There are newer employer reviews for Scottrade

1 person found this helpful  

Change is rarely comfortable, but necessary to stay competitive.

  • 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 for more than 10 years

Pros

Scottrade is privately owned, which has allowed the executive management team to make strategic decisions based on what's best for employees and clients, not on meeting earnings. The pay is below the industry average, but the benefits are generous; and the Human Resource department strives to help each employee maintain a satisfactory work/life balance. In order to stay competitive and to continue to grow, upper management has embarked on an exciting, new path of asset gathering. With the new direction has come an updated job description, additional products and services, a new incentive plan, and additional training. It has given the branch associates the opportunity to better serve their clients while earning more money. Despite the reviews to the contrary, it has been my experience that Scottrade's strong corporate culture has remained intact. Scottrade has strong leadership that genuinely cares about the employees and the long term health of the company. As with any company, a sweeping change in direction will be met with resistance and unforseen problems will crop up, but upper management invites, encourages, and listens to feedback.

Cons

The pay is below the industry average, but the new incentive plan is changing that. There is little room for advancement in the branches. An associate would have to be willing to move to a headquarters location to advance beyond the Branch Manager position. The branches are tasked with too much paper/busy work, and there is not enough coordination among headquarters departments; however, upper management is actively working to improve this situation and create the appropriate infrastructure to allow branch associates to focus on more important tasks.

Advice to ManagementAdvice

I'm optimistic about the new direction, but I hope that as the strategy evolves, upper management will find better ways to evaluate different types of branches. A broad-based, one-size-fits-all push to meet certain sales metrics is not productive or sustainable. I appreciate leadership's dedication to continual improvement throughout the firm. Keep up the good work!

Recommends
Positive Outlook
Approves of CEO

439 Other Employee Reviews for Scottrade (View Most Recent)

Sort: Rating Date
  1. 11 people found this helpful  

    ScottTDScwhabFidelityTrade

    • 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

    benefits
    can't think of anything else

    Cons

    Recently, 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 ManagementAdvice

    Hold 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.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  2. 3 people found this helpful  

    Started off fun, but very quickly went south, with minimal guidance, makes it difficult for one to be successful.

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

    I have been working at Scottrade as a contractor for less than a year

    Pros

    Working for a well known company.

    Cons

    Having a "student" teach another "student" on how things are done within the org. As well as poor guidance from upper level management. Both parties were destination to fail.

    Advice to ManagementAdvice

    Be there more often. Time management is huge. Have a true knowledge of the organization, and being able to translate that to new employees.

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO
There are newer employer reviews for Scottrade

Worked for Scottrade? Contribute to the Community!

Your response will be removed from the review – this cannot be undone.