Scottrade Reviews

Updated September 30, 2014
Updated September 30, 2014
452 Reviews
2.8
452 Reviews
Rating Trends

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

Review Highlights

Pros
  • The work/life balance is great--I never put in longer than an 8-hour day (in 42 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 27 reviews)

  • Not much room for advancement once you start in the branch (in 21 reviews)

More Highlights

Employee Reviews

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  1. 7 people found this helpful  

    Difficult

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

    I have been working at Scottrade

    Pros

    My branch manager is an awesome guy that has helped me be a better broker and genuinely cares about my development. Pay has gotten better somewhat.

    Cons

    Middle management generally useless and have no idea what goes on in the branch. Company now wants us to focus on selling the company and guidance solutions on top of all of the incoming calls and walk-ins. Everything that a client needs is effectively done by the branch. Everything you do has to be documented or it is assumed by your regional manger that you are doing nothing. Regional managers have nothing to offer other than complaints. Computers systems are very slow. We have to enhance our computer systems to match the growth in clientele. Everything done Halfway. If you spend time with a client without additional money to bring in, whether he has $500 or $5 mil it is essentially wasted time from the upper
    Management standpoint. This is going to eventually lead to a lot of poor service and a loss of business. The support departments in STL have problems communicating with the branch. You can ask a yes or no question in an email and the answer will be "maybe". Support departments cannot contact the clientele without irritating them.

    Advice to ManagementAdvice

    Figure out a way to maintain the morals of Scottrade and grow like Schwab or BAC. TD Ameritrade is not the stellar industry model you think it is. Consider a bonus on retaining assets.

    Approves of CEO
  2. 3 people found this helpful  

    Rewarding in the beginning - fell apart at the end

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

    I worked at Scottrade full-time

    Pros

    Work life balance is great. Employees at HQ are not required to take a lunch, therefore you are out the door in 8 hours on most days. There is also a great deal of start / end time flexibility.

    Cons

    Bonuses are used as an incentive to take a lower base salary. Toward the end of my time there, the bonuses were nonexistent. The base salaries in IT are abysmal and not in any, way, shape or form competitive.

    Advice to ManagementAdvice

    Eliminate bonuses and raise salaries across the board in IT. The differences between corporate and IT salaries are just too vast. Also - start employees at the 3 week vacation mark. Working 5 years for 3 weeks of vacation is unrealistic in today's environment.

    Finally - eliminate waste where it will make a REAL impact. Telling branch offices to turn thermostats down 5 degrees isn't going to move to needle.

    Doesn't Recommend
    Neutral Outlook
    Approves of CEO
  3. 18 people found this helpful  

    Smoke (a lot of smoke) and Mirrors

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

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

    Pros

    The benefits or working at Scottrade are rapidly declining and the employment market starts to turn to the upside, things around here are looking pretty dismal as I lose more and more coworkers that became friends to better firms.

    Cons

    The biggest Con at Scottrade is, well, the Con. If you choose to take the purple pill you have to knowingly buy into a lot of false rumors. The biggest of which would be our wonderful Founder and CEO. Only a few people know that Rodger's father actually bought this company and was really the backbone of the founding principles which dictated how employees should be treated, how customers should be treated and the company should be run. When Rodger's father passed we see that Scottrade started to be run with the same direction and dedication as Rodger's previous endeavor with Ed Jones, which in Rodger's own words, he had no idea what he was doing and sat around all day with zero production. The direction of Scottrade has been similar to other companies who lost their actual founder and the reins turned over to the less than prodigal son. With the recent changes to the "culture" it should not be any surprise that Rodger is packaging this company for sale to recognize the full benefit of what was "gifted" to him by his father.
    Another example of swallowing the purple pill would be how so many could turn their back on the racist statements made by Rodger during branch manager meetings and even more so in smaller groups where certain departments were actually referred to as "plantations" by our CEO, Rodger.
    I have to say that I enjoy reading the reviews on Glassdoor.com about Scottrade. It does seem that the company is barreling over a waterfall as its balance sheet becomes more attractive but this is the result of charging all those fees that the former Scottrade saw as bad business to give that final kick in the stomach to a client wanting to try something different, we recognized that they probably wouldn't be back.
    I found it interesting that somebody has posted that we have started looking into assistance in creating a union for Scottrade employees. This seems to be the only protection against the less honest promises that have been made. Hey Rodger, where are the employee stock options that you mentioned while forcing the sale of the stock back to you by those of us that were able to invest early on? Oh that's right, when the founder gifted you this company I could see where you deserve all the shares.
    The brokerage business is booming and I see many start ups that have the potential to take Scottrade's market share and I am actively in talks with several of these companies as I am actually overwhelmed by the ideas Ive heard as opposed to Scottrade's outsourcing of Advisors and the $7 trade and most of all the most elementary set of investing tools which are of the lowest quality.

    Advice to ManagementAdvice

    Per several phone calls that I have received regarding charging former employees an ACAT out fee when they were required to maintain their investment accounts at Scottrade and saw better value with other firms upon their end of employment, you may want to back track a bit and refund these charges or, well lets just say your better off refunding these fees.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
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  5. 7 people found this helpful  

    Go elsewhere

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

    I worked at Scottrade

    Pros

    Weekends off, paid every two weeks

    Cons

    None, The company sells you on culture and family but that's a smoke screen.

    Advice to ManagementAdvice

    Sell to TD or others already.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  6. 3 people found this helpful  

    Such a chill, lazy environment

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Stock Broker  in  Salt Lake City, UT
    Former Employee - Stock Broker in Salt Lake City, UT

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

    Pros

    No pressure, no sales environment

    Cons

    I hear they are making people sell. Scottrade is a safehaven for the finance guy who doesnt want to sell.

    Advice to ManagementAdvice

    dont make us sell!

    Doesn't Recommend
    No opinion of CEO
  7. 18 people found this helpful  

    The Blind Leading the Stupid

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

    I have been working at Scottrade full-time for more than 5 years

    Pros

    401k match, vacation time to get away from this hell hole

    Cons

    -Scottrade has the false impression that their new direction, "sales the scottrade way", is going to save th i sinking ship. Unfortunately, they have thrown their employees head first into the deep end of the pool without any flotation device. What started as a respectable, albeit low level, brokerage firm has turned into a hideous excuse for a sales firm. While under construction, the company decided to hire a blend of executives and VP's that is the who's who of TD idiocy, but were all convinced they earned this title. They have come in with zero knowledge of how to turn a service based company into sales based company but persuaded themselves they need a pat on the back for what they have achieved this far, which it turns out isn't much. Teaching your Investment Consultants how to go from the nation's top password unlocker to a mediocre asset gatherer is not something that happens overnight. Nor is it something that is learned from a branch manager who has zero experience in sales or coaching.
    - The associates that are actually succeeding at what the company's main goal is, asset gathering, are made to feel it's unimportant if they are not hitting a blanket amount of outbounds calls. Or, if you are meeting your outbound numbers and your assets are low, that is also brought to your attention and all the blame is on you, not your incompetent "coach". You will never do well enough to not have someone constantly on your back. Obviously, motivation is really high in the branches.
    - Let's talk about the comedy show that is our Guidance Solutions. I don't know if Scottrade is just messing with us or if they really believe in this Greek tragedy. Our clients have been begging for help for years and we continue to come out with "solutions", that have all crashed and burned and this is just the latest offer of an inadequate product. Investment Consultants are supposed to refer so many clients per month, however the people we do refer either: 1. Never hear from our GSG team or 2. Get stuck talking to a used car salesman pushing a product they don't need, which is most likely what the client came to Scottrade to avoid. It's laughable, and when you ask for feedback they tell you that you didn't screen properly, always shifting blame.
    - Technology, technology, technology. Now Scottrade will claim that according to some b/s survey done by a company no one in the IT world has heard of that our tech is among the top, but clients as well as employees know better. What they don't tell you is that it's among the top in Chesterfield where the only other thing is a outdoor mall. We are constantly behind, and by months or years, our competitors with our technology and when we finally release a product after many delays, it's an embarrassment.

    Advice to ManagementAdvice

    The company actually has some intelligent associates that could do well given the right tools. Your current method of providing less than adequate training tools or coaches and then telling us it's our fault for not using them correctly is getting old quick. Get rid of Matt Wilson as he is a cancer to Scottrade. Due to this the only employees you will be left with shortly are those who are waiting to get fired as all the true talent will have found a company worth working for.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  8.  

    A good stepping stone, but if you have worked elsewhere, you will be aggravated.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Applications Support Engineer  in  Scottsdale, AZ
    Current Employee - Applications Support Engineer in Scottsdale, AZ

    I have been working at Scottrade full-time for more than 5 years

    Pros

    CEO is concerned with the well being of the employees.
    Health insurance, vacation and other benefits are good.
    There can be flexibility depending on your management

    Cons

    some procedures have not grown with the company, neither has security.
    some upper management have chosen work to be their self medication of choice, i. e. they are work-a-holics and they get aggravated when others cry uncle on very time consuming projects and day to day work. Most groups don't have a good work / life balance but some do.
    they actually promote to much from within, including interns. The Scottrade way is the only way they know.

    Advice to ManagementAdvice

    Higher more from outside the company for management in order to get fresh ideas.

    Recommends
    Neutral Outlook
    Approves of CEO
  9.  

    A company that respects and takes care of it's employees.

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

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

    Pros

    Scottrade is truly a company that looks out for it's employees. I think this view comes down from the top so as long as Roger is around I would think it will continue to be a good company to work for.

    Cons

    If you are working in a branch your opportunity for advancement is limited. The pay is somewhat limited but that is changing because the branch offices are moving more into sales.

    Advice to ManagementAdvice

    Management is great, I just hope they don't try and change themselves to much in the next couple of years. There are few companies that have such high values and I would hate to see this go away.

    Recommends
    Positive Outlook
    Approves of CEO
  10. 13 people found this helpful  

    Scottrade is the barrier to client's financial success

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

    I worked at Scottrade full-time for more than 5 years

    Pros

    Can't think of any at this point.

    Cons

    Sub par pay. Asset gathering structure that forces daily cold calling.
    Management that truly couldn't care less, and threatens to fire anyone not a " team player", which is anyone who suggests that perhaps the strategy taken isn't the best and to think over alternatives.

    Turnover is huge. Those at the top know full well what they are doing. Jane/ Rodger/ Matt openly predicted up to 80% of branch managers leaving in a worse case scenario. Matt was put in place to be the unpopular guy so Rodger could deflect criticisms and claim he wasn't aware later on. They know fully well what they are doing, they planned it.

    Poor tools, clients that lose money more than the norm ( documented). Scottrade has become a barrier to its client's financial success. Internally it is well known that the average Scottrade client underperforms the market year after year. We market to a segment that needs basic educating, make it seem to them like they can easily trade with the pros, teach them enough of the basics so they give us some of their money, then stand back while they proceed to lose it. We basically teach folks how to load the gun, don't teach them proper guy safety, then claim no obligation when they shoot themselves. But now, Scottrade branch employees who knew all this previously and at least felt morally ok because we tended to be people's play accounts, are being forced to try and get client's larger assets brought over. Now we can do real damage if we can just get hold of their retirements and true savings. Branch is told to keep calling them, document the contacts to get credit, and get those assets regardless of suitability. Feels like you are losing your soul to get that paycheck.

    Branch employees hate their jobs, matched with being underpaid for the industry, and having to cold call when they no longer believe they are doing any good except for cash to the company so they are leaving in bulk. Atmosphere is bad, future outlook is bad.

    Run for the hills.

    Advice to ManagementAdvice

    Ha, they openly get angry when suggestions are made. There are no open minds in St Louis any more.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  11. 13 people found this helpful  

    Beware: Absolute Disaster - Horrible Culture

    • 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 full-time for more than 10 years

    Pros

    Currently has good work/life balance, but I can see that changing very soon. Please keep in mind though, if you take time off (vacation or sick), the company still expects you to make up for the sales contacts that you missed being out of the office.

    Cons

    Worst culture I've ever worked in
    Management has absolutely no idea what they are doing
    Management uses threats against employees to achieve the simplest of tasks
    Management lies to employees and thinks that we are too dumb to see what they are doing
    Company transitioning into a sales organization, but is not willing to pay for the assets brought in
    Heavy micromanagement
    No one wants to work at Scottrade anymore. It is seriously horrible! Almost everything is looking for another job and will be leaving soon

    Advice to ManagementAdvice

    The financials show that the changes you made are a success, but most of it is just from cutting costs. You demolished the company culture faster than I thought was even possible. Scottrade is a horrible place to work now. They will not admit it, but I estimate that 80% of branch associates are looking for another job. We are not wanting to leave because Scottrade is becoming a sales organization. We are leaving because you have absolutely no idea what you are doing. You lie to us, you threaten us and you do not support us. You want us to do sales, but you have no idea how to do sales yourself. I am honestly ashamed to tell people that I work at Scottrade. It's a shame because I previously felt proud about my job. You cannot run a company with a branch network in the same fashion as a company with a call center structure. We have been a service organization for over 30 years and have to deal with a tremendous amount of time-burning situations with clients. If you want us to truly do sales, you need to get rid of the servicing that we do within the branches.

    I don' t know why I'm putting in so much time writing this review. One of your biggest issues is that you don't listen to employee's. You will eventually see what you've done to a good company. Your financials look good now, but it will catch up with you later once your cost-cutting efforts slow down. It has become so bad that some have talked about forming a union within the company.

    I previously approved of Rodger Riney, but after hearing him lie to us multiple times both in person and on conference calls, I have lost all faith in him as both a leader and a person.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

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