Your schefflera could probably use a larger pot. It appears to be tall in relation to the size of your pot. They trees are quite drought tolerant so is best to err on the side of dryness. If you would like, you can trim that trunk to the bottom where the foliage starts as it will not produce leaves again on the bare stalk. Your tree will bush out from the bottom again if given enough soil in your new pot. You can easily root the cuttings and have new trees!
Let us know how it goes! FYI These are nice Feng Shui plants to encourage good fortune in your life. Have this plant in a beautiful pot by the front door especially the South entrance to encourage all rich things to enter your home.