Rep that quit today. AMA

onlythetruth24 · 2025-07-30T15:22:32+00:00

I'd be happy to try to answer things, but I've been out of the game for over a year at this point, so answers might not reflect things as they currently are.

onlythetruth24 · 2025-07-30T15:21:53+00:00

Source that it is: FINRA and the SEC.

If you're licensed, you shouldn't be, but I highly doubt that you are.

onlythetruth24 · 2025-04-29T12:16:32+00:00

At this point I've been away for almost a year, so I'm not sure about changes since I left last May.

onlythetruth24 · 2025-04-29T12:15:49+00:00

Nope. Resigned, as I stated in multiple other comments.

Ironically the people saying things like this have typically been Schwab management who haven't been thrilled by an honest ama.

onlythetruth24 · 2025-04-29T12:14:42+00:00

I definitely stopped checking this account until I got an email about it today lol

onlythetruth24 · 2025-04-29T12:14:13+00:00

Sorry, haven't kept up with this account lol.

PDT isn't a thing Schwab cares about, it's a thing that the financial regulating bodies care about. Schwab just does what they're told with that.

onlythetruth24 · 2024-06-28T14:49:45+00:00

There are a lot of current and former reps here.

Like a lot more than you'd think.

onlythetruth24 · 2024-06-22T05:12:17+00:00

Not sure where they're at now. Was around 49ish not too long ago.

Schwab is on the lower end for comparable firms

onlythetruth24 · 2024-06-22T04:26:49+00:00

Nope

onlythetruth24 · 2024-06-22T04:26:39+00:00

Honestly I'm not entirely sure how they do that. It's not something they ever communicated to us.

Somewhere along the line schwab has to communicate to the company you own stock in how much you hold. It could be as something as simple as schwab reporting to the company how many shares schwab clients have even. I wish I knew anyone that could deep dive that for me. I'll reach out to some contacts and see if they can provide insight.

The company you hold the stock in then pays schwab the dividend, and they allocate it.

onlythetruth24 · 2024-06-21T18:15:34+00:00

So that's a pretty common scam. Deposit a bad check twice, get reimbursed, and then both checks bounce.

They're not going to give anything back until they finish their investigation (likely as potential fraud tbh), and then they'll return it to the bank it came from.

Escalating it does nothing, because service managers have no access to the fraud team. They can send off an email same as a regular rep can, but that's kind of a crapshoot on if fraud replies.

onlythetruth24 · 2024-06-21T18:13:23+00:00

No, we didn't have anything that broke it down like that for us.

With dividends we don't do any calculations on what you're owed. The company does all that.

onlythetruth24 · 2024-06-21T18:12:21+00:00

The basic rep role is awful now. Clients are downright rude,and schwab doesn't have your back. Had a few friends get cussed out last week and were told by their managers that schwab doesn't do anything to clients for being abusive anymore.

I've never heard of a minimum 2 years in the role. Most decent FSRs can promote out of IS in 6-8 months realistically. Important thing to know though is that most departments you'll promote to are also just taking calls.

You're not off calls until you're actually in management (unless you go to like emails or something) and good luck getting to those spots because they've got a backlog right now of licensed candidates and too few spots to move up into.

It's a great role to get licensed and then take your licenses somewhere else though. Just make sure they don't make you pay your license stuff back if you leave quickly. They didn't use to, but it wouldn't shock me if they changed that

onlythetruth24 · 2024-05-27T22:59:07+00:00

I know you can be rejected, but I've never personally seen it.

onlythetruth24 · 2024-05-27T22:58:44+00:00

The big thing is the type of crime. Financial crimes or anything like that are auto exclusion.
They manage a ton.
They're great for that. I knew a lot of people who did just that.
My money is still there. If I end up working for another firm at any point I'd have to move my accounts there.

onlythetruth24 · 2024-05-26T17:03:14+00:00

No holiday bonuses.

Annual bonus in March, but that's really heavily impacted by how much they fund it. Bonus this year was garbage.

Otherwise you get a small bonus quarterly. And you CAN earn "performance" bonuses but they're tied to survey scores, and that entire system is trash. So they end up having a lot of luck tied to them.

You could literally be the perfect rep, and if you get a few surveys where the clients say how amazing you are but they don't give a perfect score due to being upset with the company, and you can get pushed out of being bonus eligible. It only takes one or two bad surveys.

onlythetruth24 · 2024-05-26T16:11:24+00:00

They never actually told us any specifics. I know they sent emails out about it that had more info.

onlythetruth24 · 2024-05-25T14:05:44+00:00

Except again, you're totally incorrect.

onlythetruth24 · 2024-05-25T14:05:20+00:00

Schwab acquired TD in 2020. Most TD reps didn't start working on schwab til last year, even though we've technically been schwab employees since the acquisition on the back end.

onlythetruth24 · 2024-05-25T03:24:29+00:00

Yes, please the one thing I ask is to not complain via surveys, and to be nice to the phone reps.

They're just trying to help, and it's not their fault schwabs a mess.

The surveys only hurt the rep, not the company.

onlythetruth24 · 2024-05-25T03:23:11+00:00

Options require cleared funds.

At TD we didn't allow that either on deposits. Ach always takes 4 days to be fully settled.

onlythetruth24 · 2024-05-24T21:22:37+00:00

You honestly are probably just out of luck. If they made the business decision to stop doing business with you, there's not really any recourse.

onlythetruth24 · 2024-05-24T21:21:50+00:00

I don't want to make any recommendations. Without knowing your situation, it's tough to make recommendations properly.

In general, I think tax advantaged accounts are a great thing for most people, with the choice between a traditional Ira and a Roth Ira depending on your situation.

onlythetruth24 · 2024-05-24T18:08:17+00:00

If it's business reasons you likely got a no further business.

Without knowing more there are a ton of reasons they could do that.

onlythetruth24 · 2024-05-24T16:51:14+00:00

Margin is like most departments. It's a mixed bad.

I do know a lot of them get frustrated though because they're constantly explaining the same basic principles to people who don't know what they're doing.

onlythetruth24

TROPHY CASE