Scottrade Reviews

Updated August 29, 2015
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Scottrade Founder, President, and CEO Rodger O. Riney
Rodger O. Riney
345 Ratings

Pros
  • Work life balance is still good (in 51 reviews)

  • Used to be a great place to work (in 32 reviews)

Cons
  • Not much room for advancement once you start in the branch (in 23 reviews)

  • The only way to move up is to move to St (in 20 reviews)

More Pros and Cons

451 Employee Reviews

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  1. Helpful (14)

    Investment Consultant

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Investment Consultant
    Current Employee - Investment Consultant
    Doesn't Recommend
    Negative Outlook
    No opinion of CEO

    I have been working at Scottrade full-time (More than a year)

    Pros

    Good work/life balance. During the summer months it slows down a lot, which allows you to create better relationships with clients.

    Cons

    Wow where to begin. First of all, there is absolutely no room for improvement/promotion at the branch level. Not just that but the salary and pay structure of bonuses barely allows you to make a good living. They expect you to just accept all the new upper management and their TD sales tactics. It's not Scottrade anymore, so keep that in mind. Down time at the branch is extremely boring and repetitive. It seems that investment consultants do more paper filing and processing than actually helping clients. Management has been pushing for managed accounts and guidance, in St. Louis. This is just dumb. How are clients supposed to trust us and feel comfortable with us holding their money if they can't even talk in person with the person managing their account. Talking on the phone is NOT enough. Very disappointing where this company is heading.

    Advice to Management

    Start caring more about internal hiring and your employees, offer better technology, pay better (in terms of commission since we are strictly sales now for the most part), pay according to area as the work relies heavily on where you are located, set up flagship locations that allow for career advancement in areas not in St Louis.


  2. Helpful (13)

    IT is a ship without a captain

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - IT Employee in Saint Louis, MO
    Current Employee - IT Employee in Saint Louis, MO
    Doesn't Recommend
    Negative Outlook
    No opinion of CEO

    I have been working at Scottrade full-time

    Pros

    Good benefits, 401k, company culture, most coworkers are nice. Bonuses are getting better, though still lacking to make up lower salaries.

    Cons

    Leadership seems lost, especially in IT. Salaried compensation is below industry averages for IT in St. Louis. Flushing Meadows building is a dump, makes IT staff feel really important (sarcasm) compared to other locations.

    Advice to Management

    Primarily speaking about IT leadership with this review, but most of us feel that company leadership has been wandering in the dark for several years now in general. I have met Rodger on a few occasions, and he seems like a great guy who cares about his company and people. Problem is he seems to be fading into retirement as others struggle to fill his shoes. IT leadership is a joke. CIO and "CTO" (a glorified SVP) have been around far too long to be of any use to the people who actually do work. In fact, our twit of a "CTO" has let go or driven out most middle management. Some were probably due, but I would ask Ian and Rodger that if all those folks needed to go or leave, don't you think some other poor common denominator may have played a role in their "poor" performance?? Replacing those people with know-nothing, micromanaging mouthpieces is only going to continue the bloodletting. In talking to my counterparts in security and dev things don't seem that bad and they generally like their direct and middle managers. I can only assume that they help shield them from the BS, as good managers should. That said, the overall company culture and benefits are good. I plan to stick around for a bit longer for the sake of my 401k, but I would absolutely not recommend a position in IT until some high level turnover occurs.


  3. Helpful (36)

    Branch Manager of nothing!

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Branch Manager
    Current Employee - Branch Manager
    Doesn't Recommend
    Negative Outlook

    I have been working at Scottrade full-time

    Pros

    Matt Wilson who left when Roger Riney balked at removing the incompetent top level old guard senior management whom he is loyal to.

    Cons

    It would take all day to list these. And please Scottrade social media group, do not insult me with your standard we 'understand your concerns and contact HR garbage', because no one answers the phone there. I guess you can e-mail them and wait for some canned response like what is provided by you on this site. Sales is a joke here. I have always exceeded my targets in all areas and I hate every micromanagement low paid minute of it. And I get paid better than 90% of all managers because I came to Scottrade a few years ago from the outside. It only matters what branch you are in and I am in a good one so the money rolls in a we look good. If you are stuck in a bad branch you are toast no matter what. The manager and IC's who get the kudos take credit for all walk in and reactionary dollars but on the conference calls they talk about their great sales process and how they work for it. I know because I talk to many of them and I am one of them. The RM's don't care as long as you bring in the $$ and make them look good and mine has straight up told me such. The bonus structure is a joke. Incentive Pay is horrible. If a client walks in with 50k you will of course take credit for it in most cases, unless you are well ahead of targets. Then you might let it slide to look good. You pay the client a $100 bonus and you get $75 small dollars before tax. Whoa. And for advice, you will get paid $25-$50 for a similar dollar amount into the low end ETF portfolio. So Scottrade makes approximately 1% forever while you get paid $25? Oh and if you get 1.5 million into a guidance solution you get $400 once and done. Oh no. Stop the insanity. Wait, they have contests that pay you if you hit it big in every area. But if you are slightly off in one area, forget it. And what about those managed portfolios? They are not managed. Recently we were told to reach out to our clients and sell them guidance in the down market because their outside money managers were not doing anything. Well guess what? Scottrade's GSG did nothing during this market downturn or in any case since inception unless pressured by the client. The guided clients took a beating. We were told it's not about timing the market but your time in the market. Right. If you want to make money and get paid, go to a real firm like Schwab or Fidelity. Trust me on that. Taking care of the client is a thing of the past. Getting a larger share of their wallet is all that matters. And once you get them in and into advice, you have no reason to EVER help them again unless then have more $$ to give you.

    Advice to Management

    Go back to what got you here. TDA, Schwab, Fidelity and E*Trade beat you to this game and are way better at it. Go back to what worked. And Matt Wilson was spot on about the incompetence at the highest levels. And he paid the price trying to change that. Though to be honest, I'm sure he is glad his Scottrade days are in the rear view mirror. It's my dream as well, to get out of here. Roger, you should have listened to the consultants Matt brought in. Might have ended up saving this sinking tug boat or whatever it is.


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  5. Helpful (18)

    Run...run fast

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Senior New Accounts Support
    Current Employee - Senior New Accounts Support
    Doesn't Recommend
    Neutral Outlook
    Approves of CEO

    Pros

    The health benefits are good, but the cost went up this year and the cost of living raise wasn't enough to cover the new insurance rate hike.

    Cons

    They pay is an insult, you make more money working for a fast food restaurant. Very segmented and petty infighting between departments. Know one knows what is going on or works together to take care of the customer. Continue to higher upper management and then waste millions to have consultants tell them how they should run the company.

    Advice to Management

    Pay your people like professionals if you want professionals. stop wasting the money you should be paying to your hard working staff on more executives who don't know what their doing.

    Scottrade Response

    Aug 28, 2015 – Social Recruiting Team

    Scottrade views compensation in terms of total rewards, and we also realize that compensation is more than just a number. We pride ourselves in having a healthy work/life balance, affordable benefit ... More


  6. Looking forward to being an intern at Scottrade

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Intern - Project Manager in Westminster, CO
    Current Intern - Project Manager in Westminster, CO
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at Scottrade as an intern (Less than a year)

    Pros

    Great PMO and working environment. I firmly believe that being in a finance driven company is a great step to enhance your project management background.

    Cons

    None experienced thus far. In the interview, I was told that the company had a great working environment for project managers and it has a great project management office.

    Advice to Management

    I can only provide advice to management once I have been hired. That being said, Scottrade looks to be a great company run by excellent individuals.


  7. Helpful (20)

    Branch Manager -Small Office nightmares

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Branch Manager in Saint Louis, MO
    Current Employee - Branch Manager in Saint Louis, MO
    Doesn't Recommend
    Negative Outlook
    No opinion of CEO

    Pros

    Good Benefits, 401k Match, Work/Life is agreeable

    Cons

    Small two associate offices are a nightmare. Two associate offices have less people to do more paperwork and have less time to do what the company is highly stressing which is 'Outbound Calling, Prospecting and Following up with the client base. Scottrade offices with 3 -4 associates have better 'Outbound Calling Numbers & Contacts since the work is distributed more evenly and lets face it there is a lot of luck on QDs and branch location and area play a large role in consistency regardless of what HQ preaches that we are all on a level playing field. If a new IC shows up to an office and the two other associates have 500 open opportunities that they keep refreshing every month to keep ownership it leaves the new associate with the scraps and unable to make a real long-term impact when everyone he talks to has an open opportunity assigned to someone else in the office. I see associates with 200-600 open opportunities on the weekly sales spread sheet and that is ridiculous , nobody is actively working that many open opportunities they are gaming the system and making life miserable for the other associates. Other firms like E*Trade, TD and Schwab give the new associate a book of business that is their own that they can work which is fair and reasonable. Scottrade has a free-for-all system that is chaotic.

    Advice to Management

    Lets clean things up and make being a Branch Manager more desirable and not seem exactly like the IC role. There needs to be something different to separate the two. Maybe a half threshold on sales numbers? Too much conflict of interest when the Branch Office manager has to hit the same numbers as the IC's in the office. I can't think of any firm that does it that way.. then again we do have 500 offices. Too many obnoxious TD guys taking over and preaching Science of Sales the reason they all left TD was simple, they couldn't cut it there and the 'Science of Sales' was not working every quarter or they would still be there making that 300k a year. Lets figure that part out.

    Scottrade Response

    Aug 28, 2015 – Social Recruiting Team

    We appreciate your candid feedback. The leadership team is aware of the strain that administrative tasks can have on branch associates and is working to shift some of that responsibility. We believe ... More


  8. Helpful (22)

    Ok job but not a career

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Investment Consultant
    Current Employee - Investment Consultant
    Doesn't Recommend
    Neutral Outlook
    Approves of CEO

    I have been working at Scottrade full-time (More than 8 years)

    Pros

    40 hour work week Decent benefits Decent pay for level of work Can be laid back, low stress

    Cons

    Where to start... If you work in a branch, there is surprisingly little room for growth. While many companies frown on employees staying in the same role for 5+ years, this is the norm for branch employees. With jobs picking up, Scottrade has experienced an exodus of long-time employees which is why we're now always hiring. Additionally, Scottrade values external candidate skills moreso than their own employees'. Working in a 2-3 employee branch also presents very little networking opportunity you'd typically see in a large company which further hurts career growth. Bottom line - look elsewhere for career advancement. Be ready for quotas. Branch employees are judged on a set of about 6 metrics and little else. This creates an environment where employees are encouraged to manipulate their numbers instead of worrying about customer service (such as not answering client calls all day to leave 10 voicemails). If you like selling used cars, you'd probably enjoy working at Scottrade. Repetitive work. Don't expect to learn much after year 1. There's nothing new or challenging. This makes it incredibly difficult to get satisfaction out of your job. It can also be draining working in a retail environment after a period of time. Combine repetive work with no "brighter future" (promotion opportunity) and its easy to see why the best employees leave. Bottom line - As an entry level job or to get licensed, its fine. If you want career growth and a fulfilling career, its probably not for you. After 2-3 years at Scottrade, there are literally zero career advantages aside from a paycheck.

    Advice to Management

    Create opportunity. Good employees want long term challenges/goals and the ability to grow personally/professionally (striving for closes every quarter doesn't count). Give branch employees more opportunity to assist with projects or encourage innovation. Having branches submit company ideas 3 years ago was a good start - and the tremendous response shows the desire/need - but it needs to continue. Judging employees on 6 sales numbers and little else is a horrible representation of job performance. It creates an environment where everyone tries to maximize the metrics with little regard for overall job performance. My assumption is Scottrade wants to keep the best and brightest. This may not be the case and it might actually make more business sense otherwise - see Enterprise Rental Cars. Either way, there should be a level of honesty and expectations set. It's far too common for people to ask about growth opportunity and be given a response along the lines of "next year well be adding x position which you can apply for." But when this position never comes to fruition or goes to a candidate from TD, it creates a stronger feeling of not being able to have a career here. Last thought - at one time, Scottrade had great benefits. While our benefits haven't changed much, they're now seen more as average. Companies as a whole now match 401ks, give more vacation time, and decent health insurance. While opportunities to work from home or 4 day work weeks may not be possible, maybe we should evaluate if there is something unique that we could offer. They're not bad, but stop telling us they're amazing.

    Scottrade Response

    Aug 20, 2015 – Social Recruiting Team

    Similar to many companies, the majority of our business operations are located at our headquarters in St. Louis. But our large branch network allows us to employ associates across the country, and ... More


  9. Helpful (1)

    Good company in transition

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Investment Consultant in Austin, TX
    Current Employee - Investment Consultant in Austin, TX
    Recommends
    Positive Outlook
    No opinion of CEO

    I have been working at Scottrade (Less than a year)

    Pros

    Good company values, decent benefits, decent hours, good work life balance, good opportunity

    Cons

    The obstacles all companies face when transitioning the bulk of their business

    Scottrade Response

    Aug 20, 2015 – Social Recruiting Team

    Thanks for your review. We’re happy to hear you’re enjoying your employment at Scottrade.


  10. Helpful (19)

    IC

    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee
    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

    I have been working at Scottrade full-time (Less than a year)

    Pros

    The pay is good. We get three weeks vacation. The work day is consistently ends at 5 with no weekends.

    Cons

    The job is not nearly what it was hyped up to be. Maybe I have an unusual manager but he is always on our backs to make more outbound calls and do "whatever it takes to get a QD" (qualified deposit) To sum it up, I am looking for a new job!

    Advice to Management

    None

    Scottrade Response

    Aug 14, 2015 – Social Recruiting Team

    We regret to hear you aren’t satisfied with your position. We encourage you to speak with someone in Human Resources, who may be able to help address some of your concerns.


  11. Helpful (14)

    Branch

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee
    Recommends
    Negative Outlook
    No opinion of CEO

    I have been working at Scottrade full-time (More than 3 years)

    Pros

    Its not TD yet and there is time to change our path. Management finally decided to update back office systems to allow for better product offering and service.

    Cons

    Out of touch sales managers with no experience being fed unrealistic expectations from consultant.

    Advice to Management

    Do something to distinquish yourself from td and schwab. Dont try to be them. Gun for gun they have us beat. Also, listen to your front line ics.

    Scottrade Response

    Aug 14, 2015 – Social Recruiting Team

    We appreciate your feedback and believe our large branch network and the ability to provide personalized customer service is what sets us apart from other financial services firms. As our company ... More



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