Scottrade

  www.scottrade.com
  www.scottrade.com

Scottrade Reviews

Updated December 21, 2014
Updated December 21, 2014
512 Reviews
2.8
512 Reviews
Rating Trends

Recommend to a friend
Approve of CEO
Scottrade Founder, President, and CEO Rodger O. Riney
Rodger O. Riney
411 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

357 Employee Reviews Back to all reviews

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  1. 8 people found this helpful  

    Not for everybody, but Scottrade is a good company

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

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

    Pros

    Very good benefits. Kind caring people throughout organization. If you are struggling, management will do all they can to help.

    Cons

    Two person offices mean when one is out of the office, the other has a lot more work to do. This leads to customers not being happy with the service experience as they are not able to reach the branch. With asset gathering being primary focus, the service center needs to have more operational responsibilities. Scottrade has taken a lot of the reports off the branch responsibility list but the branch still processes incoming mail and sends mail. All this should be done in operations. Scottrade needs a distribution center where all forms and pamphlets can be ordered and mailed from. Guidance will be better when the branch can provide it on their own versus passing it off to St,Louis. Improve the website reliability. We used to do branch seminars but now the branch is discouraged to do these as they can be making phone sales calls instead. On another note, many employees from the old Scottrade are very unhappy with the new Scottrade so not everyone is positive and unfortunately these employees only option may be to relocate to a Scottrade job in St.Louis which is not feasible for most.

    Advice to ManagementAdvice

    The new branch role simply not a good fit for everyone. Its a sales role. Conversations must have sales efforts as that's what an investment consultants performance is being measured by. I don't want anyone to think that employees did not work hard at the "old Scottrade." They did. There was still lots of relationship calls to make and lots of reports to do. Seminars always required me to prepare outside of my work hours. Trying to get great customer service surveys meant we went above and beyond with our follow-up efforts and calling people when we received their deposits or processed their paperwork. Someone said the job was "cush." That was not the case. We were the best in the business at customer service and educating clients to be confident investors. Something happened where Scottrade had to change. My understanding is that for Scottrade to stay competitive, they needed to increase their earnings. Too bad the change is just not right for everyone. I wish there was a way to place these employees including me in a job thats a better fit because I know Scottrade is an excellent employer. With St. Louis being an only option, its very hard to move an employee to a job that is a better fit.

    Recommends
    Positive Outlook
  2. 1 person found this helpful  

    Great Company

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

    I have been working at Scottrade full-time (more than an year)

    Pros

    I believe this company has great, benefits & Pay. Pay could be better, compared to other companies

    Cons

    Pay could be better. Thats All

    Advice to ManagementAdvice

    Compensate your employees for all the hard work they put in

    Recommends
    Positive Outlook
    Approves of CEO
  3. 3 people found this helpful  

    Great company

    • 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 10 years)

    Pros

    Management that cares for its employees. A very successful career path if you chose it. Scottrade is a family not a corporation.

    Cons

    Challenges to working here is always playing from behind on technology. However this is being addressed diligently and should dissipate shortly.

    Advice to ManagementAdvice

    Continue to be a family and not a corporation. That's another advantage we have over the rest.

    Recommends
    Positive Outlook
    Approves of CEO

    Scottrade Response

    Dec 22, 2014Social Recruiting Team

    Thanks for your dedication over the last 10+ years. We appreciate you taking the time to leave a review.

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  5. 5 people found this helpful  

    The Culture at Scottrade is FANTASTIC!

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

    I have been working at Scottrade full-time

    Pros

    I've worked at Scott trade for a fair amount of time.... I'm going to leave it at that because I don't believe that these postings are truly anonymous.... I'm actually a little anxious about posting this because I really don't think these are anonymous but I will do it anyway...

    When you ask people to describe the Scottrade culture several things come up. You hear about teamwork you hear about come camaraderie you hear about the general desire to help people succeed. We have not lost any of this. In fact the majority would say the bond that we have with each other has gotten stronger because of the change were going through. Going from services to sales is very challenging....

    80-90% of people here are excited about where we are at. They are happy with the bonuses and they are happy about helping people meet financial goals. They are using their financial experiences and education in a positive way. Many would say that this is a profession we should be very proud about. In fact most people would say this.

    We have some leadership that have a sales background and know what they are doing which is great ... we have older leadership that don't have a sales background which some people complain about but at least they are learning and they are trying from the people that do have the experience. I really think we should give everybody a break here because this is a monumental task that we are facing... We are trying to keep everybody on the bus but to do that we have to make accommodations. Even with this being the case I think overall we are doing a fantastic job.

    Cons

    There are a few people that came to this firm that did not want to sell, that failed at sales and now they are here. They have nowhere else to go after this... Every other major brokerage firm has gone through the service to sales transition and we are the last resort... This is been a topic that many people have discussed for several months and it's 100% spot on... I would say that 90% of the company is on board, 10% is not. But with this being the case, I feel for the remaining 10% or so and I want to help these people. As a team we need to help these people. This is the Scottrade way.

    Someone had made mention in the previous post that these people had cushy jobs as paper pushers and secretaries. Although the assessment may be somewhat correct, you have to take into consideration that many of these people have no other place to go and comments like that don't help the evolution of our firm... I would advise instead that we reach out to these people that are disgruntled and don't want change and offer help love and support.. If they pushback that's fine give it some more time and try again. We cannot and should not give up on them. We need them. This is the Scottrade way. We cannot ever change this..

    To all disgruntled associates-
    Please don't give up. Reach out to others and ask for help. We want you, we need you in we have to make this work.

    Advice to ManagementAdvice

    Stay the course. Keep doing it the Scottrade way. Culture has not changed and should not ever change.

    Recommends
    Positive Outlook
    Approves of CEO

    Scottrade Response

    Dec 22, 2014Social Recruiting Team

    We appreciate your feedback and can assure you these reviews are anonymous. As you’ve described, our core values are very important to our company culture. Although our services are evolving, we ... More

  6. 26 people found this helpful  

    Game over

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

    I have been working at Scottrade

    Pros

    local branches, therefore short commutes

    Cons

    Heres the stark reality. Schwab is rolling out free guidance for people with $5000 and above. Yes, for free. The only diffrence is you have to fill out the risk assesment survey yourself rather than have Scottrade fill it out for you.. Vanguard another behemoth offers the same service Scottrade does for less than half the price. TD ameritrade will rebate guidance fees for those who lose money. Merrill Edge has advisors in every Bank of america branch. Scottrade is facing being obsolete like so many tech companies eventually do.. It cant compete on price any longer and that is a big deal. It has not adapted quickly enough to a rapidly changing investment landscape. And yes, any investment in stocks can look good over 2 to three years. But how will those guidance portfolios perform over 5, 10, 15 years . vs one with zero fees. you can inject fear or whatever you want but you can't change the end game, no diffrent than commodore computer could, or blockbuster video.

    Advice to ManagementAdvice

    Shut down guidance, close 200 offices and roll out a robo advisor and try to compete with tradeking, or merge with them. You can't compete with Schwab and Vanguard., you have butterknives they have bazookas.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    Scottrade Response

    Dec 23, 2014Social Recruiting Team

    Thank you for taking the time to share your thoughts. There is no doubt we are in a very competitive industry but we have been in business for 35 years and plan to continue to adapt to meet our ... More

  7. 22 people found this helpful  

    Change can be good. Losing our way as a company is not.

    • 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

    Decent 401k match. Some good people in branch network, but leadership has changed over the last two years or so and now branch employees are directed to do things that are questionable. The idea is posed as helping people, but it seems to be twisting words to scare people into buying something that they don't ask for or may not need. I have found this change disheartening.

    Cons

    Job descriptions have been altered and branch employees are now directed to sell to every customer. Our training to do this has included direction to not tell the truth to have a customer call the branch back and direction to frighten the customer. Regardless of how somebody tries to spin it, lying is lying. My personal opinion is that we could certainly make customers aware of new services without trying to scare them into things (there is someone writing here that wants us to compare helping customers to helping them avoid a heart attack. That's kind of disturbing). This new approach sums up the culture new leadership team is trying to implement. If you are thinking of working here, you should be aware of that and I would agree with other newer reviews that a new employee's ethics should be ok with questionable tactics. And to insinuate that just processing paperwork or just answering customer questions, is a cushy job? Obviously, that reviewer has not been working in the discount brokerage industry very long and was probably one of those people that used to describe us as just order-takers. That is an insult to our 30 plus years of helping people. I have worked here for a long time and that type of comment is shameful to all of the Scottrade employees that have helped build this company.

    Doesn't Recommend
    Negative Outlook

    Scottrade Response

    Dec 18, 2014Social Recruiting Team

    Thank you for your dedicated service to Scottrade. As you noted, our company is changing, but we believe what you’ve described is an inaccurate depiction of how our branches have been instructed to ... More

  8. 3 people found this helpful  

    Schwab in the mid 1990's

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

    I have been working at Scottrade

    Pros

    Great Co to learn the securities industry if you are an intern. From placing trades to gathering assets. But if you are a veteran, it can be a different story.

    Cons

    Company is doing their best to be a solid Sales Organization but branches are ran by Managers ( not all, some) who are inexperienced in sales and does not know how to manage a team, let alone inspire a team. There are old school Scottrade brokers who are controlling and want things their way, like what to say and how to say things to prospects when they have not sold a thing in their lives.

    Advice to ManagementAdvice

    Do a company wide sweep on Branch managers. About 50% of them do not know a thing about being a leader. They use scare tactics that is so ghetto in managing their team.

    Recommends
    Positive Outlook
    Approves of CEO

    Scottrade Response

    Dec 18, 2014Social Recruiting Team

    Thank you for your comments. We’re committed to helping our associates grow and develop and are dedicated to providing our branch network with the tools required to satisfy clients’ needs.

  9. 8 people found this helpful  

    We do help our clients

    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    I have been working at Scottrade

    Pros

    We help our clients meet their financial goals by building a deeper relationship with them then we ever could before.

    Cons

    We have people at this company who feel that we have changed for the worse. I don't understand why they feel this way. When a widow who just lost her husband of 50 years comes into your office with a death certificate how do we help her by just processing the paperwork and sending her on her way? I have had families in tears at my desk because I help that widow by understanding her needs and putting her in a guidance product that produces income for the rest of her life. How do we help the guy who rolled over his 250K 401K 5 years ago and is still in all cash? If he had guidance his money would be double or triple what it is now. But I guess you would just like to fill out a form or reset his password. Way to help that client not reach his financial goals but hey you can do paperwork with the best of them. That is the easy way out. I am embarrassed that you work here, please resign and let us who are trying to help our clients get the work done.

    Maybe the people posting here don't like it anymore because they now have to be accountable to people. Or maybe you are not allowed to sit at your desk all day surfing the web waiting on clients phone calls. I guess getting to know our clients needs is to tuff for you. I would have a hard time changing too if I had a sweet cushy job where all I had to do was fill out forms and reset passwords and now I have to (GASP!) ask questions! Solve Clients needs! Geez I guess those guys at Schwab, TD, or any other profitable firm have it all backwards too. Why would we try to find our clients needs and solve them? That is crazy!

    I'm sure other firms have secretary jobs open. That is basically what you are and will continue to be unless you change.

    One last thing I was on that call too about the DVP saying we need to "inject fear". When our clients are losing money managing their own money and they could be making money and getting closer to their financial goals then yes we have to let them see the fault in their investment approach. Most have a hard time admitting they are wrong so we have to ask tough questions that make them uncomfortable. They won't change unless they see what a huge problem they are creating for themselves. Fear can be a powerful motivator in getting someone to change. Have you ever seen someone have a heart attack then change their entire lifestyle? That person is scared to have another heart attack and will begin to change their ways. When someone is afraid they won't be able to reach their financial goals they will be more inclined to listen and act on their portfolio for the better. That is what this DVP was saying. Hey go figure he is trying to help clients.

    Advice to ManagementAdvice

    Please stay the course. Find these bad apples and then find their replacements. Sooner the better.

    Scottrade Response

    Dec 18, 2014Social Recruiting Team

    We appreciate you taking the time to share your thoughts and encourage you to continue to develop strong relationships with your clients.

  10. 30 people found this helpful  

    Agree, it's really bad now and snowballing somewhat quickly

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

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

    Pros

    economy is getting better to find new job

    Cons

    I was also on that call on Dec 10, referenced in a prior review. here. A Divisional leader DID state that we should create fear and inject fear to our customers. What the heck happened to this company?!? People like that wouldnt have lasted a day in the previous version of Scottrade. If we dont have integrity,what do we have? Possibly a little more chance at making a bonus? Big deal, not worth losing who we were. over...is it? Divisional and Regional leaders ask employees to be dishonest to customers just so they deposit money and/or call us back. Our "guidance" department seems to be made up of shady sales people who see Scottrade as ripe to scam people out of their money. Even customers see the difference in talking to local branch people and these guidance characters. Social media and the internet will spread this new "change" and its results pretty quickly and Scottrade will just be another firm that used to be great.

    Advice to ManagementAdvice

    Be prepared to look back in 1-2 years and say, "geez, it was all right there on Glassdoor! We couldve done something to right the wrongs!"

    Good luck Scottrade. Rodger, your legacy is in the process of turning into a firm filling up with shysters... vs a place where people used to be so proud to say they worked for you. You need better checks and balances in the guidance dept and with what the Divisional "leaders" are trying to spew in your name (both areas feel like we've hired people from the movies Boiler Room and Wolf of Wall Street).

    Doesn't Recommend
    Negative Outlook

    Scottrade Response

    Dec 18, 2014Social Recruiting Team

    Thank you for sharing your comments. We have looked into the call you referenced and don’t believe your comments are an accurate representation of the coaching provided to our associates. We remain ... More

  11. 14 people found this helpful  

    Culture shift

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

    I have been working at Scottrade

    Pros

    Life balance is very good

    Cons

    Focused on ratios not results

    Advice to ManagementAdvice

    Middle management lacks experience

    Doesn't Recommend
    Neutral Outlook
    Approves of CEO

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