1 /5 KJ Hillard: Disappointing and Disrespectful Experience**
I want to preface this review by stating that 99% of my reviews are positive, but my recent experience at Schwab warrants this.
I walked in with a smile on my face, hoping to get some assistance with my retirement accounts. The office was extremely empty, with nobody in the lobby, which gave me the impression that Id be attended to with a trace of kindness. However, from the moment I was greeted by the woman at the front desk, the energy was terrible. She informed me she was finishing up with another client and seemed very uninterested in helping me.
The setup of the office reminded me of an HR Block, where you dont expect the front desk person to handle complex financial discussions. I was expecting to speak with someone in a better setting to discuss my retirement which has depth to it. Doctors call it bedside manor, some places call it customer service, I call this lack of emotional intelligence. Despite the office being empty at 12:30 on a Friday, I was told I needed an appointment normally to come to the office but you can wait and I’ll see. I sat down and waited, no rush, while on the phone with another financial institution about rolling over my retirement into an IRA.
When the receptionist/financial advisor returned 5-10 minutes later, she still had a scowl on her face. She asked sharply what I needed help with, without a handshake or proper introduction, barely making eye contact. When I told her I had been a customer for eight years with four accounts, she still seemed uninterested. She asked for my phone number to look me up and told me I needed to schedule an appointment or they can’t do anything here, despite the office being empty and not really listening.
I explained that I had multiple positions to sell and needed help with various moving parts. My time away from work is limited, and I value respect and proper customer service, neither of which I felt during my visit. I didnt feel valued or welcomed as a customer.
If youve had a similar experience at this Schwab or any other, please comment. I must say, their phone customer service has always been great, but I have never felt welcomed in their offices. Consequently, I will be moving $22,000 plus another $18,000 that I would have invested, along with a lifetime of savings, away from the company.
On another note, I recently learned that Charles Schwab agreed to pay $187 million to settle an SEC investigation into their robo-advisor, Schwab Intelligent Portfolios. The SEC alleged that Schwab didnt disclose a "cash drag" on client portfolios, which enriched the firm but caused investors to earn less money for the same amount of risk in most market conditions. Schwab neither admitted nor denied the claims, and this behavior occurred from 2015 to 2018—the period when I opened my accounts. I had an Intelligent Portfolio, so who knows how much money I lost due to this.
Whats done is done, and I will move on, but I will ensure that nobody in my family uses their services in the future.
