Scottrade

  www.scottrade.com
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Scottrade Reviews

Updated Jul 21, 2014
All Employees Current Employees Only

3.3 423 reviews

81% Approve of the CEO

Scottrade Founder, President, and CEO Rodger O. Riney

Rodger O. Riney

(339 ratings)

70% of employees recommend this company to a friend

Review Highlights

Pros
  • The work/life balance is great--I never put in longer than an 8-hour day(in 40 reviews)

  • It's also a great place for young college grads to get resume experience(in 30 reviews)


Cons
  • Small office environment, lack of growth/promotion unless willing to move to St(in 25 reviews)

  • no room for advancement unless you want to change your job title and keep doing the same thing(in 21 reviews)

291 Employee Reviews Back to all reviews
in
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    An ok place to start.

    Anonymous Employee (Current Employee)

    ProsFamily atmosphere. Solid work life balance. Great benefits and opportunities if you are willing to relocate to St. Louis.

    ConsUnrealistic expectations. Low base pay, quotas that are not realistic.

    Yes, I would recommend this company to a friend

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    Very friendly work place.

    Branch Intern (Current Employee)

    ProsYou have flexibility when going to school and the internship. The Investment consultants are willing to help you if you're having trouble with anything. Helps you learn about the financial services industry while going to school.

    ConsThe company has changed from a regular discount brokerage, to one that is competing for sales. The business model has changed into gaining more business. It puts more pressure on everyone in the office and it gets harder to learn when the Investment Consultants are always busy with outbound calls, walk-ins, and appointments. Finally, there is little room to grow, it is harder to get a full time job because they want experienced people with series 7 and series 63 licenses and selling experience.

    Yes, I would recommend this company to a friend

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    • Disapproves of CEO

     

    Branch Manager

    BOM (Current Employee) Saint Louis, MO

    ProsFinally being paid for effort

    Consnone everything is great now

    Advice to Senior Managementnone

    Yes, I would recommend this company to a friend

  1. We want your feedback – Are these company reviews helpful to you?  Yes | No
    • Culture & Values
    • Work/Life Balance
    • Senior Management
    • Comp & Benefits
    • Career Opportunities
    • Approves of CEO

     

    Amazing job for a recent grad after the internship!

    Investment Consultant (Current Employee)

    ProsGreat work/life balance, amazing learning resources, and good opportunities to make money. Management sets you up to succeed in any change they make. The only way to fail with this company is to slack off and think they'll pay you for nothing.

    ConsIt's tough to think of many cons. There are constantly changing metrics to focus on as the company changes its focus. Policy and software changes take a few days to get used to.

    Advice to Senior ManagementKeep up the amazing work!

    Yes, I would recommend this company to a friend – I'm optimistic about the outlook for this company

    • Culture & Values
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    I learned what it was like to work in a corporate environment, as well as use critical thinking to accomplish a task.

    Service Center (Current Employee) Saint Louis, MO

    ProsManagement is friendly and knowledgeable.

    ConsI only worked there a few months as an intern, so I don't have any cons

    Yes, I would recommend this company to a friend

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    4 people found this helpful  

    Many unhappy employees

    Investment Consultant (Current Employee)

    Prosbenefits package and a 401k match

    ConsSince Scottrade went to an asset gathering focus, many managers and Investment consultants have been leaving. Its frustrating working in a lower income demographic and being compared to branches in higher income areas. Management treats all the branches the same and doesn't acknowledge that it s not a level playing field.

    Advice to Senior ManagementReward branches on their improvement. Its frustrating to be improving and be told your underperforming. Stop sending everyone's stats out in weekly emails. I doubt you will ever see Scottrade in the top 100 company's to work for if you keep doing these things.

    No, I would not recommend this company to a friend

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    • Disapproves of CEO

    4 people found this helpful  

    ScottTDScwhabFidelityTrade

    Anonymous Employee (Current Employee)

    Prosbenefits
    can't think of anything else

    ConsRecently, Scottrade has implemented sales to the branches. It was a necessary move in order to generate a more stable revenue source than raw trade volume. However, management has done a horrendous job of introducing sales to branches that are primarily comprised of folks who work there in order to avoid sales.

    The branch network is not sufficient to support sales the way management wants it to. The office is a large, open room with no privacy. Often times an investment consultant or manager finds themselves whispering to clients in order to discuss how they can better manager their life savings while another associate takes a deposit from a client looking to "make it rain" on the newest pot stock.

    The internet is embarrassingly slow, especially when you are demonstrating the website and investment tools to clients. Branches rely on a DOS system for daily operations and a poor CRM software that is overloaded and takes forever to load anything. Clients are now constantly complaining of long hold times or being transferred to the service center while branches ignore valuable, life-long clients in order to document sales interactions so the regional managers get off their backs. The branches have no wifi available for clients who come in with their mobile devices for assistance on the apps and are turned away. There are constant technical issues. Recently, the website was down 3 times in 1 month. Management tells you to accept all incoming calls when technical difficulties arise and then blasts the branches when their sales documentations are down.

    Branches spend most of the day documenting sales conversations and outside asset opportunities because according to management that's all that really matters. Bring in a $1M account? If it's not documented it doesn't count. Grow the branch's assets by $10M? You better have every penny documented otherwise it didn't happen. Regional managers suggest call blocking throughout the day and tell branches that if someone is on their call block then that is their only responsibility for that time and the other associates have to make up for your other responsibilities. If a client walks into the branch and one associate is on the call block and the others are with other clients, the walk in has to sit there awkwardly while the call blocker types away notes on a previous phone conversation. What's the point of having branches if clients can't get help from the local branches in person or are forced to sit on hold or speak to the service center when they attempt to call in?

    The regional managers that oversee the branches have little to no sales experience because the majority of them were once branch managers at Scottrade before sales were ever implemented. They are at Scottrade the same reason that the people in branches are at Scottrade; they tried full service firms, failed, and then came to Scottrade to not have to rely on commissions to put food on the table. Those same people are now responsible for managing and "coaching" sales at the branch level. They are completely out of touch with how sales at Scottrade works and offer unrealistic, ridiculous suggestions due to their lack of experience. It's remarkable how the company offers no sales training from people who actually have successful backgrounds in sales. Having trouble with your numbers? Regional managers' only suggestion is to role play with your fellow failing coworkers.

    The culture at Scottrade in the branches is terrible and will continue to get worse as long as TD, Fidelity, and Schwab folks continue to take over and ruin it.

    When is Scottrade's IPO? Rumor has it the ticker symbol will be SUCK

    Advice to Senior ManagementHold branches accountable for individual sales performance AFTER you evaluate the SALES skills of your regional SALES managers.

    Focus on sustaining and growing branch assets as a whole, not the quality and frequency of documented conversations.

    Upgrade the technology infrastructure. You are an ONLINE brokerage firm, quit forcing clients to submit paperwork for everything...the website and its functionality is reminiscent of the 1990s.

    No, I would not recommend this company to a friend – I'm not optimistic about the outlook for this company

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    Busy, fun, lots of learning opportunities and nice benefits.

    Back Office Analyst (Current Employee) Saint Louis, MO

    ProsBenefits, work environment, the company does a good job of valuing your contribution through workplace programs, good benefits, and bonuses, but...

    ConsSalaries seem on the low side, but it's hard to compare due to the perks and benefits.

    Advice to Senior ManagementNone, keep doing what you're doing, but try to get IT out of silos and cooperating better, both with each other and the business end of the company.

    Yes, I would recommend this company to a friend – I'm optimistic about the outlook for this company

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    • Approves of CEO

    3 people found this helpful  

    Mind numbing, sales job...

    Investment Consultant (Current Employee) Seattle, WA

    ProsSteady paycheck. Clients still think of us as we were a year or so ago, but will soon realize that there is no time for current clients unless "opportunities" are uncovered in you. Good 401k match, time off and sick days. Bonuses compensate for low pay (almost).

    ConsTD and Schwab guys are changing the entire culture which is making the company just another trading website with mediocre and clunky tools to trade with. The branches are suppose to add value to the client but really they are just becoming awkward quiet offices where associates tap away at their keyboards trying to "document" all "contacts". It doesn't matter how much work you do in the office, if it's not an asset gathering contact recorded in the crm software it never occurred. Clients are time wasters preventing the associate from making sales calls and reaching their daily required numbers. The job is boring and really your just a glorified sales/customer service rep. Website has constant problems and very frustrated clients. Not a career. Just a sales job, if that's what your looking for. Lock yourself in the back room and start making cold.....I mean warm calls.

    Advice to Senior ManagementSales activities will grow assets in the short term but the cultural shift is beginning to grow very fast. Branches are awkward and quiet with clients whispering so the desk and clients right next to you can't hear their private financial information. If this is the direction the company is going it would be more beneficial to bring all associates to HQ and forget the branch idea.

    Yes, I would recommend this company to a friend – I'm optimistic about the outlook for this company

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    Scottrade is a great company!

    Financial Service Representative (Current Employee) Saint-Louis (Reunion)

    ProsThey encourage you to learn and recognize your efforts.

    ConsThey don't pay as well as others. The Service Center is becoming to structured.

    Yes, I would recommend this company to a friend – I'm optimistic about the outlook for this company

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