Scottrade

  www.scottrade.com
  www.scottrade.com

Scottrade Reviews in New York City, NY

Updated November 13, 2014
Updated November 13, 2014
512 Reviews
2.8
512 Reviews
Rating Trends

Recommend to a friend
Approve of CEO
Scottrade Founder, President, and CEO Rodger O. Riney
Rodger O. Riney
411 Ratings

Review Highlights

Pros
  • They do allow for a work/life balance that was much better than my previous employer (in 51 reviews)

  • It's also a great place for young college grads to get resume experience (in 32 reviews)


Cons
  • no room for advancement unless you want to change your job title and keep doing the same thing (in 23 reviews)

  • Politics, no room for growth - you're either a broker or a branch manager unless you want to move to St (in 20 reviews)

More Highlights

26 Employee Reviews Back to all reviews

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  1. 6 people found this helpful  

    It is what you make of it

    • 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 (more than 5 years)

    Pros

    There are a lot of "Negative Nancy's" and I will keep it short but sweet. You can finish all of your daily work along with your outbound dials in less than 2 hours if you work hard. I have worked with the company 6+ years as an IC and I make 100k+ total compensation. Do not believe all the negative press on this site. If you want to be lazy, look for a different industry or stop complaining. You can triple the minimum job expectations if you stay off the internet and your smart phone all day and actually do your job. DRIVE and MOTIVATION = SUCCESS! If you want to be a lazy stooge, become a cashier.

    Cons

    We do not get paid as much as competitors, but we do not work nearly as hard.

    Advice to ManagementAdvice

    Keep giving us the opportunity to work harder and make more money.

    Recommends
    Approves of CEO
  2. 40 people found this helpful  

    A Dishonest Company With Dishonest Leadership

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

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

    Pros

    If you work in a branch there is nothing I would identify as a "Pro" other than the basics that accompany any job.

    Cons

    There are many reviews that discuss the recent "Changes" at Scottrade. Perhaps the complaint should not be about the changes as every company must evolve to stay competitive. I find the complaint more with the dishonesty of the former Founder? and CEO Rodger Riney, as he has been replaced with Matt Wilson and now prefers to sit back and just be the owner. If you have ever listened to 2 words this guy has said, you know Rodger as I do, I bold-faced liar. If you are having a hard time understanding this statement go back and listen to the "State of Scottrade" speeches over the years. I guess I have more of an issue with this than most because I do listen, I do pay attention. In other words I am not one of the "excited idiots" in the room who claps because everyone else might be. It is quite apparent that the speeches were for the sole intent of misleading a large group of low paid employees with wonderful promises. Listen to all the things that Rodger is NOT going to change. Listen to the implied promises. Look for your stock options. Look for the reason you remained with this company for so long if you did indeed dedicate a large part of your career to this company. What are the key takeaways from these speeches?

    My future with Scottrade is one with little time left. This company is garbage. I am compensated for pushing paper and I continue to do so but I look for no incentive pay as I do not speak highly of this company as far as an investment firm, much like not providing advice with this firm I just provide the facts and uncertainty behind this company and let the customer make their investment firm decision.

    I don't know how many employees were contacted by an individual in HR to post "positive" things about Scottrade on Glassdoor.com but this website certainly has been a focal point for conversations branch network wide and clearly a growing concern for the HR department. Anyone who reads the reviews that are a current employee know which reviews are being solicited by HR.

    The biggest downfall for this company is the incredibly low quality and unqualified middle management, your regional managers. Has anyone looked at their competencies and ability to drive this company in any other direction but into the ground. This group is responsible for an incredibly high turnover, or should I say responsible for a long list of vacancies. Where is their success? Why don't you put them in a branch to demonstrate their skills while your looking for that new manger? The answer is THIS is the department that is not living up to the change. They have no ability to mentor or train employees and they do not have any respect from their subordinates. It is their inexperience and laziness that leads to employees leaving. They cannot train somebody to do a job they themselves cannot do and have not done. They are full of finger pointing and placing blame elsewhere. They are not respected primarily because they have not earned it.

     I find it funny to see how many job openings there are with Scottrade and I look forward to seeing my job in the list.

    Bottom line, this company doomed. I would not recommend this company to a job seeker or a client.

    I guess on a positive note pay isn't horrible, but the job is and I would be happy to make less elsewhere to avoid the toll that this job takes on me from having to have a regular conference call lead by an lazy individual.

    Advice to ManagementAdvice

    I wanted to buy stock in Scottrade for many years., now I would buy "Puts" on Scottrade if I was able. I'm sure the balance sheet and income statement look great, maybe similar to the outstanding US Housing market back in 2007, I'm sure things will just continue on this path indefinitely. Rodger, you have disregarded the very foundation for the idea of this company and disrespected some once loyal employees, I wish you a substantial impending failure.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  3. 29 people found this helpful  

    Lousy temporary job at best

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

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

    Pros

    The paycheck just about gets me through to the next one. Thankfully I am able to sell cars on the side and this company has such a lack of oversight I have no need to disclose it.(Even though I am able to sell cars while I am in the office and just have to keep my associates quiet with a branch lunch occasionally.)

    Cons

    The ship is sinking you'll just have to know when to step off. This company is run like a bad high school project. Management lacks experience of any kind and they have defined failure to a "T".

    Advice to ManagementAdvice

    Rodger should dump this company like any bad stock..... or you may as well keep holding out hope for your Enron shares too. Frankly this company sucks in every aspect.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
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  5.  

    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 (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
  6. 28 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 (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
  7. 3 people found this helpful  

    Good place to learn about the stock market and financial services industry, not for the ambitious or aggressive type.

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

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

    Pros

    - Company truly values their employees
    - Good work life balance 8am to 5pm
    - The duties of the job itself are pretty easy
    - Friendly co-workers for the MOST part

    Cons

    - the pay is below industry standard
    - no room for advancement unless you want to change your job title and keep doing the same thing
    - the role can be very operational at times. Constantly filling out and processing wires, checks, account transfers etc.
    - Company is moving towards sales, which seems to be an adjustment for most even the conservative CEO

    Advice to ManagementAdvice

    - Increase pay and bonus structure
    - provide more onsite training for branch associates as opposed to only Webexs' and modules

    Recommends
    Neutral Outlook
    Approves of CEO
  8. 6 people found this helpful  

    Finance/Economics Intern

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

    I have been working at Scottrade as an intern (more than an year)

    Pros

    Exposure to the markets by having CNBC on the TV during work hours

    Cons

    All customer service, paper filing, shredding, getting coffee. This internship experience at the branch is probably one of the lowest positions in finance. The people I worked with were dicks and very unprofessional

    Advice to ManagementAdvice

    If you were a full service brokerage firm maybe you can have more options to provide for clients and have a more dynamic work environment which research and other amenities.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  9.  

    Good intro experience to the industry

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Broker Intern in Yonkers, NY
    Former Employee - Broker Intern in Yonkers, NY

    I worked at Scottrade as an intern (more than an year)

    Pros

    Good way to understand finance concepts, especially if you plan on getting your series 7 and 63. depends of course on how well you click with the particular branch manager and employees at your particular branch but overall i enjoyed working there, the workload was managable and you didn't have to take your work home with you. Scottrade also had some nice little benefits as an intern, like the visiting supervisor from HQ would buy us lunch when he visited on occasion.

    Cons

    there's not much room for growth, unless you go to their HQ in st louis the only positions available in the branches are broker and branch manager. they're sort of a passive firm in that they're not aggressive with sales calls etc which some of their competitors (charles schwab, etc) do although they are starting to move towards a more sales driven environment

    Advice to ManagementAdvice

    become a bit more aggressive with acquiring clients

    Recommends
    Positive Outlook
    No opinion of CEO
  10. 8 people found this helpful  

    Use them for your licenses and get out.

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

    I have been working at Scottrade full-time (more than 3 years)

    Pros

    Ability to obtain licenses.
    Google all day.
    Do minimal work with steady pay.

    Cons

    Where should I start.
    1. Pay is horrible. I made more money waiting tables.
    2. Reorganization - They are dragging their employees like rag dolls promising more competitive pay because all the actual talent is leaving the company. Even the new bonus is non existent. They are now pushing for a sales environment. You can't build a house on a crumbling foundation. Maybe you should first fix the archaic website and give the customers what they ask for i.e. a real DRIP program. That one is fun trying to explain to customers....
    3. Small office - 2-3 people per office means your often picking up slack for the incompetent.
    4. You're promoted based on how long you have been there - it takes 5 years at the company to become a manager and during that time they are increasing your small salary by 1-2%/year.
    5. The company won't fire anyone - Do what you like! This means come in late, don't show up to work, disappear for long periods of time etc.

    Advice to ManagementAdvice

    Fire the people that need to be fired and promote the hard workers with talent. Also the regional managers should live in the REGION they supervise. You think you have a close eye? Without having mangers use a time clock, branches never open on time...It was a slap in the face to be given a survey upon leaving allowing only 200 characters to voice my opinion. Hence I need to rant where it is public for everyone to see. The boat is sinking. Glad to know I abandoned that boat for a yacht. I am now making double the pay, 2 weeks more vacation, a fully paid education, and endless possibilities. No one wants to wait around for a few years in hopes of having a shot at a career.

    Recommends
    Negative Outlook
    Disapproves of CEO
  11.  

    A good place to learn the market not to build a career

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Broker Intern in Millburn, NJ
    Former Employee - Broker Intern in Millburn, NJ

    I worked at Scottrade as an intern (more than an year)

    Pros

    Good experience to gain skills

    Cons

    No opportunity for growth within the company

    Advice to ManagementAdvice

    Paid broker licensing

    Doesn't Recommend
    Neutral Outlook
    Approves of CEO

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