Scottrade Reviews

Updated March 25, 2015
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Employee Reviews

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  1. 2 people found this helpful

    Happy with the company in general.

    • 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 (more than 10 years)

    Pros

    Good Benefits, base pay, and perks. The company does a lot to keep the employees happy.

    Cons

    There is always somebody in the company who is failing in her job and will say anything about others to deflect blame for thier issues.

    Advice to ManagementAdvice

    Keep an eye on the employees out west who are not team players but pretend to be. They are willing to throw loyal employees under the bus in order to prevent themselves from being discovered for thier failings.

    Recommends
    Neutral Outlook
    Approves of CEO
  2. 6 people found this helpful

    Toxic 20%

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Senior Branch Manager in Grand Rapids, MI
    Current Employee - Senior Branch Manager in Grand Rapids, MI

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

    Pros

    Incredible Owner who truly cares (to a fault many times). Associates are Friends --not just associates. Over 80% truly care about each other,our advancement and care about our customers.

    Cons

    There is a very vocal 20% of our company that is unhappy with "selling" (I will call them the toxic 20%). If you listen to anything our owner says (for that matter most of those in leadership )--we are not "selling". We are truly helping our customers. Ask yourself these questions- is it good for our customers to trade away their life savings while we sit idle and don't at least offer an alternative? Have you taken the time to review accounts to see how the customer is actually doing on their own? No one has told me to get our there and sell --if there is someone in management that is telling you to "sell"- then tell a trusted branch manager and we will get it up the appropriate channels. Your Job is to help your customers overcome financial barriers - sometimes, they themselves, are their barrier- your job is to help them understand this. When the toxic 20% attack our management (who is only trying to help you)- it is like a dog biting its master. You are making it worse for everyone! These are people who care about you --so stop! It is not and never will be branches vs. home office --we can't survive if it is! Look deep inside and decide in the next few months -is this truly what I want to do? Do I like the stock market & helping people? I am calling out to all people like myself who care about this company to begin posting their beliefs. To the toxic 20%- You are important to me but please stop the insane negative posts --it is not even close to as bad as you are trying to make it sound and if it is then tell someone your concerns. I am far from perfect and need a great deal of skills but management has been extremely patient with me. If you are willing to work together, we all will get better!

    Advice to ManagementAdvice

    Don't be fooled by all the negative posts. We love this company --that is why we are still here! The vast majority of your employees have always cared about helping our customers and have for a very long time wished they could express concern when someone was consistently making poor decisions. I have worked here over 17 years and yes there is tremendous change - a company without change dies. Keep helping customers and believe in what you are doing. Tell the 20% you care about them and-- if need be -- you will help them with job placement and finding a career that will satisfy them (isn't that what life is truly about --it is not all about money- I promise you).

    Recommends
    Positive Outlook
    Approves of CEO

    Scottrade Response

    Mar 19, 2015Social Recruiting Team

    We appreciate you taking the time to share your thoughts and agree that there are many satisfied associates at Scottrade who may not be accurately represented on Glassdoor. However, we are taking the ... More

  3. 11 people found this helpful

    Scottrade - "We care!" Employees- "Now is the time to show it!"

    • 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

    Pros

    Great hours. Great healthcare benefits. Great pay and pretty nice bonuses too! I still believe there are good people in this company that have a chance to make a difference here.

    Cons

    You are going to need that great healthcare when the stress of being bullied and harassed makes you physically sick, emotionally overdrawn and mentally beaten. You will feel helpless and hopeless when you realize that you trusted that the company you work for to do the right thing. I mean, the Workplace/Culture Core Value states "Our success as a company builds upon a foundation of “doing what’s right” by our associates."

    Advice to ManagementAdvice

    I was SO excited when I found out I was going to be working for Scottrade. I really honestly liked my job. I liked going to work everyday. I can't remember at what point I started dreading going to work.
     I never knew if my manger was going to be in a bad mood ( just a bad mood was on a good day) or if it was going to be one of those days where I would be called over to "talk" anywhere from 1.5 to 4 hours. I rarely got to respond without being interupted and when I did get to speak I regreted it as it just made things worse and the conversation go on even longer.
    I eventually stopped trying to stick up for myself, stopped asking questions and just always agreed with what was said to me making sure to agree that everything was my fault. No joke. These conversations took place at least 3 times a week for about 9 months. I reached out to the company at least 3 times.
     I know that if I do get a response to this post that they will say something like they don't believe that I had this type of experience. Well, I did, and I have plenty of examples of what was said to me word for word. The whole experience changed my life, but not in the ways I had dreamed.
    When people come to you with a real problem like harassment/bullying/discrimination of a protected class, it is you, as the company that is responsible for identifying it, not the employee. Im not going to point a finger and lecture you (I have had my fill of lectures) because you know what rules and regulations and even just the company core values tell you to to do and you didn't do your due diligence. However, I still have some faith left in this company that they will "do the right thing" by making this right. I just want my life back. The life I had before the bully.

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  5. New to Scottrade New Associate in a 2 person branch...have a few questions but prefer to ask anonymously.

    • 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 a year)

    Pros

    Everything so far! Excited to have this opportunity!

    Cons

    None. I feel there is a lot to be learned and I like to be prepared. Unsure of how effective the web based training will be as I am a more hands on learner.

    Advice to ManagementAdvice

    I am not yet a licensed broker. I know there is web based training available. How much one on one guidance and coaching does the branch manager provide? I know there is training at HQ that I will attend, but, is that for all new associates or just when I become a licensed broker? How soon will I be able to attend training? Excited to learn and also see St. Louis!

    No opinion of CEO

    Scottrade Response

    Mar 19, 2015Social Recruiting Team

    Welcome to Scottrade! New Investment Consultants who are not licensed will go through a study program to better prepare them to pass the Series 7 and 63 exams. This program lasts 10 – 14 weeks and ... More

  6. 21 people found this helpful

    Maybe Leadership needs to change

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

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

    Pros

    Hours, work/life balance, 401k match, benefits are pretty good minus the over cost healthcare.

    Chance at winning tickets to events and different company hosted events.

    Cons

    I believe something needs to be done with the leadership in IT. Currently the heart and soul of IT is being abused and micro managed. The low morale is being caused by the CIO, CTO and their inner circle.

    There is also uncertainty in IT right now of who might be kept around after this big project Hendrix.

    You have a lot of people who care about the firm and their careers that you mistreat and and don't pay them what they are worth.

    For a firm which majority of your products are gosted with technology you treat your IT wrong.

    Doesn't Recommend
    Negative Outlook
    No opinion of CEO

    Scottrade Response

    Mar 17, 2015Social Recruiting Team

    We appreciate you sharing your thoughts with us. We understand that you’re feeling uncertainty, but as Rodger noted in his email to associates last month, there are no plans to eliminate any other ... More

  7. 26 people found this helpful

    You will lose customers just like you lost employees

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

    I worked at Scottrade

    Pros

    401-K matching
    You get a desk
    Business cards
    I'm required to write 5 but that's about it

    Cons

    Micro Management
    Expected to bring in new assets, yet not given tools that are promised to attract new clients
    Rudimentary tools at best
    Back office most of the time does not know the questions you ask and when they don't they pass you off to someone else resulting in circles
    Constantly strive to be Schwab or TD but have no innovation that defines Scottrade
    Everyone I know or knew that worked there has no plan of staying
    No room for growth

    Advice to ManagementAdvice

    Wake up. Your business model is not working and when you upset your employees then who will sell your products. A guy in a helicopter can only get you so far. If your employees hate working for you then no matter how many 100's of millions you put towards commercials doesn't matter

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  8. 28 people found this helpful

    High expectations with average products and services.

    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

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

    Pros

    Good salary with full benefits and 401k matching. Great co workers.

    Cons

    Expectations to influence asset gathering is very high while products and services are at or below average. Persistent tech issues challenge your ability to do your job.

    Advice to ManagementAdvice

    Upper management should work a day in a branch each year similar to Zappos executives working the front line. Perhaps this will help them know what clients expect and learn that operations is still a major part of the "sales" day.

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

    Scottrade Response

    Mar 17, 2015Social Recruiting Team

    Thank you for taking the time to post a review. We understand the challenges you are facing, but want you to know that we have teams within the organization continually evaluating new technologies to ... More

  9. 25 people found this helpful

    Was like a family and second home. Turned into a toxic dysfunctional one.

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

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

    Pros

    The insurance benefits are great and you'll be hard pressed to find better. The bonuses are pretty great too though they have fallen dramatically within the last five years. Work/Life balance is great too. Casual dress. Work from home one day a week.

    Cons

    As one other review put it, IT is run by a narcissistic team comprised of the CIO and all of his cronies he brought into the company several years ago. If you're not with them or question anything they do in any way then you are treated as an enemy. Their greatest management tactic is to manage through bullying and fear creating a culture of yes men or employees who simply don't care or are so scared for their own jobs that they just tow the line.

    The rule of law at Scottrade is covering your backside and doing ridiculous amounts of administrative work even for the simplest of tasks.

    As a developer you'll be required to keep track of your time spent and tasks performed in not one but at least five different places including excel spread sheets and that's just the tip of the ice berg of crazy change management and process you'll have to deal with.

    There are far too many layers of approval needed to even change a misspelling on a web page. Tasks that should be simple collaboration between business owners and IT or just flat out IT internal tasks turn into elaborate orchestrations of bloat and mismanagement.

    Speaking of mismanagement, there are far too many layers of management at Scottrade. A simple flat structure of supervisor and manager would suffice in most departments. At Scottrade you have at least four layers past this. Scottrade is incapable of working or dealing with problems quickly due to the micromanaging chain of approvals needed for employees to do their job.

    Advice to ManagementAdvice

    Evaluate your senior IT management team before they ruin you. You're hemorrhaging good people some of which have been loyal employees to your firm for years. This should tell you something about the morale and mood in IT. It isn't just disgruntled employees. It's people who have finally had enough and see no other choice than to move on. The processes most IT employees have to endure are broken and archaic and just maddening. There is way too much work required in order to get the approval to do real work and as a result you're day by day losing your edge against your competitors.

    Doesn't Recommend
    Negative Outlook
    No opinion of CEO

    Scottrade Response

    Mar 17, 2015Social Recruiting Team

    We’re sorry to hear about the issues you are experiencing. Regulatory requirements have had implications on processes throughout the organization, which has affected some departments more than ... More

  10. 1 person found this helpful

    Growing pains but excellent opportunities

    • 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 a year)

    Pros

    Excellent opportunities for advancement and growth

    Cons

    Upper Management visions aren't always consistent

    Advice to ManagementAdvice

    Listen to those individuals who are actually closer to the work and don't make them feel afraid to speak up or disagree

    Recommends
    Positive Outlook
    Approves of CEO

    Scottrade Response

    Mar 17, 2015Social Recruiting Team

    We appreciate your comments and suggestions and thank you for your service to Scottrade.

  11. 33 people found this helpful

    After many years here, I cannot wait to leave. Do yourself a favor and walk away now.

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

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

    Pros

    No different than what you can find somewhere else.
    Nice co - workers

    Cons

    There is a reason Scottrade has so many open positions. When I started working here I was told this is a place to start a career or simply coast by if you don't care. Sad, but this is true.
    Many people (mostly recruiters posting reviews) would like to say the change to a sales environment is the cause for so many unhappy employees. This is not the case, especially since there have been so many new employees since the sales process came into place.
    To begin with, management is SEVERELY lacking. There are a few good managers but they are held back by the poor ones. Everyone is worried about themselves, not the company and not the employees. Most of the employees truly want to do a good job, they simply have 0 leadership backing them.
    The amount of gossip, politics and back stabbing that has come into play here is appalling. The lack of professionalism is outrageous.
    HR could care less about you, because they are simply coasting through. They will not return your calls or emails. They are not there to help you, they are there to quiet you or quietly get rid of you, then ask you to waive your rights by signing a severance agreement that is insulting at best. You can expect a call about a month or two after you request one and they will inform you they are just now getting around to you.
    You cannot trust anyone, and it's sad that I was informed this on my first day. What's sadder is from watching what has happened to so many people, this is true.
    This company is full of very nice, well meaning employees who are being led by selfish, unprofessional, under qualified individuals who will make life difficult for anyone they need to in order to get their way. One exact quote I heard while in a meeting with a VP in head quarters was "I don't care about what they think they need, I care that they do what I want. Or I will fire them, let that be a warning to you all". That is mild for some of what I have seen, and very common.
    Middle office is a mess at best. There is 0 direction, 0 leadership, 0 respect and they have made things worse, starting from the top down. Luckily I left that department and things have gotten better. Again, it's not all of Scottrade, it's the abusive leadership that is running the show and it has NOTHING to do with sales.

    Advice to ManagementAdvice

    Roger, come back. Please. We need you to clean house and make this what it once was. And if you can't come back, then please stop giving us hope that you will so we know it's time to leave ourselves.

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

    Scottrade Response

    Mar 17, 2015Social Recruiting Team

    We regret to hear about your dissatisfaction. Many of the situations you describe are not in line with our company’s core values, and we certainly don’t want our associates to have this type of ... More

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