There are newer employer reviews for TD Ameritrade

1 person found this helpful  

Not so good, Not so bad.

  • Comp & Benefits
  • Work/Life Balance
  • Senior Management
  • Culture & Values
  • Career Opportunities
Former Employee - Anonymous Employee in Jersey City, NJ
Former Employee - Anonymous Employee in Jersey City, NJ

I worked at TD Ameritrade full-time (more than 5 years)

Pros

Every three months bonus. work culture is not so bad.

Cons

too many reorgs. No career growth. growth will be stalled.

Recommends
Neutral Outlook

323 Other Employee Reviews for TD Ameritrade (View Most Recent)

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  1. 1 person found this helpful  

    Objective and fair for clients deteriorating compensation program reduces moral!

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

    I have been working at TD Ameritrade full-time (more than 5 years)

    Pros

    TD Ameritrade does make it pretty easy to feel comfortable providing retail investment products for clients. This means that the product mix is fair and objective and is not significantly biases by sales incentive to the associate.

    Cons

    On the same token is that the compensation program does not reward experience, knowledge and years of service. You are only as good as your last two quarters. The incentive to produce results has diminished significantly the last two years. Internally they describe the company as a retail distribution company. They do not operate their branches as a retailer. There are no true retailers in upper management. Only glorified stock brokers leading middle and upper management.

    Clients are also becoming commodities. Relationships with clients are viewed as belonging to the company, and are no longer your preferred clients. This makes it hard to be more than a shoes salesman with a series 7.

    Advice to ManagementAdvice

    In true retail distribution which what they call themselves the branches would run off of year over year comp sales and a P&L. The associates would be hired for knowledge, experience, and proficiency. They would be paid according to their market value with smaller incentives based on sold widgets. The widgets would have a volume/value performance metric and associates would be part of the branch reward based on total profitability. Remove the mystery of profit margin at the branch level and associates might actually help the contribute to the total profitability of the branches.

    The SOC indicates that they want to be like the really cool computer/phone store (who's stock is way down now). IF that is the case, Mr Tomsczyk, start treating the associates and clients as more than commodities to be used up. Those associates at the cool stores really enjoy their products and their company...my guess is that because not only are the products innovative, but they are also treated as assets.

    Consider another example the world famous coffee store retailer. These stores operate off a P&L. The managers hire for competence. They have a budget, targets, well established brand standards, and operating procedures. They also take really good care of associates (total compensation). It shows in the lower turnover rate than other typical specialty retailers.

    The turn over rate at the branch level is increasing...sign of weakening moral.

    Recommends
    Neutral Outlook
    Approves of CEO
  2.  

    Slightly behind competitors but devoted to getting ahead. Healthy culture and continues to move in the right direction.

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

    I have been working at TD Ameritrade full-time

    Pros

    The company tries to do the right thing in all it does. Its a place where hard work is recognized and there is a culture that focuses on recognizing hard working associates. Benefits in-line with competitors and top sales associates can do extremely well with total compensation.
    Products and compensation are developed to reduce conflict of interest with the client as much as possible and I think they succeed. Employees can sleep at night since we try to do the right thing for each client.
    TDA feels like its moving in the right direction and still has that scrappy young feeling like there is more to do to be better. Management seems to get it that there is still work to be done here.

    Cons

    Need to figure out the branch model more to provide growth for people who have been there a while. Too much focus on front end of pipeline - let the stragglers be managed one on one instead of the whole team if they are weak.
    Management is definitely political - obvious in certain areas of the country like East coast.
    The compensation plan does not encourage developing relationships with existing clients. Its more transactional. Minor focus on high net worth clients but not enough. Resulting client interactions are transactional.

    Advice to ManagementAdvice

    Move beyond the activity based stuff and more on the relationship building with clients. Skew the comp plan so those weak on the basics flunk out and the strong performers are rewarded more. Focus on the next level instead.

    Positive Outlook
    Disapproves of CEO
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