Scottrade

www.scottrade.com

Scottrade Reviews

Updated January 22, 2015
Updated January 22, 2015
534 Reviews
2.8
534 Reviews
Rating Trends

Recommend to a friend
Approve of CEO
Scottrade Founder, President, and CEO Rodger O. Riney
Rodger O. Riney
423 Ratings

Review Highlights

Pros
  • They do allow for a work/life balance that was much better than my previous employer (in 51 reviews)

  • It's also a great place for young college grads to get resume experience (in 32 reviews)


Cons
  • no room for advancement unless you want to change your job title and keep doing the same thing (in 23 reviews)

  • Politics, no room for growth - you're either a broker or a branch manager unless you want to move to St (in 20 reviews)

More Highlights

372 Employee Reviews Back to all reviews

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  1.  

    A wonderful place to work

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Anonymous Employee in Saint Louis, MO
    Current Employee - Anonymous Employee in Saint Louis, MO

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

    Pros

    The culture of the company is very strong. The people that work at Scottrade are kind, polite, helpful, encouraging, and inclusive. I really enjoy coming into work everyday.

    Cons

    I think the company is experiencing some growing pains, but handling it well.

    Recommends
    Positive Outlook
    Approves of CEO
  2. 1 person found this helpful  

    Slightly behind the times

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Investment Consultant
    Current Employee - Investment Consultant

    I have been working at Scottrade

    Pros

    Great benefits, good work-life balance

    Cons

    Lack of innovation, too conservative to allow employees to do their jobs

    Advice to ManagementAdvice

    Move into the 21st century and realize that you cannot be an serious asset-gathering company when the only means to send personalized information to clients is using U.S. mail or a fax machine.

    Recommends
    Neutral Outlook
    No opinion of CEO
  3. 11 people found this helpful  

    A complete waste of time.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Investment Consultant
    Current Employee - Investment Consultant

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

    Pros

    401k Match, That's about it.

    Cons

    The job sucks, management is completely useless lazy and ignorant. They want to pretend to be players in the industry. However never make any advancements toward anything. All their new products have failed. For example FRIP, Guidance , Portfolio Manager , Scottrade Bank, Scottrade Elite What a waste of time and money.

    Employee's are paid the bare minimum .Their sales commission is taxed double because it is considered a bonus. No longer listed on the top 100 places to work. Branch morale is extremely low.There is no chance for advancement. Employees are forced to do work not agreed to when hired. Matt Wilson initiated a chop shop mentality and the company has been doomed ever since. Managers are now sales vultures and only care about saving their own job .If you stand up for yourself you are frowned upon. Mindless conformity to company initiatives is expected. No feed back is considered.

     Sales Key was the worst move possible . So much time and money wasted for brainwashing and a style of sales that does not work anywhere. Micro management has recently become a top priority. Every customer interaction is now required to be recorded into the computer. They ares collecting personal information they use for cold calling lists . Investment consultants will eventually only be licensed telemarketers. I would join almost any other brokerage firm. You own no book of business, and constantly have to fight off other associates trying to steal your money/deals. .

    Advice to ManagementAdvice

    Sell the company. Give employees a chance to thrive under a regime that is not corrupt. Otherwise there is no point to give them any advice, because they don't listen to a thing anybody says.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
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  5. 8 people found this helpful  

    Use ro be the best place I worked for but that has changed quickly.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Infrastructure Support in Saint Louis, MO
    Current Employee - Infrastructure Support in Saint Louis, MO

    I have been working at Scottrade full-time (more than 5 years)

    Pros

    401 k match, wellness reimbursement, some of the health benefits, hours. USED to feel like a family here but that is no longer the case.

    Cons

    The company is going down hill fast. I was told back in November that per Roger there needs to be transparency all the way down. Well I am still waiting for that transparency.

    Departmet I am in penalizes the hard workers and allows the slackers to do as they want and break every policy they want. All of the employees who actually cared about the firm and things going on have now lost all desire to work here.

    The pay is garbage and they say they check the market for values, well the values I have seen in the market shows I am making $20,000 less than market value on my job. You advertise breaking a dollar amount last year but the pay raises basically are saying "go find another job"

    When I first started at this company I could see myself being there for my whole career but this is no longer the case.

    Advice to ManagementAdvice

    Start treating the employees who care with respect and stop coddling the people who show up and sit and get paid.

    Be transparent like the CEO would like you to be

    Doesn't Recommend
    Negative Outlook
    No opinion of CEO
  6. 5 people found this helpful  

    Still an okay place to work but not as good as it was

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    I have been working at Scottrade

    Pros

    Managers and supervisors are good people
    Decent amount of time off

    Cons

    Salaries lower than average
    Lost a lot of people who weren't replaced so the ones who are there are overworked

    Advice to ManagementAdvice

    Used to be best 100 companies to work for then you weren't and you act like it's no big deal

  7.  

    Investment consultant

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Investment Consultant in San Jose, CA
    Current Employee - Investment Consultant in San Jose, CA

    I have been working at Scottrade

    Pros

    The benefits are excellent. The skills and training are superior. Salary is competitive.

    Cons

    Start up mentality. Minimal solutions.

    Advice to ManagementAdvice

    Offer more financial solutions and services.

    Recommends
    Positive Outlook
    No opinion of CEO

    Scottrade Response

    Jan 16, 2015Social Recruiting Team

    Thank you for your review, and we’re happy to hear you are pleased with your employment at Scottrade. As we adapt to the changing needs of our clients, we’re continuing to evaluate and implement ... More

  8. 11 people found this helpful  

    Concerned about the future...

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    I have been working at Scottrade full-time (more than 10 years)

    Pros

    Benefits, relatively easy job, you can fake results all day and still get paid.

    Cons

    Not really sure where the company is headed. This site has become a forum of discussion so let me say my piece. Basically you have to realize and give in to the idea that you are paid to do a job whether you like it or not, whether there is a future or not, whether you are asked to sell something you believe in or not, because you are paid so just do it. No amount of complaining and whining will change anything because St Louis decided everything. You are not owed an explanation or apology. Do it or leave.

    Advice to ManagementAdvice

    We have been stuck on the big G for two years. Can we move on to H now? My G is to pay my mortgage this quarter and for the next 10 quarters, but you obviously can't appreciate that. Will I become the best phone dialing contact making robot in a few years? You must be kidding me!? You hired someone from TD to show us how to copy Schwab with this Vision Map thing??? OMG you have no shame and no idea how hard we are laughing now........

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    Scottrade Response

    Jan 23, 2015Social Recruiting Team

    Thank you for your comments. Scottrade’s priority has always been to help our clients, and as the financial services industry changes, our mission remains the same. We regret to hear your experience ... More

  9. 14 people found this helpful  

    Changes not working

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    I have been working at Scottrade full-time

    Pros

    Good 401k match, and benefits

    Cons

    To much change and not enough qualified upper management

    Advice to ManagementAdvice

    It's all about selling now and no longer about the people who work there. You are only as good as your last sale. To many metrics. Incredibly time consuming micro management. Let's have some of the management guys go to a busy branch and see what the reality is. Maybe then, they will understand better. Put them in the office and have them take calls, help walk-ins, do the paperwork, trades, etc..... Might be an eye opener but unfortunately management will never do that since they would be incapable of doing the job since they don't know how to work the very systems they make us use.

    Negative Outlook
    No opinion of CEO

    Scottrade Response

    Jan 16, 2015Social Recruiting Team

    We appreciate your feedback. We believe the shift in focus has allowed our branch associates to better assist clients in meeting their financial needs.

  10. 14 people found this helpful  

    Growing Pains...

    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    I have been working at Scottrade

    Pros

    401k match and hours are great.

    Cons

    Saying they are going thru growing pains is an under statement. I don't think their pay is very good, they certainly don't care how long you've been working for them which is very dissapointing, yearly pay raises are truly depressing.

    Advice to ManagementAdvice

    Beef up staffing, more than anything you need to show your employees you care by giving raises that mean something. We brought in how much money last year and you believe you're fairly compensating your employees?

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    Scottrade Response

    Jan 16, 2015Social Recruiting Team

    Thank you for sharing your thoughts. Scottrade reviews salary market data on a regular basis to ensure we are offering a competitive compensation package to our associates. We certainly value all of ... More

  11. 7 people found this helpful  

    Myth vs. Reality

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Branch Manager
    Current Employee - Branch Manager

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

    Pros

    I read some of the other negative reviews of Scottrade and felt compelled to share my experience because it simply does not jive with what I or other long time co-workers I know have experienced. Is the company perfect? No. Is any company? Like most organizations, there is a lot of room for improvement, but unlike many others, they are trying to do something about it. Here's my perspective on some of the myths...
    Myth: The company culture has changed over the last couple years and they are no longer focused on the client.
    Reality: Unequivocally not true. I am pretty familiar with most of the regional managers, divisional vp for the east, senior vp of brokerage services along with the CTO , President of Scottrade Bank, and of course Rodger Riney . I can honestly say each and every one is laser focused on the client's needs first. I have worked at other firms, and there is not the dedication to putting the client first that you'll find at Scottrade across all levels of management.
    Myth: The incentive quarterly bonus and base pay are lagging.
    Reality: The company has continued to give merit increases of 2.5% up to 5% even through the 2008 downturn. The quarterly bonus incentive has gone through a few revisions since it was introduced 2 years ago and is now a big add on to my base salary. The bonus will add an additional 20%-40% on top of your base if you do well.
    Myth: Managers at all levels are not helping you succeed and are micromanaging.
    Reality: Again, simply not true. The company's strategy shift to asset gathering has caused everyone in the firm to go through extensive training from brokers to upper management. It's a work in progress. The effort is there to try to help and support managers and branches succeed. Mistakes will be made. Change is difficult, but I have never felt micromanaged in 8 years.
    Myth: The company is not going to be able to compete in the industry.
    Reality: The exact opposite is my experience. At my branch, we have brought in several million dollars just in the last quarter alone. The value and service combination that Scottrade offers along with the branch network is a serious competitive advantage that cannot be easily replicated. Are there challenges? Of course, but Scottrade management is making changes now to succeed in the future. The price point and level of service you will receive whether it's a self directed account or a managed account is unmatched in the industry. I have worked at other firms.
    Myth: Guidance/managed account team are in it for themselves and not the client.
    Reality: We have 3 dedicated guidance consultants for our branch and each one is extremely professional, knowledgable, and focused on putting the client's needs first. 1 is a CFP and 2 have been in the industry for 20+ years combined. We've had huge success with managed accounts for a reason...clients see the value vs. other competitor's offerings.

    I hope this helps someone make a more informed decision about this company. Scottrade has both been on Fortune's top companies to work for list and won the JD Power award for Highest in Investor Satisfaction with Self-Directed Services many times in the last 10 years. I don't think a firm described by some others on this site would have achieved that.

    Cons

    Limited room for growth beyond branch manager unless you're willing to relocate to St. Louis. Technology could be better.

    Advice to ManagementAdvice

    Stay focused on the client and your employees and success will follow.

    Recommends
    Positive Outlook
    Approves of CEO

    Scottrade Response

    Jan 16, 2015Social Recruiting Team

    We appreciate your comments and thank you for your dedication to Scottrade over the last 8+ years.

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