Scottrade

www.scottrade.com
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Scottrade Reviews

Updated February 21, 2015
These reviews contributed towards 2012's Best Places to Work recognition. See ratings and reviews for all time.
Updated February 21, 2015
429 Reviews
2.7
429 Reviews
Rating Trends

Recommend to a friend
Approve of CEO
Scottrade Founder, President, and CEO Rodger O. Riney
Rodger O. Riney
429 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

Employee Reviews

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  1. 15 people found this helpful  

    was good, getting worse

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Financial Services Representative in Westminster, CO
    Current Employee - Financial Services Representative in Westminster, CO

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

    Pros

    -laid back work environment
    -sponsors for series 7
    -lots of opportunity to learn about financial field

    Cons

    -noncompetitive products
    -tools needed to do the job are unreliable
    -managements is now attempting to add sales to the position but is failing miserably

    Advice to ManagementAdvice

    make a decent product before u attempt to sell it

    Recommends
    Positive Outlook

    Scottrade Response

    Feb 23, 2015Social Recruiting Team

    Thank you for your feedback. We have teams in place that are constantly evaluating new technologies so that we are able to implement the best tools for our clients.

  2. 45 people found this helpful  

    I was a Scottrade casualty of change.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Former Investment Consultant in Overland Park, KS
    Former Employee - Former Investment Consultant in Overland Park, KS

    I worked at Scottrade full-time (more than 5 years)

    Pros

    I used to love going to work. I loved helping people. I loved teaching willing customers how the markets worked. I enjoyed my coworkers as we were teammates willing to step into whatever needed done. Sadly, it all changed.

    Cons

    When asset gathering became not just a buzzword, but company policy, I embraced it. I liked knowing that my efforts to bring in new money were to be rewarded. And I was rewarded. I was consistently in the top 20% in my region in new assets for the first 2 years of the new bonus structure. But as I found out, it was to be a slippery slope. During the 3rd quarter of 2014, branch administration started to change the rules as to what was considered "influenced assets." There was much debate as to the meaning of influence. After all, I'd been there for years. I had regular customers come in to make deposits just because I was "their broker." Did I influence it? Perhaps the first few times, by Scottrade standards. But the fifth, sixth, and seventh times, surely not, they'd say. They were just making deposits on their own. Deposits I shouldn't be rewarded for? Or should I? What a quandary...

    Once the incentive review team was formed, I knew I was toast. After many years of forming personal relationships with clients, and trying to service their accounts, management would always up the ante. Make your mythical 10 contacts and 2 opportunities. Whats your value per contact? I suddenly found myself morphed from human broker to a simple metric. Branch admin didn't care about my personal relationships, they wanted results. As an aside, I once asked my regional manager how they came up with 10 contacts. He said it was industry standard.

    One quarter, it was determined that half of my qualified deposits were not considered influenced. I was out a little over $1000 in bonus payout. I grew bitter. Rules that defined what was influenced had changed in the middle of the game and they controlled that game. They were the judge, jury and executioner. As I picked myself off the floor I determined to fight back. Wrong move. The next quarter I took in a check that was clearly not influenced, and doctored the CRM notes to make it look like it was influenced. It was the first time I had ever stepped on the other side of the ethical line...and I paid for it, with my job.

    Quarter after quarter of high quality performance reviews, public recognition on internal conference calls from management, my career as a broker at Scottrade was finished with one bad decision.

    As the pressure mounts to push, push, push for new assets, something changes within us. We become greedy. We think only about money as our sole motivation. After all, weekly conference calls with regional managers reinforce it with constant drilling. "Where are your outside investments held?" "Do you have an old 401k lying around somewhere?" "What will it take to get you to consolidate?" Questions I constantly asked for the sole reason of our greed. I wanted that bonus! I wanted to be recognized!

    The other day I was totaling up all the assets I brought to Scottrade in my 5 years there. I think I must've brought something close to $100 million into Scottrade. A fact that held little value when I was let go.

    I miss the place though. I miss my branch. I miss my clients. I miss the camaraderie.
    I was a good broker, but I wasn't a good enough metric.

    Advice to ManagementAdvice

    I remember one time Matt Wilson came into my branch as he was in town over Thanksgiving. He came and sat down at my desk and we chatted for some time. I asked him some questions about upcoming products and he was visibly excited about what was to come. His excitement got me excited. He seemed like a nice enough guy. He seemed to believe what he was telling me and that was enough for me. I believed in his overall strategy to reshape the company into a more viable financial firm. For whatever reason, the execution just wasn't there.

    I only had branch experience and I can truly say that I was in the trenches with my fellow brokers on the front lines. We knew what worked and what didn't work. What was realistic and what wasn't. Unfortunately, management had a top-down approach to reshaping the firm. Management would dictate to regional managers what needed to be done, and by the time it got to us brokers, something was lost in translation. This led to cynicism within the ranks, needless conference calls, and an overall mistrust of the firm. What was a family style company culture, became dog-eat-dog mentality. Brokers stealing asset gathering opportunities from other brokers. A constant battle over what was considered influenced. In fighting amongst brokers and the back office. Regional managers with little front line experience informing me on best practices in a client facing environment.

    Had the execs been willing to speak with brokers on the front line doing the dirty work and forming a bottom-up approach as to the best course of action for the firm, I feel that I'd still be there today. Had they been willing to find out what resources it really takes to gain market share, I don't think they'd be in this mess today. But they didn't, and hopefully they'll learn from their mistakes. I know I've learned from mine.

    I'll leave you with this. You turned a motivated kid, excited about learning everything about the financial markets, one who was willing to go above and beyond for clients time and again, into a cynical, skeptical, young adult that learned the hard way. I have a Bachelors in Economics, an MBA, a Series 7 and 63 and nowhere to use them. I wished I had made better decisions, but I wished Scottrade had too. We could've been great together.

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO
  3. 26 people found this helpful  

    Not where you want to end up

    • 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 (more than 3 years)

    Pros

    Good place to learn the industry, the company's bonuses are great for people entering the industry, very flexible with Work/Life balance.

    Cons

    There is a major disconnect between HQ and the branches. I was a broker/investment consultant for Scottrade for over 2 years and talked to my regional manager one time on the phone. My entire life at the branch consisted of interacting with 2, then 1 coworker. The company switched to a sales environment throughout my tenure, and all you realize you are to HQ is a number, accountable for your "influenced assets". Sure, we get the money in the door and it really isn't all that hard to bring something in with the leads we get everyday, and its up to you to decide whether you "influenced" the money. But in the long run, thats all we are. We have no role of importance to 99.9% of clients and thats why I got out. It gets really old calling clients asking "are their any questions you have for us?", and them responding with the standard, "No.", knowing that even if they did have something, we likely couldn't answer due to being handcuffed by HQ. You can't be expected to be Tech/Analyst/Sales guy all in one. And that leads me to what the main fear was, of your branch getting shut down and jobs consolidated to St Louis, once HQ realizes you have ran the well dry.

    Advice to ManagementAdvice

    Something needs to change. Employee morale is really low. Job turnover is really high. Check job openings and you see about 50 branch manager openings (out of 500 branches), and even more IC openings. Don't just follow Schwab and TD to try to mimic them. Do something productive, allow a branch member to get Series 65/66 certified so that they can better help the clients. You have the potential to be a great company, why not do something about it?
    .....Oh yeah, and when an employee notifies you that he is leaving the company after a significant amount of time, do something. I didn't even get an email from regional manager, let alone a phone call. You aren't that busy.

    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO

    Scottrade Response

    Feb 27, 2015Social Recruiting Team

    Thank you for your comments. Our branch network remains integral in building relationships with clients. We are looking into the gaps in communication between branches and headquarters and working to ... More

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  5. 43 people found this helpful  

    A tale of two Scottrades . . .

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

    I worked at Scottrade full-time (more than 5 years)

    Pros

    • Exceptional 401(k) match and health benefits
    • Fantastic coworkers in branches who try to help each other succeed
    • Great laboratory to learn about cognitive bias

    Cons

    If considering work at a branch, don’t be fooled by talk of core values and culture. Your job is to bring in new money, push fee based advice and don’t take no for an answer if you meet resistance. All other considerations are secondary because your regional and divisional managers are driven by sales statistics. If you meet your sales goals, management will leave you alone and your experience will be as the myth busting manager described on Jan 10. If you don’t meet your goals, your regional manager will get involved and your experience will be like employees who have left negative comments or have left the company. This is one reason you hear such polar opposite opinions about Scottrade.

    In the current environment, one regional criticizes reps for not being aggressive enough with customers. Another regional boosts their statistics by making customers wait for help while reps work on documenting sales notes. Our divisional told us he wouldn’t spend much time with small accounts that weren’t going to lead to conversions and apparently another divisional isn’t above using fear to compel customers to sign with advisors. If this culture sounds good to you, then welcome to Scottrade!

    Advice to ManagementAdvice

    I understand the need for new revenue streams, and asking for outside business and referrals are great ideas, but isn’t there a way to do this without an atmosphere that is ‘aggressive, frightening and discomforting?’ This isn’t my opinion; these are the actual words being used by your middle managers (Ref: Review on Dec 13, 2014).

    It pains me to write this - Scottrade was very good to me for many years.

    Doesn't Recommend
    Negative Outlook
    No opinion of CEO

    Scottrade Response

    Jan 30, 2015Social Recruiting Team

    Thanks for sharing your comments. We regret to hear that your time at Scottrade was less than satisfactory and don’t believe your comments are an accurate representation of the coaching provided to ... More

  6. 23 people found this helpful  

    Changes not working

    • 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 full-time

    Pros

    Good 401k match, and benefits

    Cons

    To much change and not enough qualified upper management

    Advice to ManagementAdvice

    It's all about selling now and no longer about the people who work there. You are only as good as your last sale. To many metrics. Incredibly time consuming micro management. Let's have some of the management guys go to a busy branch and see what the reality is. Maybe then, they will understand better. Put them in the office and have them take calls, help walk-ins, do the paperwork, trades, etc..... Might be an eye opener but unfortunately management will never do that since they would be incapable of doing the job since they don't know how to work the very systems they make us use.

    Negative Outlook
    No opinion of CEO

    Scottrade Response

    Jan 16, 2015Social Recruiting Team

    We appreciate your feedback. We believe the shift in focus has allowed our branch associates to better assist clients in meeting their financial needs.

  7. 31 people found this helpful  

    Tale of two companies.

    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    I have been working at Scottrade

    Pros

    Former culture was one that cared about their employees and adding value to the client experience. Hopeful that there is still someone in leadership that can bring those values back to the forefront.

    Cons

    Going to be objective here since HR and media team have been instructed to respond, I hope they do so to this posting.

    Lack of Diversity is evident. All members of executive team are Caucasian. All Divisional Vice Presidents are Caucasian. Very few Regionals or vice presidents in the entire organization are diverse, with one African American VP.

    New employees that are coming in and requiring certain amount of sales experience and in running a branch, both 3 years. None of the current Divisional Vice Presidents meet this criteria...none. Now they are displacing employees that mean well, have a heart, and put in the effort to be dismissed. Problem is no leadership because they have never developed those skills. There is minimal to no coaching given to Regionals To Help Them Communicate With their branches thus all the negative commentary.

    With all the responses from management evident as of late I would challenge a posting that broke down there diversity from a VP level up, as well as, the branch management and leadership experience of all DVPs.

    Advice to ManagementAdvice

    Hopeful Rodger steps in and works to regain the focus on his employees and the client experience. Needs to get leaders that share his values and vision, displace those that are in positions that do not have the experience or knowledge to truly lead. Allowing this new management to create scape goats instead of taking responsibility and coaching their teams to assist the branches in understanding how to have valuable interactions with clients that would lead to asset gathering. A DVP did present FEAR as a way to interact with clients. He was given several opportunities to correct himself and was animate about instilling FEAR into clients to grow the business.

    Look forward to the published statistics.

    Doesn't Recommend
    Negative Outlook
    No opinion of CEO

    Scottrade Response

    Feb 9, 2015Social Recruiting Team

    Thanks for your review. Diversity is an important part of Scottrade’s culture and our goal is to attract and retain more associates and customers from diverse backgrounds. In fact, many of our ... More

  8. 1 person found this helpful  

    Great leadership, great team!

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

    I have been working at Scottrade as a contractor (less than a year)

    Pros

    Working in IT, I have seen example after example of leadership removing roadblocks and paving the way for successful software development.

    In my role, I have a significant level of autonomy, and my management has made it clear that they are there to provide my team whatever it can to make our jobs easier.

    The entire IT organization takes great effort to celebrate success.

    Cons

    The company is in the middle of a cultural shift regarding software development. They are adopting industry best practices in many areas, but are holding on to antiquated methodologies for unknown reasons.

    Recommends
    Positive Outlook
    Approves of CEO

    Scottrade Response

    Feb 27, 2015Social Recruiting Team

    We appreciate your review and are happy to hear your time with Scottrade has been rewarding.

  9. 4 people found this helpful  

    Caring company that's behind the times

    • 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

    Benefits, vacation/sick time, and work/life balance is great.

    Cons

    Technology and systems are archaic. They also are not very good at keeping their employees in the loop.

    Recommends
    Positive Outlook
    No opinion of CEO

    Scottrade Response

    Feb 23, 2015Social Recruiting Team

    Thank you for your review. We are always trying to identify new technologies in order to provide our clients with the tools to meet their changing needs. Our leadership teams are also discussing ways ... More

  10. 22 people found this helpful  

    Growing Pains...

    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    I have been working at Scottrade

    Pros

    401k match and hours are great.

    Cons

    Saying they are going thru growing pains is an under statement. I don't think their pay is very good, they certainly don't care how long you've been working for them which is very dissapointing, yearly pay raises are truly depressing.

    Advice to ManagementAdvice

    Beef up staffing, more than anything you need to show your employees you care by giving raises that mean something. We brought in how much money last year and you believe you're fairly compensating your employees?

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    Scottrade Response

    Jan 16, 2015Social Recruiting Team

    Thank you for sharing your thoughts. Scottrade reviews salary market data on a regular basis to ensure we are offering a competitive compensation package to our associates. We certainly value all of ... More

  11. 10 people found this helpful  

    It's getting better

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

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

    Pros

    They have finally started incentivizing us. For years employees have been underpayed and they have finally started helping us with incentive bonuses and raises the salaries that were below average for the position. Good benefits and a good amount of time off.

    Cons

    Still underpaid compared to other companies such as TD and Schwabb. They make their managers produce just like their investment consultants. We get a little extra salary for the management aspect and all that goes with it, but nothing else and we have to make the same numbers. Recently reduced our incentive payouts for what we bring in. Reduced it. That's awful.

    Advice to ManagementAdvice

    Have different standards for producing between IC's and managers. Show a understanding that we have to do other things than they do and should have different requirements or you should pay us more on the closes we get. Just something to show a distinction between the two. Why else would someone want to take on managing an office and all the BS that comes with it? For the extra $15-20K a year? That isn't that great...

    Recommends
    Positive Outlook

    Scottrade Response

    Feb 13, 2015Social Recruiting Team

    Thank you for sharing your thoughts and suggestions. We will share them with our branch leadership and incentive teams.

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