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

Sort: Popular Rating Date
  1. 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
  2.  

    An ok place to start.

    • 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

    Family atmosphere. Solid work life balance. Great benefits and opportunities if you are willing to relocate to St. Louis.

    Cons

    Unrealistic expectations. Low base pay, quotas that are not realistic.

    Recommends
    Neutral Outlook
    Approves of CEO
  3.  

    Inters

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

    I worked at Scottrade

    Pros

    looks decent on a resume if youre still in school

    Cons

    You don't learn much except for how to do their paperwork and how to use their CRM programs

    Recommends
    Approves of CEO
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  5. 1 person found this helpful  

    Low Pay and High Turnover = Unhappy Workforce!

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

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

    Pros

    Easy work - there are so many people that stay because it is easy to get by. They do not let anyone go and need people to stay because their turnover is horrible. DO NOT let them fool you - they will tell you their turnover is not that bad - sure, at the corporate office, but ask them about IT and Brokerage - a revolving door.

    Cons

    Pay is horrible - 20% less than most companies in St. Louis. They make offers to people for less than what a person is currently making and tout their ¨culture¨ - the culture being you can be lazy, gossip all day, do not do any work, and they are fine with it.

    Investment Consultants - ha - glorified customer service agents pushing asset gathering - literally these are individuals who cannot make it at reputable financial service companies. As long as you have a series 7 & 63 and are willing to work for $40k per year - they will take you!

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  6.  

    Very friendly work place.

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

    I have been working at Scottrade as an intern for more than a year

    Pros

    You have flexibility when going to school and the internship. The Investment consultants are willing to help you if you're having trouble with anything. Helps you learn about the financial services industry while going to school.

    Cons

    The company has changed from a regular discount brokerage, to one that is competing for sales. The business model has changed into gaining more business. It puts more pressure on everyone in the office and it gets harder to learn when the Investment Consultants are always busy with outbound calls, walk-ins, and appointments. Finally, there is little room to grow, it is harder to get a full time job because they want experienced people with series 7 and series 63 licenses and selling experience.

    Recommends
    Neutral Outlook
    Approves of CEO
  7. 5 people found this helpful  

    Work 70 hours a week to get consistently thrown under the bus.

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

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

    Pros

    Gain large data center experience.
    Look great on a resume.

    Cons

    Zero work/life balance.
    Very low pay.
    When something goes wrong finger pointing skills are key to survival.
    Don't work here longer than a couple of years.

    Advice to ManagementAdvice

    This is a high stress, high work load, high amount of work hours, super political, job that will grind people into dust. I would suggest management do something about that but they are the ones who created and propagate it.

    Doesn't Recommend
    Negative Outlook
    No opinion of CEO
  8. 1 person found this helpful  

    Previous Employee

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

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

    Pros

    A good work-life balance. Non threatening and non stressful working environment. Enjoyed my four years at Scottrade.

    Cons

    Career advancement is limited for employees with good education background and working experience. Middle-level managers are lack management skills and vision for the future.

    Recommends
    Neutral Outlook
    Approves of CEO
  9. 8 people found this helpful  

    So excited I can finally ACAT all my accounts to TD after I quit! :D

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

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

    Pros

    Gave me my S7/63.
    Gave me experience working in a corporate environment.
    All the neighboring branches used to be like a big family. We have barbecues and outings. Bonuses were pretty low though, like $900 per quarter low, but benefits are above average. Used to be a good starting job for recent grads.

    Now (or since Jan 2013), I would say the only pro working at Scottrade is if you work at a big city branch with lots of assets so you can hit your sales numbers. Then you can get a big bonus (i.e. if you bring in $50k, they give you $110... $100k for 220, HUGE, right?). No cold calling, only "warm leads". I mean, it makes business sense for the company to switch to sales, but it's just not for me.

    Cons

    The only challenge is the people and upper management. The work we do is a piece of cake and does not require any kind of skills whatsoever. You are lucky if you get a good manager, otherwise your career at Scottrade will be nothing but misery. Because you will have absolutely NO contact with upper management (HQ), except through your manager. In some branches, we "share" closes so each will always have the same number of closes or someone is slightly ahead. Makes sense for people to want to look good and I understand, but stop backstabbing the people you manage. If you choose to work here, try your best to get a good manager OMG. You will thank me after.

    Best example to illustrate:
    One quarter I had enough "attempts", but did not hit the target close, HQ manager complained. Fair enough. The very next quarter, I made sure to have enough closes, she complained about me not making enough "attempts". What else can I say? I'm leaving and I'm not eligible for the incentive bonus. I am doing all these closes so the money goes to YOU.

    I wasn't laid off, I'm going back to school. But there are layoffs, they have creative ways!

    Advice to ManagementAdvice

    There is a reason why I have a network of million dollar accounts, but choose not to solicit them to Scottrade. Stop complaining, try working in a slow branch and let's see how many assets you can bring in. Close more branches, figure out who are the liars and good luck.

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO
  10. 5 people found this helpful  

    Circling the drain...

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

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

    Pros

    Initial on-boarding was painless. Fellow developers were generally great to work with.

    Cons

    Project management at Scottrade is, quite frankly, a disaster. Projects are always late - this almost entirely due to incompetent project management. Scottrade has assembled a team of project managers (with one or two exceptions) who measure progress by the number of meetings they can schedule, who refuse to listen to anyone who tells them anything that doesn't fit in with their preconceived notions, and are exceedingly creative in coming up with ways to waste everyone's time. Other management and team leaders are unable or unwilling to address the obvious problems with Scottrade's project managers.

    Advice to ManagementAdvice

    You have a talented group of software developers - they are NOT the reason projects are always late.

    Doesn't Recommend
    Negative Outlook
    No opinion of CEO
  11. 7 people found this helpful  

    Many unhappy employees

    • 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 full-time for more than 5 years

    Pros

    benefits package and a 401k match

    Cons

    Since Scottrade went to an asset gathering focus, many managers and Investment consultants have been leaving. Its frustrating working in a lower income demographic and being compared to branches in higher income areas. Management treats all the branches the same and doesn't acknowledge that it s not a level playing field.

    Advice to ManagementAdvice

    Reward branches on their improvement. Its frustrating to be improving and be told your underperforming. Stop sending everyone's stats out in weekly emails. I doubt you will ever see Scottrade in the top 100 company's to work for if you keep doing these things.

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

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