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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

Author Brooke Southall July 24, 2015 at 11:40 PM
no description available
Terri Kallsen: We need more feet on the street.

Walt Bettinger


Tim Welsh


Terri Kallsen


Joe Martinetto

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!”

Related Moves

July 16, 2022 at 1:35 AM

Walt Bettinger axes current and former Schwab retail chiefs, Terri Kallsen and Andy Gill; funnels responsibilities to Jonathan Craig, for now

The Schwab CEO is 'restructuring,' which includes cutting the Chairman's Club program that sent 200 top performers to Hawaii on a free junket

July 24, 2019 at 12:53 AM

Walt Bettinger discloses expiration of unknown 'pact' to explain to Schwab investors why Bernie Clark, Peter Crawford and Joe Martinetto all chose to exit at once

The 'sort of informal' deal was struck in 2019, but never revealed to shareholders during the merger transition, until the departures were announced -- in one press release -- this month.

May 25, 2024 at 2:45 AM

Fidelity lands RIA whisperer from Schwab in a coup, apparently using quality-of-life perks as lure

Kelly Smith chose the Boston rival for greater flexibility, better pay and a chance to move upmarket to sell family office services to RIAs that mix with the ultra-high-net-worth elite.

February 10, 2023 at 3:39 AM

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Mentioned in this article:

Nexus Strategy
Consulting Firm
Top Executive: Timothy D. Welsh

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