Scottrade

www.scottrade.com
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29 people found this helpful  

WHAT HAPPENED??

  • 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 full-time (more than 5 years)

Pros

Decent pay (if you are single with no kids and no intention of more than a paycheck to paycheck employee), good health benefits, minimal commission's are being compensated now, great people to work with in the branch.

Cons

Regional managers do not know squat about sales, spend more time writing our interactions in CRM than making sales calls or helping clients. Regional managers constantly hound employee's if they 1. Don't make enough attempts to call prospects 2. Don't get enough business contacts. 3. Do not uncover enough outside assets. 4. Don't reach their sales goals - exactly in that order. Who has ever heard of that in sales? Bottom line is you should do whatever it takes to meet your quotas, instead every employee is just trying to get the attempts and business contacts without being able to close them. And if you don't document the activity you don't get the commission (which is not that high in the first place). SKDM - Sales key dialogue model is a joke, GST$ is a joke. How is the regional managers going to coach us when they've never been in sales? Oh, I know just read the book verbatim and it should work and if it doesn't we will find someone that will use the SKDM and make it work. I've been in sales and is probably why I am doing well, some of these brokers aren't made for it that's is why they are leaving to company because of all the pressure the job comes with now. I know subconsciously I've been implementing SKDM and now haven't been able to gather much assets as I did before, therefore, I am going back to my old ways.

This is the role of an investment consultant @ Scottrade:

- New account processing
- international new accounts
- Compliance
- Margin
- Bank specialist
- Rules and regulations
- IT
- technical support
- Stockbroker
- Receptionist
- Client relationship manager
- Sales
- Negotiations
- MIddleman to Guidance
- Client services
- Account transfers
- Retirement specialist
- Accounts receivable (deposits)
- Accounts payable (withdrawals)
- Cost basis specialist
- ETC. ( there's a lot more)

Each Investment consultant int he branch network has to know all rules, regulations, and processes of all the different departments at corporate, they have DEPARTMENTS WITH A TEAM of people doing one thing. Getting any help or guidance from Corporate can be a task itself because honestly why would they care, they don't have to hear the yelling from the client's anyways.
Also there are too many rules involved with what's considered a contact, what's considered an attempt, and what's considered a qualified close. Stop with the "It is what it is." response every single time. Why the need to document every interaction? We should only document the interactions with people who have qualified assets. NO need to document every attempt, contact, opportunity and waste our time when we could be closing client's. If upper management want's real sales people the IC's should only concentrate on sales and have back office handle the rest.
Guidance solutions? Want the IC's to get all the information and the guidance officer reap all the benefits without doing anything? Give the client guidance without giving guidance? Pre-call plan but don't pre-call plan? How much more confusing can this get? Do this and that but don't make it seem to the client we are doing this and that? Please corporate be a little more confusing so I can rip out the rest of my already thinning hair.

Advice to ManagementAdvice

Don't lie to us and say you're going to keep the same corporate values while implementing sales. If corporate wants better results give us the right tools, not portfolio manager or our guidance solutions which are ineffective. Create a better website, better platforms, better options to withdrawal money, instead of this complicated alternative of banking. Right now our platforms are the main thing people are complaining about. Read our quarterly reviews, ALL the complaints are the inefficiencies of the platform. More than half of the branches get the 900 club for the service we provide. Everything bad review I've read is something about the website and mobile app. Please Rodger take back the helms, we will work harder for you, keep the commission plan and the quotas, but get rid of the documenting non qualified assets and have us concentrate more on just sales only, attempts and contacts is not the end all be all to our success.

Doesn't Recommend
Negative Outlook
Approves of CEO

535 Other Employee Reviews for Scottrade (View Most Recent)

Sort: Rating Date
  1.  

    Good Company

    • 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

    Good People and great work life balance

    Cons

    Sales without anything behind it.

    Advice to ManagementAdvice

    Get experienced people in management.

    Recommends
    Neutral Outlook
    Approves of CEO
  2.  

    A company that respects and takes care of it's employees.

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

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

    Pros

    Scottrade is truly a company that looks out for it's employees. I think this view comes down from the top so as long as Roger is around I would think it will continue to be a good company to work for.

    Cons

    If you are working in a branch your opportunity for advancement is limited. The pay is somewhat limited but that is changing because the branch offices are moving more into sales.

    Advice to ManagementAdvice

    Management is great, I just hope they don't try and change themselves to much in the next couple of years. There are few companies that have such high values and I would hate to see this go away.

    Recommends
    Positive Outlook
    Approves of CEO
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