Scottrade Reviews

Pros

Co-workers are very knowledge and helpful. Pay is considered good for many graduating students. Everyone shows each other a lot of respect. Goals are clearly defined, not a lot of pressure

Cons

If you are looking to become a stock broker at scottrade, you can't give advise to people since Scottrade is a discount brokerage, which could beat the whole purpose of being a stock broker.

Advice to Senior Management

The branch managers need to take more responsibility to help new associates grow. And hopefully they will complete quarterly reports on time.

Pros

Easy job. Hasnt turned into sales...yet.

Cons

No confidence in direction of company future.

Advice to Senior Management

Let your employees know the business plan and what is in the works for when the CEO retires (i.e., how can it stay a private company with a different leader at the helm)? How/why would he/she turn down millions of dollars from a buy-out (Rodger doing that was a rarity)? If/when there is a buy-out, what is to prevent us from turning into sales people (like ETrade, TD Ameritrade, Schwab, Fidelity, etc.)? How can the branch network sustain its cost/existence in this market? What happens to the thousands of employees once the branch offices start closing (went from 15 percent growth to zero;what's the next plan)? How are we prepared to handle the change once Rodger retires? Who are we grooming and why? The industry in shrinking and things cant stay the way they are forever. Also, you had a recognizable, funny, memorable character for your TV ads (which is a rarity!)...and then you stopped making the commercials!

Pros

Stability - as long as you keep your mouth shut and play dumb - you will have a lifelong career and probably make it to some sort of managment position within 10-20 years.

Cons

Only start with 12 vacation days per year for first 5 years of employment.
Match on 401k is only $.50 on the dollar (discrectionary at that) and is only paid to you once a year.
Depending on what department you work in - you can be treated as though you are in a concentration camp - aux codes for going to the bathroom - seriously?
Pay is at least 25% less than you would make at any other reputable company - some positions are probably 50% less than market rates.
People are promoted by being loyal, lifelong Scottrade employees instead of it being based on any type of competence.
Calling anyone out or going over anyone's head to get an issue resolved or reported will get you fired or treated like a red headed stepchild.
The entiire business model is one that should have been scrapped twenty years ago - really no DRIP / ACH? What industry does Scottrade pretend to be in???

Advice to Senior Management

Realize it is not 1980 any more - treat employees with respect - pay people a fair salary - just because someone has been with the company for 20 years, that doesn't mean that they should become the director of something - promote talented competent people instead of those who have been there since the beginning of time. Employee benefits - how about dollar for dollar matching on the 401k (maybe up to 7.5%) do you really think many of your employees who make practically nothing can afford to save 15% of their salary? - vacation time - most other companies start out with 3-4 weeks per year and have the option to buy at least an additional week.

Pros

Family like working environment that does not lay off employees.

Cons

Conservative corporate culture that discourages innovation.

Pros

Scottrade is a great place to get your start in your desired career area. They are very open to accepting entry level employees. It's a good place to go for first time job seekers.

Cons

Because they are willing to hire less skilled employees, often times lack of job knowledge gets in the way of progress. Instead of utilizing the learned skillset of the long time employees, they often start up new departments with the intention of handling difficult situations which typically is ineffective. Scottrade is a well intentioned company, but their follow through on initiatives is poor.

Advice to Senior Management

Encourage and require employees to be active contributors when starting new initiatives. Have full planning sessions before initiatives are rolled out. A great initiative loses it's value when it is not properly thought out. Understand the importance and value of long time employees.

Pros

Everyone shows each other a lot of respect. Goals are clearly defined, not a lot of pressure.

Cons

You may become complacent. The work itself is very administrative and unfulfilling if you're looking for something exciting.

Advice to Senior Management

The management is great.

Pros

They are very flexible. It's clear they care for their employees. They provide adequate training. They expect a lot but not so much that you get burned out. They keep the workplace interesting. They hire some of the best branch managers the market can offer.

Cons

The pay isn't great. You must be there during all market hours. Some branches are understaffed. Almost always require relocation if you want to stay with the company full time.

Pros

competitive pay (you're not going to get rich)
great benefits
it's not a hard job although if you want to do well you have to pay attention to detail and be good at customer service

Cons

customers, scottrade attracts a lot of people that don't know anything about investing because of the cheap commissions. limited upside once you hit manager.

Advice to Senior Management

be careful not to create too many levels of senior management up their at headquarters. let's keep costs down and the bonus pool up.

Pros

The open office atmosphere is nice. Everyone is really nice to work with. Customers are generally very nice. Easy going yet dedicated employees make Scottrade the place to work.

Cons

None Scottrade really cares about its employees. They give you the opportunity to make the most out of your experience.

Advice to Senior Management

None. Good work.

Pros

great training and very good management

Cons

need to relocate if you want to advance

Advice to Senior Management

none