Scottrade

  www.scottrade.com
  www.scottrade.com

Scottrade Reviews

Updated December 18, 2014
Updated December 18, 2014
510 Reviews
2.8
510 Reviews
Rating Trends

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

Review Highlights

Pros
  • They do allow for a work/life balance that was much better than my previous employer (in 51 reviews)

  • It's also a great place for young college grads to get resume experience (in 32 reviews)


Cons
  • no room for advancement unless you want to change your job title and keep doing the same thing (in 23 reviews)

  • Politics, no room for growth - you're either a broker or a branch manager unless you want to move to St (in 20 reviews)

More Highlights

Employee Reviews

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  1. 1 person found this helpful  

    Great company to work for with open communication.

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

    I have been working at Scottrade

    Pros

    The company has a family atmosphere, management is personable and approachable. They care about personal and professional development.

    Cons

    Can be hard to advance sometimes from within certain areas.

    Recommends
    Positive Outlook
    Approves of CEO
  2. 17 people found this helpful  

    Game over

    • 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

    Pros

    local branches, therefore short commutes

    Cons

    Heres the stark reality. Schwab is rolling out free guidance for people with $5000 and above. Yes, for free. The only diffrence is you have to fill out the risk assesment survey yourself rather than have Scottrade fill it out for you.. Vanguard another behemoth offers the same service Scottrade does for less than half the price. TD ameritrade will rebate guidance fees for those who lose money. Merrill Edge has advisors in every Bank of america branch. Scottrade is facing being obsolete like so many tech companies eventually do.. It cant compete on price any longer and that is a big deal. It has not adapted quickly enough to a rapidly changing investment landscape. And yes, any investment in stocks can look good over 2 to three years. But how will those guidance portfolios perform over 5, 10, 15 years . vs one with zero fees. you can inject fear or whatever you want but you can't change the end game, no diffrent than commodore computer could, or blockbuster video.

    Advice to ManagementAdvice

    Shut down guidance, close 200 offices and roll out a robo advisor and try to compete with tradeking, or merge with them. You can't compete with Schwab and Vanguard., you have butterknives they have bazookas.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  3. 20 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
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  5. 6 people found this helpful  

    Great place to work

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

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

    Pros

    A CEO who really cares

    Cons

    Too many layers of management

    Advice to ManagementAdvice

    People are uneasy because new management brought all their own people instead of promoting within

    Recommends
    Positive Outlook
    Approves of CEO
  6. 13 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
  7. 10 people found this helpful  

    Change starts from within...

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

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

    Pros

    Throughout my years here at Scottrade, there have been many changes, but by far the biggest change we have gone through is in the last few years with turning from a service to a sales and service firm. It is important to keep in mind that without pushing more towards sales and asset gathering, Scottrade would not be able to stay in business with the path it was on of being the place to go for low-cost trades. I get that change is hard and uncomfortable, especially for employees who have been at Scottrade for awhile, since one of the reasons we may have been here for so long is that we don't like sales. But Scottrade had to start somewhere, even if everything is not perfect - certainly we could have better tools available, more solutions for clients, and it would be nice to be able to give advice in the office; but if we wait until all of those things are in place, it may be too late for the firm.
    There is a lot of resentment among long-term Scottrade employees of outside people that came in to the firm. I was initially one of those people who resented it, but I have gotten a chance to work closely with some of those people both within a branch and at HQ and I truly believe they have brought fresh ideas into the firm and have helped me tremendously with my sales skills.
    The bonus within my branch has improved quarter after quarter for assets we are bringing in, which is a testament to the fact that we are having deeper, more in-depth conversations with clients who I truly feel we are helping. And while yes, not all of our clients want or need our help, there are certainly plenty who do.
    Don't get me wrong, there are aspects of my job that are hard for me. Calling clients to talk about their accounts, or asking in-depth questions of clients who have been coming into the office for years is out of my comfort zone. But over the past year, I have grown and gotten better at these types of skills, and I can make the choice to either come to work and continue to grow and be happy along the way, or I can complain and say that it will never work and be miserable. I choose to at least try and give it a chance.

    Cons

    Clunky back office systems that don't work well together.
    Outside of moving to HQ, not much room for advancement.
    Need to invest in better technology.
    Get branches licensed asap for managed products so we can help clients in the office.

    Advice to ManagementAdvice

    I would encourage our leadership to continue these changes without sacrificing the great and unique corporate culture that Rodger has created over the years by making sure changes are communicated equally across the firm. I feel lucky that I am in a region where, while the change can still be hard, it is presented in a positive way and I still feel appreciated by management.

    Recommends
    Positive Outlook
    Approves of CEO
  8. 3 people found this helpful  

    Great work environment

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

    I worked at Scottrade part-time (more than an year)

    Pros

    Great work environment. Awesome people and leadership genuinely cares about its employees. They pay market rates so you're compensated fairly. There is a huge preference to hire and promote from within so it's a great place to stay for a long time. They have what's called "Scottrade University" where you can take various courses at any time you're interested. The St. Louis office in particular has perks like Scottticket- where you win tickets to events around the city.They also get all the market holidays off- like MLK Jr. day etc which is a nice perk. They also match money that you keep in their bank in addition to 401k match.

    Cons

    Concern about the company's future. They're not in a great spot in their market, although I think it has been improving. That's genuinely the only thing that makes me hesitant to re-apply for jobs there.

    Recommends
    Neutral Outlook
    Approves of CEO
  9. 14 people found this helpful  

    Change can be good. Losing our way as a company is not.

    • 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

    Pros

    Decent 401k match. Some good people in branch network, but leadership has changed over the last two years or so and now branch employees are directed to do things that are questionable. The idea is posed as helping people, but it seems to be twisting words to scare people into buying something that they don't ask for or may not need. I have found this change disheartening.

    Cons

    Job descriptions have been altered and branch employees are now directed to sell to every customer. Our training to do this has included direction to not tell the truth to have a customer call the branch back and direction to frighten the customer. Regardless of how somebody tries to spin it, lying is lying. My personal opinion is that we could certainly make customers aware of new services without trying to scare them into things (there is someone writing here that wants us to compare helping customers to helping them avoid a heart attack. That's kind of disturbing). This new approach sums up the culture new leadership team is trying to implement. If you are thinking of working here, you should be aware of that and I would agree with other newer reviews that a new employee's ethics should be ok with questionable tactics. And to insinuate that just processing paperwork or just answering customer questions, is a cushy job? Obviously, that reviewer has not been working in the discount brokerage industry very long and was probably one of those people that used to describe us as just order-takers. That is an insult to our 30 plus years of helping people. I have worked here for a long time and that type of comment is shameful to all of the Scottrade employees that have helped build this company.

    Doesn't Recommend
    Negative Outlook

    Scottrade Response

    Dec 18, 2014Social Recruiting Team

    Thank you for your dedicated service to Scottrade. As you noted, our company is changing, but we believe what you’ve described is an inaccurate depiction of how our branches have been instructed to ... More

  10. 5 people found this helpful  

    **Great company to be part of that is
    Growing and has future career growth opportunities**

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

    I have been working at Scottrade full-time (less than an year)

    Pros

    Scottrade is a great company that is going through positive changes and growing as a firm. When there is change there are always challenges. With the current changes not everyone is agreeing but the reality is that now the company can help their clients reach their financial goals and clients can also get help with their core investments and retirement. There is an incentive for branch asocciates to get a bonus by helping clients. what Is bad about that? I don't understand why some employees are not happy if they have an opportunity to increase their salary and make
    More money. The bonus Is based on gathering assets and offering account management for those clients that like to delegate to a professional to invest their money. The company also has great tools to help clients that want to be self directed. If You like to help others and having future career growth opportunities then this is a great place to be!

    Cons

    Multiple systems. Back office associates seem to not be willing to help branch associates when they need help with client questions. We should all be working as a team.

    Advice to ManagementAdvice

    Multiple systems to learn that they should simplify. Compass system should be changed to salesforce as this will save a lot of the time spent going through mutiple clicks to log a contact. Checks and wires should be allowed to be processed online by the client or back office as this would allow associates have more time to focus on reaching out to more clients. Also coaching
    back office associates work as a team with branches. Having an FOA is helpful for those branches that have high volume of service.

    Recommends
    Positive Outlook
    Approves of CEO
  11. 19 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

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