Scottrade

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Scottrade Reviews in New York City, NY

Updated August 18, 2014
Updated August 18, 2014
442 Reviews

3.0
442 Reviews
Rating Trends

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

Review Highlights

Pros
  • The work/life balance is great--I never put in longer than an 8-hour day (in 40 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 25 reviews)

  • no room for advancement unless you want to change your job title and keep doing the same thing (in 21 reviews)

More Highlights

25 Employee Reviews Back to all reviews

Sort: Popular Rating Date
  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

    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. 6 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

    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
  3. 3 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

    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
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  5. 1 person 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

    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
  6.  

    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

    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
  7. 5 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

    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
  8.  

    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

    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
  9. 1 person found this helpful  

    It coming to an End

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

    Pros

    The Pro, we had no fiduciary responsibility!!!

    Cons

    We were required to pitch a pie chart to the mentally infirm.

    Advice to ManagementAdvice

    Don't tell me my business boy, just joining the union. ADVICE: You should have taken some, the rest I'm hoping to publish.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  10. 1 person found this helpful  

    God Help Us

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

    Pros

    Easy, mind-less work...most of it useless

    Cons

    The backoffice is horrendous & don't help. The pay isn't good & the bonuses suck. Overtime is very little. Also, no room for growth unless you either want to stay as a Senior Branch Manager or move to St. louis...

    Doesn't Recommend
    Negative Outlook
    Approves of CEO
  11.  

    It was alright, nothing spectacular.

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

    Pros

    Small office to manage.
    Helps get your foot in the door if you are interested in finance.
    Nice paycheck for interns.

    Cons

    There may not be enough people working in a particular office.
    When things get busy, there may not be anyone available to help the customer.

    Advice to ManagementAdvice

    The training program needs to be revamped to help interns deal with angry customers. There also needs to be a way to get more people working in an office so that when things get really busy there are enough people to help.

    Recommends
    Neutral Outlook
    Approves of CEO

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