“We are doing all we can to stay at pace with the sudden burst of growth, increasing our capacity through aggressive hiring and continuing to ramp-up our technology,” according to the Schwab statement. “The consensus from many of my peers is that service has declined.” “My sense is that things are not being blown out of proportion,” he said. In a follow-up conversation Tuesday morning, Baker confirmed his suspicions.
“Serious question - has service from fallen off a cliff … or is it just me?” Baker tweeted last week. Michael Baker, an adviser at Vertex Capital Advisors, took his complaints to social media by calling out TD-Schwab representatives for being unresponsive to inbound calls from advisers. “And TD did a great job going remote until October when Schwab laid off TD’s service team.” “Schwab did a terrible job going remote and they never recovered,” he said.
Overseeing a firm with $1.2 billion in client assets, Gambaccini has custodial relationships with TD, Schwab, Fidelity and Pershing, and said Schwab’s service declined as soon as they went remote due to the pandemic. “We’re finding that service times for things like asset-backed loans and adding margin agreements, that used to take 24 hours, are now taking two weeks, and that’s just unacceptable in this day and age,” said James Gambaccini, managing partner at Acorn Financial Services.
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