Scottrade

  www.scottrade.com
  www.scottrade.com

Scottrade Reviews

Updated December 21, 2014
Updated December 21, 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

Employee Reviews

Sort: Popular Rating Date
  1. 14 people found this helpful  

    Questionable future.

    • 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 as an intern

    Pros

    Pay for your licensing, good hours, growing company. Promotion from within seems to be easy and great.

    Cons

    Horrible since they changed from service first to sales first. The new environment has caused a lot of more service loving brokers to quit and find employment elsewhere

    Advice to ManagementAdvice

    Go back to service first brokers, we can't be expected to service all these clients and reach unrealistic sales quotas.

    Recommends
    Neutral Outlook
    Approves of CEO
  2. 27 people found this helpful  

    Slowly becoming toxic.

    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    I have been working at Scottrade

    Pros

    Excellent benefits, decent vacation policy, good relationships with team members.

    Cons

    Very high profile employees have either left or got fired. Way too much work for any given employee. Too much micromanagement.

    Advice to ManagementAdvice

    Treat your employees fairly. Compensate fairly. Value your employees more so than the value of your company. Give your employees a sense of welcome, other than driving them out.

  3. 6 people found this helpful  

    Great place to work

    • 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

    Great place to work. 401k match of 50%. Has never laid off its employees. Benefits are strong. I have been with the company over 10 years. We have a great leader.

    Cons

    Too many employees still wanting to only provide service. If you do not want to be in Sales, leave the company so it can move forward. People don't seem to think change can be a good thing. I have made $30k more each of the last 2 years due to the new compensation plan. I work hard and have proven my sales skills. The years of getting paid to sit around waiting on a customer to call or come in are over. Get on board people!

    Advice to ManagementAdvice

    Get rid of those managers or investment consultants that are not producing and find quality sales people that want to make great income. They are hurting our ability to grow and move forward.

    Recommends
    Positive Outlook
    Approves of CEO

    Scottrade Response

    Dec 9, 2014Social Recruiting Team

    Thank you for your review. Our Branch Managers are an important component of our success. We’re happy to hear you understand and support Scottrade’s commitment to meet the changing needs and goals of ... More

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  5. 7 people found this helpful  

    Boring

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Intern - Hourly in Newport News, VA
    Former Employee - Intern - Hourly in Newport News, VA

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

    Pros

    If you are looking for a simple, clear cut job, this is for you. Scottrade is slow to change.

    Cons

    People do the same thing with little to know change for 15 plus years. There is little opportunity to think or be creative. All the "investment consultants" do is make cold sales pitches to current clients, trying to bring over more assets. It is an unsustainable and boring business model.

    Advice to ManagementAdvice

    Get rid of toxic, politically incorrect branch managers.

    Doesn't Recommend
    Neutral Outlook

    Scottrade Response

    Dec 9, 2014Social Recruiting Team

    We appreciate your feedback. While we may not have been a fit for you, we hope you gained some good experience to take to your next position.

  6. 25 people found this helpful  

    It used to be a great company to work for

    • 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 (more than 3 years)

    Pros

    Good benefits, hours are good for a work/life balance (you don't take work home), people (co workers) are nice.

    Cons

    Politics, no room for growth - you're either a broker or a branch manager unless you want to move to St. Louis. Scottrade used to really value it's employees and had a great "we're like family" culture but now it's fat with middle management (VP this, Regional that, divisional other, etc... when it used to be a lot less cluttered). It's all about the numbers now which i understand, a company has to adapt and change, but it took a lot of the "family" culture out. They have tried to make the change/transition smooth to be fair.

    Advice to ManagementAdvice

    Spend money on improving the website, tools, apps instead of paying all sorts of VP's, regional and divisional managers to "coach" the employees. Its embarrassing when the website goes down for an ONLINE brokerage firm and you expect us to call clients to gather assets... why would they bring us additional money when they can't even trade.

    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO
  7. 33 people found this helpful  

    What went wrong?

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

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

    Pros

    So discouraged it is difficult to find the pros.

    Cons

    Most egregious is disrespecting and retribution toward employees who care about Scottrade and doing the right thing to speak up.

    Advice to ManagementAdvice

    Rodger, how did you loose your way? Does it bother you that the respect, love, and admiration employees used to have for you has been replaced by distrust, disillusionment, and disappointment? Reign in the arrogance of your executives. Find a person with genuine high integrity, vision, respect of others, inspirational, and has a conscience - to help you lead the company back to the environment we used to be proud to say was our work family.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    Scottrade Response

    Dec 15, 2014Social Recruiting Team

    We regret to hear you feel this way. As an associate who has been with Scottrade for more than 10 years, we know you’ve experienced a lot of organizational change. As the firm continues to evolve ... More

  8. 30 people found this helpful  

    Agree, it's really bad now and snowballing somewhat quickly

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

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

    Pros

    economy is getting better to find new job

    Cons

    I was also on that call on Dec 10, referenced in a prior review. here. A Divisional leader DID state that we should create fear and inject fear to our customers. What the heck happened to this company?!? People like that wouldnt have lasted a day in the previous version of Scottrade. If we dont have integrity,what do we have? Possibly a little more chance at making a bonus? Big deal, not worth losing who we were. over...is it? Divisional and Regional leaders ask employees to be dishonest to customers just so they deposit money and/or call us back. Our "guidance" department seems to be made up of shady sales people who see Scottrade as ripe to scam people out of their money. Even customers see the difference in talking to local branch people and these guidance characters. Social media and the internet will spread this new "change" and its results pretty quickly and Scottrade will just be another firm that used to be great.

    Advice to ManagementAdvice

    Be prepared to look back in 1-2 years and say, "geez, it was all right there on Glassdoor! We couldve done something to right the wrongs!"

    Good luck Scottrade. Rodger, your legacy is in the process of turning into a firm filling up with shysters... vs a place where people used to be so proud to say they worked for you. You need better checks and balances in the guidance dept and with what the Divisional "leaders" are trying to spew in your name (both areas feel like we've hired people from the movies Boiler Room and Wolf of Wall Street).

    Doesn't Recommend
    Negative Outlook

    Scottrade Response

    Dec 18, 2014Social Recruiting Team

    Thank you for sharing your comments. We have looked into the call you referenced and don’t believe your comments are an accurate representation of the coaching provided to our associates. We remain ... More

  9. 26 people found this helpful  

    Game over

    • 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

    Pros

    local branches, therefore short commutes

    Cons

    Heres the stark reality. Schwab is rolling out free guidance for people with $5000 and above. Yes, for free. The only diffrence is you have to fill out the risk assesment survey yourself rather than have Scottrade fill it out for you.. Vanguard another behemoth offers the same service Scottrade does for less than half the price. TD ameritrade will rebate guidance fees for those who lose money. Merrill Edge has advisors in every Bank of america branch. Scottrade is facing being obsolete like so many tech companies eventually do.. It cant compete on price any longer and that is a big deal. It has not adapted quickly enough to a rapidly changing investment landscape. And yes, any investment in stocks can look good over 2 to three years. But how will those guidance portfolios perform over 5, 10, 15 years . vs one with zero fees. you can inject fear or whatever you want but you can't change the end game, no diffrent than commodore computer could, or blockbuster video.

    Advice to ManagementAdvice

    Shut down guidance, close 200 offices and roll out a robo advisor and try to compete with tradeking, or merge with them. You can't compete with Schwab and Vanguard., you have butterknives they have bazookas.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    Scottrade Response

    Dec 23, 2014Social Recruiting Team

    Thank you for taking the time to share your thoughts. There is no doubt we are in a very competitive industry but we have been in business for 35 years and plan to continue to adapt to meet our ... More

  10. 19 people found this helpful  

    Lack of Leadership and lack of training.

    • 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

    401k match is nice and health benes not bad.

    Cons

    Decreasing compensation package in a sales organization does not make sense. Leadership has no sales experience and have no idea what sales associates go through on a daily basis. No meaningful coaching. Good job if you are a self-teacher and can handle ridicule from managers who don't know what they are talking about.

    Advice to ManagementAdvice

    Get it together and compensate employees like competitors

    Doesn't Recommend
    Negative Outlook
    Approves of CEO
  11. 30 people found this helpful  

    Avoid at all cost

    • 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 (more than 10 years)

    Pros

    None. Any of the pros written by score fluffers on other reviews forget that those pros are available at any other firm.

    Cons

    After years of focusing on clients they decided to change everything and in the process they destroyed the lives of hundreds of managers and associates. Proof that its still a mess, they hired outside guys from TD to mimic the success of competitors and the CEO that started this revolution has recently left without any reasonable explanation. Throughout the years I heard lies after lies; such as our associates are family but later discarded because they couldn't adjust to the changes, the years Rodger said "We are no going into sales" that's why many managers spent decades working there and today we're in the process losing our culture and family environment. I never thought that this would be done to so many people and have senior management with NO sales experience trying to convince you of what's needed is even wore.

    Advice to ManagementAdvice

    None, It pointless since senior management doesn't listen anyway. They'll tell you otherwise but nothing changes and if you're heard you get a target on your back.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

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