerage, you are more likely dealing with a situation where time is of the essence. So, that leaves only to pick from Quality or Cheap.
The usual Schwab in that I have had great access to nice folks who agreed with my frustration but no fix. So I tried to reach the so called “client advocacy team “ which I found out was impossible. I wonder if such a team really exists. No one knows cause no one has apparently ever spoken to them. I am laughing at the situation.
Chat guys do not necessarily know everything. When in chat, always ask for a supervisor if you are uncertain of the answers. They always connected the supervisors without a question. Chat supervisors are a lot more knowledgeable and are really interested in finding solutions than on the phone supervisors who tend to be people managers (and sometimes without subject matter knowledge).
For customers and employees, Schwab structure is a lot more opaque than TD structure. So, if you came from TD, that can be frustrating, just as it has been for legacy TD employees.
Schwab does not devote resources to train their employees as well as TD did. Imagine how frustrating for legacy TD employees when they have to go in circles to find information about their new employer.
All I can say is you are not required to train Schwab employees. Just keep going up the ladder until you find efficiency.
To be honest with you, Schwab will not tell us but I think just as Vanguard they too would prefer that we all use a FA (for a fees). Some forum members use a FA at Schwab and I do not hear any complaints from them - not to mention the added access to funds that are not available to retail. May be that is a clue for the rest of us.
The chat rep was gone for five minutes while she was looking for the answer. That made me think she was inexperienced and had to ask a supervisor how to answer my request. I did get an unexpected and unsolicited call from the FC I am assigned to. He was notified I was unhappy and called to express his sympathy…. And he said he would look for answers. But I have heard that from multiple people who said just that. But they are all so nice. lol.
First mistake: using a chat. Always call, no ifs or buts. It's faster to get results. Second mistake: call your local assigned rep, and let him/her lead you. You can also ask to talk with the local branch manager. Third: CALL, and ask to talk with the higher ranks at Schwab.
I know the number for the private client services. Remember, what I said many times, ask for the moon and you will get a lot more. Keep chatting, and you will get very little. A smart person learns from someone else instead of inventing the wheel.
@FD. Thanks for your input. I went thru multiple escalations originally thru private client. Got no where. My local assigned rep called me. He,,, like all the others were sympathetic and amazed by my issue. But nothing else …. So I tried chat just to get the contact number for client advocacy team. Wasn’t looking to chat. But the number is top secret and not for clients.
@FD1000 And when you can't get the scumbags to either answer the phone OR return messages??????? That is MY Schwab-World experience. I could go downtown to the office, and deal with a RECEPTIONIST. And where would THAT get me?
@larryB, I don't know what your problem was, but mine was usually answered. Maybe it's time to transfer. I have done it several times between Fidelity and Schwab and why I keep them both. The nice thing is that I got a nice cash bonus each time, and it didn't take long at all.
Been with Schwab since 1997, no real complaints. I rarely call them for anything though, a handful of times per year, and generally over some technical thing.
I've had occasion to deal with reps on a couple of occasions since moving from TDA, and my experiences have been positive. Many were with TDA originally; so that may not mean anything. I must say, Crash, you seem to have had an inordinate degree of difficulty with this move!
To be fair I have been with Schwab for many decades. I ALWAYS have quick access to engaged and professional reps. Until this experience I have never been unable to get a clear answer and resolution to whatever was concerning me. In this instance I could not get my question answered. I found it absurd the client advocacy team is not accessible to clients. That was the point of my original post.
That could be a mistake from an inexperienced agent. My experience is limited to Fidelity and Vanguard. Chats work okay up for simple cases. I have been more successful talking with their Client Services directly. Also ask for the name of the representative and thank them for taking your call. You can call back and ask for that rep later if your question is not resolved. Often the supervisors get to call in to resolve the question.
Noted that human services have declined since the pandemic as many are still working remotely. Some brokerages recovered better than others. Fidelity cut back their office hours, so I call early in the morning.
Comments
For customers and employees, Schwab structure is a lot more opaque than TD structure. So, if you came from TD, that can be frustrating, just as it has been for legacy TD employees.
Schwab does not devote resources to train their employees as well as TD did. Imagine how frustrating for legacy TD employees when they have to go in circles to find information about their new employer.
All I can say is you are not required to train Schwab employees. Just keep going up the ladder until you find efficiency.
To be honest with you, Schwab will not tell us but I think just as Vanguard they too would prefer that we all use a FA (for a fees). Some forum members use a FA at Schwab and I do not hear any complaints from them - not to mention the added access to funds that are not available to retail. May be that is a clue for the rest of us.
Second mistake: call your local assigned rep, and let him/her lead you. You can also ask to talk with the local branch manager.
Third: CALL, and ask to talk with the higher ranks at Schwab.
I know the number for the private client services. Remember, what I said many times, ask for the moon and you will get a lot more. Keep chatting, and you will get very little.
A smart person learns from someone else instead of inventing the wheel.
I don't know what your problem was, but mine was usually answered.
Maybe it's time to transfer. I have done it several times between Fidelity and Schwab and why I keep them both.
The nice thing is that I got a nice cash bonus each time, and it didn't take long at all.
Noted that human services have declined since the pandemic as many are still working remotely. Some brokerages recovered better than others. Fidelity cut back their office hours, so I call early in the morning.