There are newer employer reviews for Scottrade

10 people found this helpful  

Low Pay and High Turnover = Unhappy Workforce!

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

I worked at Scottrade full-time for more than a year

Pros

Easy work - there are so many people that stay because it is easy to get by. They do not let anyone go and need people to stay because their turnover is horrible. DO NOT let them fool you - they will tell you their turnover is not that bad - sure, at the corporate office, but ask them about IT and Brokerage - a revolving door.

Cons

Pay is horrible - 20% less than most companies in St. Louis. They make offers to people for less than what a person is currently making and tout their ¨culture¨ - the culture being you can be lazy, gossip all day, do not do any work, and they are fine with it.

Investment Consultants - ha - glorified customer service agents pushing asset gathering - literally these are individuals who cannot make it at reputable financial service companies. As long as you have a series 7 & 63 and are willing to work for $40k per year - they will take you!

Doesn't Recommend
Negative Outlook
Disapproves of CEO

442 Other Employee Reviews for Scottrade (View Most Recent)

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  1.  

    Good place to work

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

    I worked at Scottrade full-time for more than 5 years

    Pros

    Work Life balance is great. Promotions opportunities in Corporate mostly.

    Cons

    Branches don't have many growth opportunities. More sales than client services now. Low incentive pays.

    Recommends
    Positive Outlook
    Approves of CEO
  2. 23 people found this helpful  

    If you work here, leave. If you are thinking of working here, look elsewhere.

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

    I have been working at Scottrade full-time for more than 10 years

    Pros

    The employer match on the 401k is better than most companies. Scottrade matches 50% of every dollar you contribute on up 15% of your earnings.
    The company has converted from service to sales. The upside to this is that there is more opportunity to earn a respectable income.

    Cons

    Mindless mantras from upper management.
    Complete lack of direction from the CEO.
    The technology is terrible. Management will make unchallenged claims that we have the best tech in the industry. In the past 7 days our website and all trading platforms were down for the better part of a day, and today our entire internal network crashed, disallowing all inbound and outbound phone calls, as well as disabling all internal network communication and access. These types of issues are not uncommon. Best in the industry? SMH!

    The company has converted from service to sales. The downside is that the company was founded on not doing sales, so the company knows nothing about sales. Scottrade now mandates a minimum level of cold calling. They don't believe that it's cold calling because per Matt Wilson, the president of the brokerage division, "We have earned the right to call our customers." Thus, in their mind, it is warm calling. It's not, and here's why. Matt is from TD, and knows nothing about who we are as a company. A call is warm if someone expresses interest in a product or service and is open to and/or expecting contact from the provider of said product or service, regardless of whether they have an account or not. A call is cold if it's unexpected. If the person has not expressed an interest in a service or product and we are calling them, then we are trolling for people to cold call based on criteria we screen for using our internal systems. Scottrade LOVES to use the "doctor analogy" with respect to the positions of the Investment Consultants in the branch (as if we're actually doing anything to help them improve their financial health). Comparing an IC who cold calls customers who are not expecting a solicitation is the equivalent of a doctor trolling his inactive patient files and calling patients he assumes are sick so he can prescribe more medicine to them. He does this because the parent company his office is under wants higher profit margins under the guise of "helping patients overcome obstacles to personal health." The problem is that this analogy is flawed. The Investment Consultants at Scottrade are not unethical doctors. The proper analogy would be to compare the ICs to pharmaceutical sales reps who work for Rite Aid, a low cost convenience store that has spent 30+ years marketing to people who monitor their own health on WebMD and who want to buy Tylenol without a prescription.

    Rodger Riney doesn't understand our industry, which is why he hired Matt Wilson. Wilson doesn't understand our company, which is why he pushes his mantra and incorrect doctor analogy.

    This used to be a decent company to work for, but it is no longer the case. If you don't meet your numbers you will be let go. If you surpass your numbers, but do not take the exact approach they want you to take (with the underlying reason being that they want you to meet your numbers) then you will be let go.

    There are ZERO opportunities to increase your skills and education. The only way to move up is to move to St. Louis, and the only way to do that is to be blindly enthusiastic about everything Scottrade does. No questions asked!

    Advice to ManagementAdvice

    Listen to your employees and your customers. We have been trying to improve the company for years, but the CEO's analysis paralysis keeps the company from moving forward, and keeps the company from avoiding major problems that are both foreseeable and avoidable.

    Both employees and customers have been asking for BASIC services for years, but we are still years away from providing services that other companies have been offering for decades. The best customers have left as a result, and now employees are leaving in droves because they have realized that things will never change.

    Please, for the love of God, PLEASE start marketing to a more sophisticated segment of the investing public. Our customers are the worst in the industry and their relentless incompetence makes working for Scottrade absolute drudgery.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
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