Scottrade
3.4 of 5 394 reviews
www.scottrade.com Saint Louis, MO 1000 to 5000 Employees

Scottrade Reviews

Updated Apr 16, 2014
All Employees Current Employees Only

3.4 394 reviews

                             

82% Approve of the CEO

Scottrade Founder, President, and CEO Rodger O. Riney

Rodger O. Riney

(319 ratings)

71% of employees recommend this company to a friend
394 Employee Reviews
Relevance Date Rating
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Review Highlights

Pros:
  • "The work/life balance is great--I never put in longer than an 8-hour day"
    in 35 reviews
  • "It's also a great place for young college grads to get resume experience"
    in 30 reviews
Cons:
  • "Small office environment, lack of growth/promotion unless willing to move to St"
    in 24 reviews
  • "Not much room for advancement once you start in the branch"
    in 20 reviews
  • Show more review highlights

Reviews

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Scottrade is good if you are content with a simple and steady life-style.

Broker Trainee (Former Employee)
Westminster, CO

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

Pros-Great schedules
-Great management
-Work was tiring but never any overtime
-Steady work
-Quite a few opportunites if you are interested in moving to St. Louis

Cons-Limited growth
-Most of the day spent on calls
-Some of the 10 hour shifts could be very demanding
-No place to eat food
-Breaks and lunch time were very short

Advice to Senior ManagementGive more opportunities for training and specialization

Yes, I would recommend this company to a friend – I'm optimistic about the outlook for this company

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4 people found this helpful  

A fine place to be, but not for me.

Anonymous Employee (Former Employee)

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

ProsSteady, generally positive work environment for most people. Nice facilities. Straight 8-hour shifts. Similar in pace and satisfaction to government work.

ConsSalaries aren't the best. No remote work, even though 100% of some jobs (IT in particular) can be done remotely. Straight 8-hour shifts are nice, but remove the lunch hour, which can lead to burnout and dull days.

Some managers keep their employees on a "tight leash", which can be frustrating. Hard work may be rewarded with more hard work.

Yes, I would recommend this company to a friend

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2 people found this helpful  

long time branch employee

Branch Stockbroker (Current Employee)

I have been working at Scottrade full-time for more than 8 years

Prosfairly easy work, no advice, some opportunity for sales commissions

Conslow pay, new unreasonable sales goals

Advice to Senior Managementyou will, and are, losing alot of long time employees by setting unrealistic sales goals for people who have never done sales, and have been provided with inadequate training for same

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4 people found this helpful  

Opportunity is limited, along with leadership vision and direction

Marketing (Former Employee)
Saint Louis, MO

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

ProsGreat culture. Physical facility is nice.

ConsPay is terrible. Even with long lists of accomplishments and stacks of excellent reviews, I couldn't get traction like lesser qualified peers around me had. I did not participate in politics and just always focused on getting the job done and forward thinking strategy. Perhaps I should have back stabbed my peers and self-promoted more. Maybe compromising my personal standards would have helped me to become an AVP overnight like some peers in the department.

Advice to Senior ManagementMarketing department is falling apart. CMO went from a "share your ideas, so we can improve the department" sentiment to one of creating fear among employees. No one wanted to speak up to address problems for fear of retribution. I don't think senior management is strategic enough to compete in the marketplace. Too many execs seem like they've been promoted to a level of incompetence. There is a lot of talk about strategy, but ideas tend to swirl for months before an extremely watered down product or campaign is put into market.

No, I would not recommend this company to a friend – I'm not optimistic about the outlook for this company

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4 people found this helpful  

Voted top 100 places to work at for a reason!!

Intern (Current Employee)

I have been working at Scottrade as an intern for more than a year

ProsIn branches, the work environment is great, especially if you follow markets. Company focuses on customer service and clients take notice, I would say 1 out of every 5 clients that walk in we know by name.

Has a great work/life balance, they have a small fund for fun things around the branch, such as lunch on Scottrade or how I got a cake for my birthday. I've worked for public companies, non-profit companies, and private ones. Scottrade being private makes a huge difference! Must say, unless something outside of work is getting me down, I'm happy to go to work!

Scottrade has been going through some changes, but some of them include good things! Such as all branches open at 8am, ones on the west coast used to open at 6am!
They recently added additional paid vacation days for all full time employees!
They revamped their commission structure to reward those who do their job well without cutting salaries.

ConsThe fact that Scottrade is private and focuses on customer service means their pockets aren't as deep as other firms. A less "sales" oriented environment means:
-Lower salaries and bonuses than industry average
-limited upward potential unless relocating to Denver or St. Louis
-limited products and promotions to offer clients
-trying to implement more "sales" environment, but not everyone is on board

Advice to Senior ManagementLet me say this in a man to man demeanor. I know Scottrade just got out of some scary times where revenues plunged, our bonds got downgraded, our cash flow was becoming a trickle, and the outlook seemed bleak, with a rumor of a possible merger with E-Trade circulating. You had senior people, people who helped build Scottrade from the beginning, retiring in droves. I understand the extreme measures we had to take, the ship was taking on water like the Titanic. Although the cuts were painful, my hours were cut from 30 to 25, I'd rather work 25 hours than not work at Scottrade. I'm on board for this whole revamping of Scottrade. It was a little overdue so now we are rushing to quickly change our business model, which doesn't sit well with some of your less sales driven employees. I believe these hard times will only make Scottrade a stronger, more competitive firm. Now that you see I am trying to see this from a Management point of view, let me make some suggestions to help make this process easier on the branches.

-Though sales have to be implemented, please remember our roots, customer service and branches is what keeps our clients with us, I am told that at least once a week by a client

-It worries me that management is showing symptoms of "rocking chair" syndrome. You make it seem that you are doing a lot, but you really aren't getting anything done. But then again, I could be wrong, which leads me to my next point.

- Communication. We may be hundreds or even thousands of miles of miles away from St. Louis, but when you keep us in the dark, it makes us worry. Whats even worse is unexplained changes. I can understand a lot goes into the changes and you may be pressed for time and just want to put a small paragraph in the MMU explaining what we should do differently, but please include why you are changing it, even just in an abstract form, I understand somethings are a complex mix of FINRA, SEC and Exchanges policies.

-There is nothing that frustrates branch employees more than the micromanaging measures coming down the line. You want us to focus on sales? Then let us focus on sales. Instead, you make us print out a form just to give a simple statement or screen shot to a client. You are nitpicking how our "service" calls are being logged in compass. Do you know how long that can take? Compass is slow, I've had a client have to wait 5 minutes just to get a screen shot that took me 15 seconds to print.

- The constant emails and conference calls are a waste of time. These hour long pep talks that are all fluff take managers and licensed brokers away from their job. If you are going to be doing that, please make them worth their time.

-I fear our company is becoming top heavy. The recent reworking of the regions, which added some new middle management positions, is wasteful. How about focusing on having more people in the trenches doing actual work, I have heard quiet a few branches are running skeleton crews, just enough to get by. You complain the service center is stretched thin and branches need to answer their phones, but we are running low on man power also. Its frustrating to have everyone in the branch on the phone with queued calls while people are in the branch.

Let me just put it this way. Let us do our job. Cut the fat. Reduce forms, paperwork, and make more things available online. That way we can be focusing on sales, not paperwork.

Yes, I would recommend this company to a friend – I'm optimistic about the outlook for this company

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Interning at Scottrade was a great experience

Anonymous Employee (Former Employee)

I worked at Scottrade as an intern

ProsIf you love finance and the markets, there are few places to get a great learning experience in this field as an intern than here.

ConsLots of 'salesy' changes being pushed on employees may lead to a stressful work environment.

Yes, I would recommend this company to a friend – I'm optimistic about the outlook for this company

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Good Overall, not much room for growth

Intern (Current Employee)

I have been working at Scottrade as an intern

ProsAs an intern you get to learn about scottrade and brokerage activities. Paid internship, which is rare nowadays

Conscapped growth unless you relocate to back office in St. Louis

Advice to Senior ManagementMore incentives and more tasks for interns

Yes, I would recommend this company to a friend – I'm not optimistic about the outlook for this company

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4 people found this helpful  

First five years great, then it went from bad to worse

Branch Manager (Former Employee)

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

ProsPossibly working close to home.

ConsTo many chefs spoil the broth.

Advice to Senior ManagementIf you are going to have regional sales managers find some that have more selling experience than asking someone, "Do you want fries with that sandwich?" Maybe hire someone other than TD people.

No, I would not recommend this company to a friend – I'm not optimistic about the outlook for this company

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Great if you like sales.

Anonymous Employee (Current Employee)

I have been working at Scottrade

ProsNice co-workers. The company is very morally responsible and the job is low stress. There is now more opportunity to make money than ever before at this company.

ConsCompany is going through a significant transition in the business model and everything--from everyday work applications to commission payouts--is riddled with glitches. Also, since asset gathering is the focus now (they say there are no quotas, only goals), there is high turnover because employees of the old model are resistant to change. And, they tell us to meet these so-called goals without the proper tools and resources to do so.

In a technical aspect, Scottrade is constantly lagging behind the competition.

For ambitious people, the work is unfulfilling and there is no mobility in a branch office unless you want to move to St. Louis, MO.

Advice to Senior ManagementStop with the phone conferences, please.

Yes, I would recommend this company to a friend – I'm optimistic about the outlook for this company

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Monotonous, routine, little room for advancement outside of STL.

Investment Consultant (Former Employee)

I worked at Scottrade full-time for more than 3 years

ProsGood work/life balance, fair salary for the work and a good bonus (when it's paid).

ConsVery routine work, upper management cares more about their job than yours, directors selectively tell Rodger about important things happening in the company, not addressing low employee morale and instead ignoring it and doing the same thing.

Advice to Senior ManagementKeep your branch associates in the loop and happy. Be more forthcoming with important information, focus more on the products clients actually want and not what you think they want.

No, I would not recommend this company to a friend

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Glassdoor is your free inside look at Scottrade reviews and ratings — including employee satisfaction and approval rating for Scottrade CEO Rodger O. Riney. All 394 reviews posted anonymously by Scottrade employees.