Scottrade Reviews

Updated August 28, 2014
Updated August 28, 2014
438 Reviews

3.0
438 Reviews
Rating Trends

Recommend to a friend
Approve of CEO
Scottrade Founder, President, and CEO Rodger O. Riney
Rodger O. Riney
354 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

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  1.  

    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
  2. 14 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
  3.  

    Finding Its Direction

    • 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 3 years

    Pros

    Good Work/Life Balance and Benefits. If you like sales and put in the work the incentive bonuses can be nice if you work in a high net worth area. Generally smart caring people, and a CEO who cares about the firm and individual success.

    Cons

    Going to a sales/advice firm but is done at a snails pace. With the initiative get more money in the door service has fallen at the wayside to make sure you hit your numbers. Managers in sales coach roles now and they don't have a clue how to sell. Not much communication between branches and upper management at corporate office. Hardly any chance of advancement, and if you do advance you must relocate to St. Louis.

    Recommends
    Neutral Outlook
    Approves 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 for 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.  

    Review

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

    I have been working at Scottrade full-time for more than a year

    Pros

    great atmosphere, people are generally nice

    Cons

    pay is low, processes are non-existent

    Advice to ManagementAdvice

    Look for external experience, not home grown, in order to meet process and organizational compliance needs.

    Recommends
    Neutral Outlook
    Approves of CEO
  7. 8 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
  8.  

    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
  9. 13 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 for 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
  10. 9 people found this helpful  

    Actively seeking employment elsewhere!

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

    I have been working at Scottrade for more than 3 years

    Pros

    Benefits albeit middle of the road--can be matched at a better company.

    Cons

    Where to start? Seems like our "CEO" Rodger Riney is out of touch or is the CEO now Matt Wilson who may be grooming our company to be bought by a certain competitor, who knows.

    Branch managers and regional managers, everyone really, has absolutely no idea what they're doing. Do your research if you want to be in sales. Scottrade does not know how to operate as a real sales firm, they're guessing and you'll pay the price for their INCOMPETENCE and F-Grade "coaching". They read to you verbatim from sales books in our conference calls for God's sake!

    Base PAY SUCKS. Incentive BONUSES ARE A JOKE compared to other companies. Whether you are succeeding or failing at the asset gathering concept, you're always made to feel like you're in the hot water, your job is THREATENED in every meeting with your regional. UNPROFESSIONALISM runs amok and quite frankly, BULLYING tactics are used.

    The company says they don't do layoffs but that is a BLATANT LIE. There have been MULTIPLE LAYOFFS disguised in fancy wording as something else.

    Sending out surveys to employees about what we would like to see changed does not fool us. We are well aware of the TREMENDOUSLY HIGH TURNOVER.

    EVERYONE IS LEAVING. If you're good at sales, you're leaving for a firm that knows what they're doing and compensates fairly. If you're not good at sales you're leaving before you get fired. In general, people are leaving because SCOTTRADE IS GOING DOWNHILL, CULTURE IS GONE and you're smarter than to be a lifer at such a place.

    Lastly, don't get too cozy, it's every man for himself because they don't have proper incentive plan and lead assignment in place. SABOTAGE, LIES, MANIPULATION by your own "teammates" just to stay afloat with your job.

    PLEASE DON'T WORK HERE! NOT A "BEST COMPANY TO WORK FOR" anymore.

    Advice to ManagementAdvice

    There's too much to fix, you all have just ruined the company. Stop acting pompus and get a reality check. Scottrade has the poorest customers in the industry and you want us to get millions from them? Nobody with serious cash will want to use us as their main broker. Plus you don't have the expertise in sales to throw your weight around with the people that are on your front lines.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  11. 9 people found this helpful  

    A Lot of Improvements Required

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

    I have been working at Scottrade

    Pros

    Increase in vacation days and you can carry some over to the next year.

    Cons

    They have branch managers with no or little experience running sales, and they have regional managers with no sales experience administering and teaching the sales program. And regional managers with no or little sales experience and knowledge are grilling managers and associates through branch managers ... Is that a JOKE???

    When you are in management - if you are not able or are willing to do the jobs of the people you are supervising, you should not have been put in the first place in such supervisory role! That is a basic rule in management. And senior management does not know that? So you have some ignorant idiots up and high up there running this company.

    Whether you are among the top ones bringing in most assets or closings or the ones at the bottom of many performance measurement criteria, they will find a way to pick on you - whether you are writing reports, not making notes on their internal system.....whether you are punctual, you clock in and out for your lunch, even when you don't have a lunch break but you still have to clock out and in for lunch, or your lunch is constantly interrupted by incoming calls and walk-ins, or whether you have too much overtime, maybe more than a hour or two, or whether you are not doing online training in time ....... So, soon the bad associates will be fired or will be leaving, so will the good ones. Then let the regional managers and the branch managers make all their calls, create all the opportunities, make all their contacts, closings and collect all their "bonuses".

    Advice to ManagementAdvice

    To bring in more business, they need to be able understand and serve the needs of more sophisticated customers p traders, investors, corporate, institutional customers, not just novice beginners who bring in $500 or those who take their account here as the play account! Their serious money is elsewhere. Has top management asked why the company has built such a "play account" image?? and worked hard to address the issue?? That is company repositioning, that is not easy, and they don't know what they are doing.

    Poor technology, the website on the front end serving customers is down recently for most of the day, then the internal system collapsed. Is that strike by the technology dept or are our systems being hacked into/??? They should conduct full investigation. Such systematic collapse is totally NOT acceptable.

    They need to invest substantially to build advanced, reliable technology, trading platforms and fast, reliable execution, and market these competitive edges accordingly. But will good technology people move to St. Louis?? That is a problem! The company does not offer many basic services which other companies have provided for years.

    They need to categorize customers, understand their needs, meet and serve their needs well with reliable, fast platform - then you bring in more businesses and assets, on a higher level!

    To say more, I need to charge them some substantial management consultancy fees.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

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