Charles Schwab's Retirement Recordkeeping

Training programs are considered a necessity within the retirement recordkeeping industry in order to maintain compliance and to survive in the competitive market. Charles Schwab has made strides in conducting trainings along with the other top 20 retirement recordkeepers, but none of them utilize a comprehensive strategic evaluation method to determine the success or failures of these programs and their financial impact. The companies that do utilize more robust evaluation programs were identified as having a larger share of the market. Charles Schwab only maintains 1.9 percent of the market share for assets under management and requires an innovative method to break into the top 10 retirement recordkeepers that hold approximately 70 percent of the assets under management. The purpose of this study was to explore potential best practice evaluation techniques for the corporate training program within the retirement recordkeeping department of Charles Schwab that could determine current value and potential value added …show more content…
The literature review revealed that global organizations such as Charles Schwab are operating at a 40% performance deficit compared to the U.S. based companies due to a lack of substantial funding for value added training programs. Charles Schwab was found to only be evaluating their programs utilizing the perceived employee impressions without acknowledgement of knowledge transfer percentages and organization impact. A strategically funded training program that consists of approximately 2 to 3 percent of the organizations revenue and is evaluated, tested, and improved was found to potentially increase market share by almost 6