Scottrade

  www.scottrade.com
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442 Employee Reviews (View Most Recent)

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5 people found this helpful  

Opportunity is limited, along with leadership vision and direction

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

Pros

Great culture. Physical facility is nice.

Cons

Pay is terrible. Even with long lists of accomplishments and stacks of excellent reviews, I couldn't get traction like lesser qualified peers around me had. I did not participate in politics and just always focused on getting the job done and forward thinking strategy. Perhaps I should have back stabbed my peers and self-promoted more. Maybe compromising my personal standards would have helped me to become an AVP overnight like some peers in the department.

Advice to ManagementAdvice

Marketing department is falling apart. CMO went from a "share your ideas, so we can improve the department" sentiment to one of creating fear among employees. No one wanted to speak up to address problems for fear of retribution. I don't think senior management is strategic enough to compete in the marketplace. Too many execs seem like they've been promoted to a level of incompetence. There is a lot of talk about strategy, but ideas tend to swirl for months before an extremely watered down product or campaign is put into market.

Doesn't Recommend
Negative Outlook
Approves of CEO

Other reviews for Scottrade

  1. 4 people found this helpful  

    Voted top 100 places to work at for a reason!!

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

    Pros

    In branches, the work environment is great, especially if you follow markets. Company focuses on customer service and clients take notice, I would say 1 out of every 5 clients that walk in we know by name.

    Has a great work/life balance, they have a small fund for fun things around the branch, such as lunch on Scottrade or how I got a cake for my birthday. I've worked for public companies, non-profit companies, and private ones. Scottrade being private makes a huge difference! Must say, unless something outside of work is getting me down, I'm happy to go to work!

    Scottrade has been going through some changes, but some of them include good things! Such as all branches open at 8am, ones on the west coast used to open at 6am!
    They recently added additional paid vacation days for all full time employees!
    They revamped their commission structure to reward those who do their job well without cutting salaries.

    Cons

    The fact that Scottrade is private and focuses on customer service means their pockets aren't as deep as other firms. A less "sales" oriented environment means:
    -Lower salaries and bonuses than industry average
    -limited upward potential unless relocating to Denver or St. Louis
    -limited products and promotions to offer clients
    -trying to implement more "sales" environment, but not everyone is on board

    Advice to ManagementAdvice

    Let me say this in a man to man demeanor. I know Scottrade just got out of some scary times where revenues plunged, our bonds got downgraded, our cash flow was becoming a trickle, and the outlook seemed bleak, with a rumor of a possible merger with E-Trade circulating. You had senior people, people who helped build Scottrade from the beginning, retiring in droves. I understand the extreme measures we had to take, the ship was taking on water like the Titanic. Although the cuts were painful, my hours were cut from 30 to 25, I'd rather work 25 hours than not work at Scottrade. I'm on board for this whole revamping of Scottrade. It was a little overdue so now we are rushing to quickly change our business model, which doesn't sit well with some of your less sales driven employees. I believe these hard times will only make Scottrade a stronger, more competitive firm. Now that you see I am trying to see this from a Management point of view, let me make some suggestions to help make this process easier on the branches.

    -Though sales have to be implemented, please remember our roots, customer service and branches is what keeps our clients with us, I am told that at least once a week by a client

    -It worries me that management is showing symptoms of "rocking chair" syndrome. You make it seem that you are doing a lot, but you really aren't getting anything done. But then again, I could be wrong, which leads me to my next point.

    - Communication. We may be hundreds or even thousands of miles of miles away from St. Louis, but when you keep us in the dark, it makes us worry. Whats even worse is unexplained changes. I can understand a lot goes into the changes and you may be pressed for time and just want to put a small paragraph in the MMU explaining what we should do differently, but please include why you are changing it, even just in an abstract form, I understand somethings are a complex mix of FINRA, SEC and Exchanges policies.

    -There is nothing that frustrates branch employees more than the micromanaging measures coming down the line. You want us to focus on sales? Then let us focus on sales. Instead, you make us print out a form just to give a simple statement or screen shot to a client. You are nitpicking how our "service" calls are being logged in compass. Do you know how long that can take? Compass is slow, I've had a client have to wait 5 minutes just to get a screen shot that took me 15 seconds to print.

    - The constant emails and conference calls are a waste of time. These hour long pep talks that are all fluff take managers and licensed brokers away from their job. If you are going to be doing that, please make them worth their time.

    -I fear our company is becoming top heavy. The recent reworking of the regions, which added some new middle management positions, is wasteful. How about focusing on having more people in the trenches doing actual work, I have heard quiet a few branches are running skeleton crews, just enough to get by. You complain the service center is stretched thin and branches need to answer their phones, but we are running low on man power also. Its frustrating to have everyone in the branch on the phone with queued calls while people are in the branch.

    Let me just put it this way. Let us do our job. Cut the fat. Reduce forms, paperwork, and make more things available online. That way we can be focusing on sales, not paperwork.

    Recommends
    Positive Outlook
    Approves of CEO
  2.  

    Interning at Scottrade was a great experience

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

    Pros

    If you love finance and the markets, there are few places to get a great learning experience in this field as an intern than here.

    Cons

    Lots of 'salesy' changes being pushed on employees may lead to a stressful work environment.

    Recommends
    Positive Outlook
    Approves of CEO
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