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Schwab's big reveal at its July update: Goal to hire 1,800 financial advisors and unpause branch expansion

Newbie Terri Kallsen gets the Bettinger nod to spend big on doubling advisor force and growing branch count to 500

Friday, July 24, 2015 – 11:40 PM by Brooke Southall
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Terri Kallsen: We need more feet on the street.

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Mentioned in this article:

Nexus Strategy
Consulting Firm
Top Executive: Timothy D. Welsh




Jack Waymire

Jack Waymire

July 27, 2015 — 8:36 PM

Paladin was conducting some due diligence for an investor a few months ago. He wanted us to check out a “financial advisor” at Charles Schwab. Our first step was to call the advisor in Boston and explain what we were hired to do. We asked a few questions about his education, experience, and certifications. We were told and I quote: “We are not allowed to disclose that information.” Apparently, the qualifications of Schwab advisors is a deep dark secret.

If this was a company policy, and not a weak advisor hiding information from a potential client, what has Schwab got to hide? Perhaps, a lot of their advisors are not really advisors (IARs who work for fees). They are salesmen who sell Schwab products for commission. In that case, they are reverse-engineering several wirehouse business strategies.

We recommended the investor seek a real advisor who practices full transparency. Withheld information creates hidden risks.

Richard Rosso

Richard Rosso

July 28, 2015 — 4:53 PM

Schwab. The company that believes its own fantasies. Tim Welsh, Jack Waymire nail it.

If Schwab can recruit from Cricket Wireless or Verizon store, possibly the delusional Terri Kallsen can meet her ambitious goal. All you need to do is sell product and move clients on. No financial experience required really to work in the branches.

Hey I have an idea: Perhaps Schwab can think outside the cubicle and look for talent on cattle ranches. After all, all they require are herdsmen. You know – organize and move clients through a transactional sales process. Hey Terri, here’s some recruitment language for you: This position requires a person with a positive can do attitude, who can work with and motivate clients to buy products. Must be responsible and dependable with the skills to observe cattle, organize and complete tasks, while supervising employees under them (good one for your management selections). Must have experience in all areas of herd health (fresh cows, transition cows, humane treatment of animals, heat detection and replacement heifer program. So true. You don’t want your branch cattle to burn out too soon, right?

Hey, I should take her job! You need more “hooves” on “The Street!”

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