Scottrade

  www.scottrade.com
  www.scottrade.com
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14 people found this helpful  

So excited I can finally ACAT all my accounts to TD after I quit! :D

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

I worked at Scottrade full-time (more than 3 years)

Pros

Gave me my S7/63.
Gave me experience working in a corporate environment.
All the neighboring branches used to be like a big family. We have barbecues and outings. Bonuses were pretty low though, like $900 per quarter low, but benefits are above average. Used to be a good starting job for recent grads.

Now (or since Jan 2013), I would say the only pro working at Scottrade is if you work at a big city branch with lots of assets so you can hit your sales numbers. Then you can get a big bonus (i.e. if you bring in $50k, they give you $110... $100k for 220, HUGE, right?). No cold calling, only "warm leads". I mean, it makes business sense for the company to switch to sales, but it's just not for me.

Cons

The only challenge is the people and upper management. The work we do is a piece of cake and does not require any kind of skills whatsoever. You are lucky if you get a good manager, otherwise your career at Scottrade will be nothing but misery. Because you will have absolutely NO contact with upper management (HQ), except through your manager. In some branches, we "share" closes so each will always have the same number of closes or someone is slightly ahead. Makes sense for people to want to look good and I understand, but stop backstabbing the people you manage. If you choose to work here, try your best to get a good manager OMG. You will thank me after.

Best example to illustrate:
One quarter I had enough "attempts", but did not hit the target close, HQ manager complained. Fair enough. The very next quarter, I made sure to have enough closes, she complained about me not making enough "attempts". What else can I say? I'm leaving and I'm not eligible for the incentive bonus. I am doing all these closes so the money goes to YOU.

I wasn't laid off, I'm going back to school. But there are layoffs, they have creative ways!

Advice to ManagementAdvice

There is a reason why I have a network of million dollar accounts, but choose not to solicit them to Scottrade. Stop complaining, try working in a slow branch and let's see how many assets you can bring in. Close more branches, figure out who are the liars and good luck.

Doesn't Recommend
Neutral Outlook
No opinion of CEO

512 Other Employee Reviews for Scottrade (View Most Recent)

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  1. 11 people found this helpful  

    Circling the drain...

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

    I worked at Scottrade full-time (more than an year)

    Pros

    Initial on-boarding was painless. Fellow developers were generally great to work with.

    Cons

    Project management at Scottrade is, quite frankly, a disaster. Projects are always late - this almost entirely due to incompetent project management. Scottrade has assembled a team of project managers (with one or two exceptions) who measure progress by the number of meetings they can schedule, who refuse to listen to anyone who tells them anything that doesn't fit in with their preconceived notions, and are exceedingly creative in coming up with ways to waste everyone's time. Other management and team leaders are unable or unwilling to address the obvious problems with Scottrade's project managers.

    Advice to ManagementAdvice

    You have a talented group of software developers - they are NOT the reason projects are always late.

    Doesn't Recommend
    Negative Outlook
    No opinion of CEO
  2. 10 people found this helpful  

    Mind numbing, sales job...

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

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

    Pros

    Steady 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).

    Cons

    TD 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 ManagementAdvice

    Sales 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.

    Recommends
    Positive Outlook
    Approves of CEO
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