CS&S is going under big time, as a people leader in CS&S I have a very bleak outlook. CD1 is a main catalyst, the reps are terribly clueless and the training they have been given is atrocious, many of the bad surveys received from both TD and Schwab clients have been after speaking to a CD1 reps, they clog up phone lines with questions they can but won’t answer. My reps HATE CD1, I can hear the tone in my reps go downhill everytime they hear CD1, we are in westlake area and everyone on my team is now remote and most have children, I doubt half of them will RTO, many have been here since USAA. They are waiting until OCT1 to get their ducks in a row. So am I.
RTO and CD1 will be a kn--e in the chest to CS&S.
Oct 1 will be a catalyst, they may not be laying off from CS&S but I would not be surprised if the most amount of attrition is from CS&S. People are using this time to get their ducks in a row. You should too. We had one guy quit on the spot in a meeting the day it was announced.
Walt and the EC have bit off more than they can chew and they have yet to find that out. Keep in mind that the reason you’re going back into the office is becuase some guy that got paid 24 MILLION last year says you should.
We may all have mixed feelings about RTO but at the end of the day reps will leave. A lot of reps will leave. The simple fact of the matter is that if someone is going to be required to come into an office, they need to be paid more. Schwab does not pay more than other companies, it’s not longer competitive and the pay no longer counter balances the benefits.