Scottrade

  www.scottrade.com
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Scottrade Reviews

Updated August 20, 2014
Updated August 20, 2014
442 Reviews

3.0
442 Reviews
Rating Trends

Recommend to a friend
Approve of CEO
Scottrade Founder, President, and CEO Rodger O. Riney
Rodger O. Riney
353 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.  

    Very friendly work place.

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

    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
  2. 2 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

    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
  3. 6 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

    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
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  5. 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

    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
  6.  

    Branch Manager

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

    Pros

    Finally being paid for effort

    Cons

    none everything is great now

    Advice to ManagementAdvice

    none

    Recommends
    Disapproves of CEO
  7.  

    Amazing job for a recent grad after the internship!

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

    Pros

    Great work/life balance, amazing learning resources, and good opportunities to make money. Management sets you up to succeed in any change they make. The only way to fail with this company is to slack off and think they'll pay you for nothing.

    Cons

    It's tough to think of many cons. There are constantly changing metrics to focus on as the company changes its focus. Policy and software changes take a few days to get used to.

    Advice to ManagementAdvice

    Keep up the amazing work!

    Recommends
    Positive Outlook
    Approves of CEO
  8. 8 people found this helpful  

    "Gets worse by the year..."

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

    Pros

    Good friends for coworkers. 401k match, wellness program, insurance benefits, free lunches on occasion.

    Cons

    Scottrade used to be a great company to work for until they hired someone from TD Ameritrade and decided to pretty much model after TD Ameritrade. Couple years ago the culture was very family oriented and you could tell they valued their employees and clients as people. Now most all the employees there are expendable and they basically want sales robots/drones. You are nothing more than human resources and the clients are seen as nothing more than how much money can they bring into the firm and make off them. You also have numbers each quarter to hit and if your not hitting above then you get a nice sit down interrogation from your manager about what needs to happen or they can boot you out the door. Also it seems they keep ADDING more requirements and duties every quarter and year! Used to be you take a phone call or help a walk in client and see what else you can do to help them and that was it for most part other than some reports and seminars. You could also get to know your clients pretty well and take little more time when needed. Now your required to be making phone calls more so than taking walk inns or inbound calls! They also seem to be adding more big brother tracking and monitoring software each quarter as well to their system. If it's not in the system it never happened they say. Wow well last I remember we never had to track anything and didn't even have a relationship database software. You got emails for leads and new accounts and you made a simple phone call and that was it. Meanwhile they say they have an incentive plan and that this is going to be Scottrade's best years to come. Yeah sure. Unless you somehow get lucky to work in the big city branches don't count on making much there in bonuses. I actually put in effort and still is hard to find people with money in this area and then they have to be willing to move it. The 401k match is actually really the only perk to get excited about other than benefit insurances. I also noticed Scottrade has gotten extremely cheap such as getting rid of the Wall Street journal for clients to read, cheaper boring black pens, non innovative website, ect. I recently paid a visit to another firm to move my 401k and open a brokerage account and it made me smile because looks like they are going to put Scottrade out of business. There was a HUGE branch difference. I'm not going to say which firm only that it's not TD ameritrade and it's definitely not Scottrade. This company is full of liars at the top and I can prove that per prior conference calls and what I've seen and heard. It NEVER used to be this way! Go back few years ago it was consistently in top 15-50 companies to work for, now as of recently this year it was rated 172. All in all if you want a high stress environment, like being micromanaged and criticized (even when working yourself tirelessly day in and day out) and wonder if you will have your job the next quarter then this might be the place for you.

    Advice to ManagementAdvice

    Good luck!

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  9.  

    Great for a college student internship, specially since it is paid but career prospects aren't necessarily stellar.

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

    Pros

    Able to relocate to many different cities, wide network

    Cons

    Not necessarily challenging and the leadership at the mid-manager level fluctuates drastically, with my manager being one of the worst I've ever came across

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO
  10.  

    I learned what it was like to work in a corporate environment, as well as use critical thinking to accomplish a task.

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

    Pros

    Management is friendly and knowledgeable.

    Cons

    I only worked there a few months as an intern, so I don't have any cons

    Recommends
    Neutral Outlook
    Approves of CEO
  11. 5 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

    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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