Scottrade Reviews

Updated October 17, 2014
Updated October 17, 2014
467 Reviews
2.7
467 Reviews
Rating Trends

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

Review Highlights

Pros
  • The work/life balance is great--I never put in longer than an 8-hour day (in 48 reviews)

  • It's also a great place for young college grads to get resume experience (in 30 reviews)


Cons
  • Not much room for advancement once you start in the branch (in 22 reviews)

  • Ceiling to your growth unless you move to St Louis (in 19 reviews)

More Highlights

Employee Reviews

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  1. 8 people found this helpful  

    Investment Consultant (Branch Job)

    • 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 (less than an year)

    Pros

    First, let me say that I have experience working with other companies in the industry doing comprehensive financial planning along with extensive and detailed background with 401ks, IRA's, 529's, mutual funds and advisory business. I don't say this to impress anyone, but to paint a picture of where I'm coming from - in other words, I'm not drinking the Scottrade Cool Aid, nor am I long term bitter employee who has issues dealing with change. So let's get started.

    This company isn't as bad as some other reviews might have you believe. But it isn't perfect either. Lets start with the good

    Benefits:
    - 401k with match.
    - Great health and dental insurance.

    Salary (both some pro's and con's...here are the pro's)
    - base with quarterly bonus structure. No stressing about living on commission sales. And, if you pay attention, they are trying to set up a long term plan to properly reward associates for their hard work in gathering assets. The salary is not perfect, but it is a work in progress and I appreciate what some in upper management are trying to do.

    Work/life balance
    - immediate vacation and sick time already given. But other then that, from a branch perspective, this will be relative to who your branch manager is.

    Quality service/product to offer clients.
    - $7.00 trades are still some of the lowest in the industry and that shouldn't be overlooked as a great value to our customers
    - Good tools on client website to research different stocks/ETF's/Mutual Funds - this isn't a personal opinion, rather it's what I've heard from our own customers when I've conducted investment reviews.
    - Portfolio review is getting better (both pro and con...here are the pro's). The pro is that helps clients better understand their asset allocation relative to their time frame and risk tolerance.
    - Guidance Solutions (both pro and con...here are the pro's) We finally have a solution to offer our clients who need the kind of help to plan for their long term goals. I don't want to say 'cheaper' as that would lessen the value in our clients eye's, but I will say there is competitive cost savings compared to our peers -- As a Scottrade employee, we should feel proud of that fact.

    Cons

    Now here come's the con's. Upper management and fellow employee's - this is going to hurt a little bit, but it's for the good of the company. Don't take what I'm about to say as personal, but it needs to be said

    - Poor business model for the branch. There needs to be a full time FOA for each branch. This is an error on the part of the CEO Roger. I'm sorry Roger, but 500 branch's is just not smart.
    - Poor communication skills by some associates in Head Quarters (HQ)
    - Salary (the con/bad side of their compensation) - the bonus structure is not enough. Great to see some strides in improving it, but it's still not enough based on what we are capable of bringing it. (note, if you hire outside talent, all the new IC's with outside experience are surprised and disappointed. Those with patience will wait, but our patience is wearing thin)
    - Assuming a person wants to be a great financial advisor/consultant (whatever you want to call yourself) the lack in planning tools is embarrassing. I've often shown clients retirement planning tools on other websites because ours is so bad. Please fix this.
    - our CRM is not great. Why use Siebel when we can use Salesforce.com?
    - Career opportunities are limited.
    - Lack of more investment products to help clients (no real 401k product, no 529 plans).

    Advice to ManagementAdvice

    - Please convince the CEO Roger to cut down the amount of branches. 500 is way too much. Less branches means better quality employees and possibly better wages.
    - Encourage IC's to seek professional designations, such as CFP or CRPC -- the bar is being raised in our industry. More and more people are seeking competent financial professionals, not just slick sales people. Step up to the plate, encourage it and provide some financial assistance in perusing it. For example, reimburse 100% of the cost to get your CRPC and 75%-100% of CFP.
    - Allow branches to hold seminars again. They're going extinct. Seminars are another great way for IC's to sell themselves.

    If things don't turn around quick, then I'm afraid Scottrade is setting themselves up to be a place for professionals to hold their licenses until they find a better company.

    Neutral Outlook
    No opinion of CEO
  2. 5 people found this helpful  

    Deep discount brokerage firm, deep discount employer

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

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

    Pros

    Easy work/life balance even at supervisory levels, mostly friendly coworkers, opportunities for home office employees to move around within organization, "that's good enough" expectations across the organization, company 401k match seems to be above-average

    Cons

    Lack of PTO, very limited advancement opportunities beyond St Louis, pay is mediocre, "that's good enough" expectations across the organization, daily issues with basic customer-facing and work applications

    Advice to ManagementAdvice

    Fix the daily technological issues, in doing so you will retain customers and meet more of the expectations of your workforce

    Doesn't Recommend
    Neutral Outlook
    Approves of CEO
  3. 16 people found this helpful  

    TDAmeritrade JR

    • 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 (more than 3 years)

    Pros

    Work life balance is ok, because we are paid hourly. If we go to salary this will all change.

    Cons

    Recently, Scottrade has hired many Executives from TD Ameritrade and as a result we are doing everything like TD. I know I worked there too. This used to be a great place to work, but now it's no longer the case. There isn't the client base to work with to hit the new sales goals. You can only call the same people over and over before they start ignoring you or transfer out.

    Advice to ManagementAdvice

    Be realistic with the sales goals and our client base. By that I mean, just because we have guidance doesn't mean anything. Its an inferior product to what competitors offer and in some cases more expensive, even though we are below industry average.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
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  5. 11 people found this helpful  

    Investment Consultant

    • 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 (less than an year)

    Pros

    Staff and benefits. I've been with ST for 4 months now and the future does not look good. If ST wants to act like a full service firm they should pay us like a full service firm.

    Cons

    The new Incentives Plan for 2015 is a joke. Rogers approval rating has dropped from 81% to 65% in 3 months time. Exceeded Q1 goals and cut incentives, but we did get a "thank you".

    Advice to ManagementAdvice

    Don't ask the Ics to work harder while cutting IP. No one cares about your "good work team". Show us the $$$ or people are going to jump ship.

    Doesn't Recommend
    Positive Outlook
    Disapproves of CEO
  6. 10 people found this helpful  

    That was then, this is now. a 2014 prospective

    • 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 (more than 3 years)

    Pros

    From the branch employee perspective, satisfaction all depends on how well your manager is able to keep the over bearing, over managing, under experienced, under talented branch administration managers off your back. If he or she is able to do this, it is a fairly good work environment., if not, you are doomed.

    Cons

    The new president, Matt Wilson, is the type of leader most of the Scottrade employees fled from over the years. He is solely focused on asset gathering as a way to increase revenue and has no interest in any type of customer service or operations. He fakes interest for the sake of the CEO, Rodger Riney, as a way to keep Rodger in the dark as to what is really happening at the branch level. Clients are complaing about the inability to reach the local branch and the often time wrong information or instruction they receive. It use to be solely an issue when a client reached the call center rep, who is answering the phone after very little training, but now the phenomona is spreading to the branch level as new employyees are focusing on asset gathering and have no real idea about how the whole system works. Most of the branch administration managers as well as many of the so-called executive committee actually have very little or even no business experience outside of the Scottrade employment.....and is shows.

    Advice to ManagementAdvice

    No advice, no one would listen anyway. On second thought, my only advice would be for Rodger to stay onboard, he is the only thing keeping many employees here.

    Doesn't Recommend
    Negative Outlook
    Approves of CEO
  7. 11 people found this helpful  

    Going down the tubes

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

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

    Pros

    Bonuses (when paid) are/were nice.

    Cons

    There have been multiple layers of upper management created recently which means more chiefs and get rid of the Indians (pardon the expression).

    Advice to ManagementAdvice

    You're ruining this company. It's really sad to watch this happen.

    Doesn't Recommend
    Negative Outlook
    Approves of CEO
  8. 3 people found this helpful  

    Simple work, limited opportunities for advancement

    • 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 (more than an year)

    Pros

    Easy work, decent benefit pricing, flexible schedules, nice work-life balance

    Cons

    Inadequate support for job function, company is making shift to being more sales orientated but a lot of back office work still falls on branch shoulders, salary/bonus structure under industry average, little upside potential if you are unwilling to move to Saint Louis, MO.

    Advice to ManagementAdvice

    While asset growth is recognizably important, the company really needs additional staffing in the service center to truly allow branches to focus on such.

    Doesn't Recommend
    Positive Outlook
    No opinion of CEO
  9. 10 people found this helpful  

    I should have stopped working at Scottrade after my internship and gotten a job at a real Financial Services company.

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

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

    Pros

    no weekends, no nights, perfect place for washed out full service brokers. free coffee

    Cons

    Low pay, micro managed by Regional Managers with very little experience and no real understanding of each offices client base.

    Advice to ManagementAdvice

    update trading software, your good customers have been leaving for years, reward branches that create business, too many managers make twice their brokers salary and do very little actual work.

    Doesn't Recommend
  10. 24 people found this helpful  

    I miss Scottrade 1.0

    • 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 (more than 10 years)

    Pros

    Up until recently Scottrade was great. Good morale, low stress, moderate pay, and your voice was heard. Even after Scottrade 2.0 morale is low but at least everyone is united in their persecution. If you are a fan of being depressed, stressed, and oppressed and if you subscribe to the "misery loves company" paradigm then you will love working here! And good news if you have TD Ameritrade on your resume and are thinking about working here; consider yourself a lock. All you have to do is apply and even a lowly broker with little experience can become a regional manager or higher immediately!

    Cons

    For the amount of harassment and stress you have to deal with the pay is greatly incommensurate. I recently left the company because I figured out that management hates the front line workers, especially the ones who have been there over a few years. And I don't use that word lightly. If you hold on to any semblance of the way things used to be at the company then the assumption is your attitude will turn toxic and it becomes their goal to incentivize you to quit. Until I left and experienced true peace I had not realized that I had battered person syndrome. I knew I was in an abusive relationship but felt trapped and that I couldn't get a job elsewhere. It took me over a month before I could check in with the friends I left so as not to experience PTSD. I departed on good terms with the company but just know there are terrible and ignorant decisions being made by management.

    Advice to ManagementAdvice

    Please quit your machiavellian long term strategy and be clear with your workers. Bring back Rodger!

    Doesn't Recommend
    Negative Outlook
    Approves of CEO
  11. 16 people found this helpful  

    Investment Consultant

    • 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 5 years)

    Pros

    Benefits that include:
    50% up to 15% on 401 (k)
    Tuition reimbursement

    Cons

    I worked at Scottrade for 5 years so I have experienced both the service side as well as the sales side of the business. Although I believe that Scottrade's current transition into the new business model is much needed in order for the firm to survive, the process in which they are transitioning is absolutely atrocious. There are many issues with the currently at the firm.
    To begin:
    Guidance solution: The team they have put in place is highly understaffed. Emails, phone-calls will not be answered by these "Guidance solutions managers". They lack the empathy for the branches and clients. For example: I was working on a referral to for a client for guidance solutions. I scheduled this appointment about a month in advanced with a specific request for a time as the client had other plans and could not wait for a "4 hour window". I confirmed with the client and the manager. I contacted the Guidance solutions manager to attempt to confirm the appointment to which he said "I forgot about it, can we do a different time". After finally getting a time nailed down, I called the guidance solutions manager to find out how the call went and if my client would move forward. To no surprise, he leaves no notes in our so called "Client relationship management" system and refuses to answer my calls/emails. He goes onto the conference call (about 3 useless ones every week to say the same thing) to state that "we do see your emails and calls, just give us time to respond." Mr. divisional guidance manager, I think one weeks time is enough to provide a courtesy to respond to a simple question.

    Branch Administration and Compliance: Branch admin guys are becoming obsolete. Most of them were hired before the sales model change and have no experience. They look like elementary school kids playing basketball with NBA players. They want to prove their worth by providing these so call "metrics" and stats to try and quantify the science of sales. My region's branch visits the branch to ask the members what could be done to improve company, yet at the moment I start to explain and converse with him, his eyes wander to some lady outside the office and checks his cell phone while I am speaking. What type of professionalism is this? I understand that dealing with securities is a very heavily regulated industry, which means that compliance must abide to rules to prevent FINRA from fining and sanctioning the company. However, many of the rules are "scottrade rules" rather than rules created by FINRA. They attempt to instill fear into each employee so that we all become robots at performing our jobs. Compliance and Branch administration must now get bonus based on how many people they can convert into thinking that Scottrade way is the only way.

    Technology: Scottrade still uses a system that very closely resembles MS DOS. They also have a system called "Compass" or "CRM (client relationship manager)" which tends to freeze up at least 5-6 times a day. The worst thing about these systems is that Scottrade recognizes this, but is slow to correct the issues. In order to view a client's account information, you must have at minimum three systems up, and depending on the client inquiry, as many as 6 systems need to be in use. Just about daily, there is always an issue regarding display, trading, account history, etc. The banking balance has not been available at the home screen for just about as long as the scottrade bank has been around. There is no way to ACH out of scottrade brokerage, and the scottrade bank is not much easier.

    These are just an excerpt of what is wrong with the company. There is absolutely no transparency and no accountability at the firm. There is rarely any word from Roger. The firm seems to be running around with its head cut off at the moment.

    I am glad I am no longer an employee at scottrade. I do have to say that I have worked with alot of good people at the branch level around the local area. Those people are the front-line and understand the pains of working for scottrade. I wish them the best!

    Advice to ManagementAdvice

    Clean house.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

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