Scottrade Reviews

Updated September 18, 2014
Updated September 18, 2014
439 Reviews
2.9
439 Reviews
Rating Trends

Recommend to a friend
Approve of CEO
Scottrade Founder, President, and CEO Rodger O. Riney
Rodger O. Riney
356 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

Employee Reviews

Sort: Popular Rating Date
  1. 5 people found this helpful  

    Get your license then find a better position- Service Center

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Financial Services Representative
    Former Employee - Financial Services Representative

    I worked at Scottrade full-time

    Pros

    Great coworkers, casual work attire, flexibility with personal schedules, pay for your licensing

    Cons

    The company when I first started had a laid back attitude with an open door policy. During my time of employment it turned into a sales model with a high turnover rate and burnt out service center brokers. Not only is there minimal growth as a broker, but they now push sales sales sales. Sales they must at some point realize would be easier to do if only the technology could keep up instead of the website crashing multiple times a year, if they could offer compensation to match the sales that has come to be expected, if they could offer a competitive salary, and if they could provide useful training to keep everyone on the same page. Also, it would probably be helpful that they stop making promises about career and company growth. At this point the turnover has gotten ridiculously high because the tenured no longer agree with the direction the company has gone and the new hires can't tough it out because the training has become below par. So if anyone of that sounds appealing to you, I suppose you'd be a great fit. After all they are hiring continuously due to so many open spots.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  2. 2 people found this helpful  

    Wish they would recognize talent and compensate accordingly.

    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    I have been working at Scottrade

    Pros

    The people and culture are a plus.

    Cons

    They are at the low end for salary.

    Advice to ManagementAdvice

    Recognize talent and compensate accordingly.

  3.  

    Such a chill, lazy environment

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Stock Broker  in  Salt Lake City, UT
    Former Employee - Stock Broker in Salt Lake City, UT

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

    Pros

    No pressure, no sales environment

    Cons

    I hear they are making people sell. Scottrade is a safehaven for the finance guy who doesnt want to sell.

    Advice to ManagementAdvice

    dont make us sell!

    Doesn't Recommend
    No opinion of CEO
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  5.  

    A good stepping stone, but if you have worked elsewhere, you will be aggravated.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Applications Support Engineer  in  Scottsdale, AZ
    Current Employee - Applications Support Engineer in Scottsdale, AZ

    I have been working at Scottrade full-time for more than 5 years

    Pros

    CEO is concerned with the well being of the employees.
    Health insurance, vacation and other benefits are good.
    There can be flexibility depending on your management

    Cons

    some procedures have not grown with the company, neither has security.
    some upper management have chosen work to be their self medication of choice, i. e. they are work-a-holics and they get aggravated when others cry uncle on very time consuming projects and day to day work. Most groups don't have a good work / life balance but some do.
    they actually promote to much from within, including interns. The Scottrade way is the only way they know.

    Advice to ManagementAdvice

    Higher more from outside the company for management in order to get fresh ideas.

    Recommends
    Neutral Outlook
    Approves of CEO
  6.  

    A company that respects and takes care of it's employees.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Stockbroker
    Former Employee - Stockbroker

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

    Pros

    Scottrade is truly a company that looks out for it's employees. I think this view comes down from the top so as long as Roger is around I would think it will continue to be a good company to work for.

    Cons

    If you are working in a branch your opportunity for advancement is limited. The pay is somewhat limited but that is changing because the branch offices are moving more into sales.

    Advice to ManagementAdvice

    Management is great, I just hope they don't try and change themselves to much in the next couple of years. There are few companies that have such high values and I would hate to see this go away.

    Recommends
    Positive Outlook
    Approves of CEO
  7. 1 person found this helpful  

    Great work atmosphere, great career starter, not much room for growth, not much to learn once you learn the basics.

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

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

    Pros

    get series 7 and 63 licensed

    Cons

    not much room for growth.

    Doesn't Recommend
    Positive Outlook
    No opinion of CEO
  8. 5 people found this helpful  

    IT company that is confused with clear direction.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - IT Supervisor  in  Saint Louis, MO
    Current Employee - IT Supervisor in Saint Louis, MO

    I have been working at Scottrade full-time for more than 5 years

    Pros

    Never get laid off... Good overall work Culture. Wish I could stay there longer but I have a family to worry about.

    Cons

    Will never get paid well... Short of being a Department VP, everyone manager and down is way under paid.

    Advice to ManagementAdvice

    Honestly pay people what the clear job market average really is for the national average or at least the metropolitan area. It's insulting to know most IT people can leave a stable company like Scottrade and double their salary elsewhere. Such a good work culture, so sad they pay so horrible.

    Recommends
    Neutral Outlook
    Approves of CEO
  9. 2 people found this helpful  

    Investment consultant

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

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

    Pros

    secure, out of the door at 5, the company does care

    Cons

    not a good work environment. Industry is getting competetive so they are pushing sales, if its a small branch, and someone quits your left holding the bag and "holding down the fort"

    Advice to ManagementAdvice

    give better direction to what you want employees to do. have a better transition for new internal transfer or atleast designated brokers to cover when someone unexpectely leaves.

    Recommends
    Neutral Outlook
    Approves of CEO
  10. 16 people found this helpful  

    Branch Manager

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Branch Manager
    Former Employee - Branch Manager

    I worked at Scottrade full-time for more than 10 years

    Pros

    Nothing, I had to leave after 10+ years, most of my adult life with them. It was very hard to do.

    Cons

    They have changed there business model completely from service based to sales based. Everything now is a measure of sales contact, phone dials etc. Somehow they believe their best strategy to be most competitive in our industry is leaving what has worked for them since 1980, the reason their customers have come to them and behave exactly like everyone else. They are cutting salary hard in favor of bonuses that keep changing (harder to reach), they are not back filling positions and cutting to the bone. The man they brought in came from TD Ameritrade, is changing the company to be exactly like them and will undoubtedly be bought out by TD Ameritrade within the next few years. I was with TD Waterhouse previously and when TD Ameritrade bought them, a lot of people/families lost their jobs, it sucks.

    Advice to ManagementAdvice

    It is hard to give them advice because they will not listen, they had many more options than looking like everyone else. When you look like everyone else you are not trying to out compete, you are making yourself look like the company that you want to buy you are mirroring the company you are courting. Advice to Management is that you are not fooling anyone, most people understand what is going on.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  11. 17 people found this helpful  

    WHAT HAPPENED??

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Investment Consultant  in  Saint Louis, MO
    Current Employee - Investment Consultant in Saint Louis, MO

    I have been working at Scottrade full-time for more than 5 years

    Pros

    Decent pay (if you are single with no kids and no intention of more than a paycheck to paycheck employee), good health benefits, minimal commission's are being compensated now, great people to work with in the branch.

    Cons

    Regional managers do not know squat about sales, spend more time writing our interactions in CRM than making sales calls or helping clients. Regional managers constantly hound employee's if they 1. Don't make enough attempts to call prospects 2. Don't get enough business contacts. 3. Do not uncover enough outside assets. 4. Don't reach their sales goals - exactly in that order. Who has ever heard of that in sales? Bottom line is you should do whatever it takes to meet your quotas, instead every employee is just trying to get the attempts and business contacts without being able to close them. And if you don't document the activity you don't get the commission (which is not that high in the first place). SKDM - Sales key dialogue model is a joke, GST$ is a joke. How is the regional managers going to coach us when they've never been in sales? Oh, I know just read the book verbatim and it should work and if it doesn't we will find someone that will use the SKDM and make it work. I've been in sales and is probably why I am doing well, some of these brokers aren't made for it that's is why they are leaving to company because of all the pressure the job comes with now. I know subconsciously I've been implementing SKDM and now haven't been able to gather much assets as I did before, therefore, I am going back to my old ways.

    This is the role of an investment consultant @ Scottrade:

    - New account processing
    - international new accounts
    - Compliance
    - Margin
    - Bank specialist
    - Rules and regulations
    - IT
    - technical support
    - Stockbroker
    - Receptionist
    - Client relationship manager
    - Sales
    - Negotiations
    - MIddleman to Guidance
    - Client services
    - Account transfers
    - Retirement specialist
    - Accounts receivable (deposits)
    - Accounts payable (withdrawals)
    - Cost basis specialist
    - ETC. ( there's a lot more)

    Each Investment consultant int he branch network has to know all rules, regulations, and processes of all the different departments at corporate, they have DEPARTMENTS WITH A TEAM of people doing one thing. Getting any help or guidance from Corporate can be a task itself because honestly why would they care, they don't have to hear the yelling from the client's anyways.
    Also there are too many rules involved with what's considered a contact, what's considered an attempt, and what's considered a qualified close. Stop with the "It is what it is." response every single time. Why the need to document every interaction? We should only document the interactions with people who have qualified assets. NO need to document every attempt, contact, opportunity and waste our time when we could be closing client's. If upper management want's real sales people the IC's should only concentrate on sales and have back office handle the rest.
    Guidance solutions? Want the IC's to get all the information and the guidance officer reap all the benefits without doing anything? Give the client guidance without giving guidance? Pre-call plan but don't pre-call plan? How much more confusing can this get? Do this and that but don't make it seem to the client we are doing this and that? Please corporate be a little more confusing so I can rip out the rest of my already thinning hair.

    Advice to ManagementAdvice

    Don't lie to us and say you're going to keep the same corporate values while implementing sales. If corporate wants better results give us the right tools, not portfolio manager or our guidance solutions which are ineffective. Create a better website, better platforms, better options to withdrawal money, instead of this complicated alternative of banking. Right now our platforms are the main thing people are complaining about. Read our quarterly reviews, ALL the complaints are the inefficiencies of the platform. More than half of the branches get the 900 club for the service we provide. Everything bad review I've read is something about the website and mobile app. Please Rodger take back the helms, we will work harder for you, keep the commission plan and the quotas, but get rid of the documenting non qualified assets and have us concentrate more on just sales only, attempts and contacts is not the end all be all to our success.

    Doesn't Recommend
    Negative Outlook
    Approves of CEO

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