Scottrade

www.scottrade.com
Employer Engaged

Employee Reviews

Sort: Popular Rating Date
  1. 8 people found this helpful  

    Still an okay place to work but not as good as it was

    • 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

    Pros

    Managers and supervisors are good people
    Decent amount of time off

    Cons

    Salaries lower than average
    Lost a lot of people who weren't replaced so the ones who are there are overworked

    Advice to ManagementAdvice

    Used to be best 100 companies to work for then you weren't and you act like it's no big deal

    Scottrade Response

    Jan 30, 2015Social Recruiting Team

    Thank you for your comments. As companies evolve, associates will experience change. While that isn’t always easy, our leadership team is listening to your feedback and is determined to provide all ... More

  2. 29 people found this helpful  

    TD Scottrade

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Branch Manager in New York, NY
    Current Employee - Branch Manager in New York, NY

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

    Pros

    Rodger Riney, CEO, is trustworthy, authentic and involved. If you have a good branch team, it's a fun place to be. Vacation time, overall benefits are good. Incentive pay for asset gathering is now present.

    Cons

    - Regional Managers don't understand that this is a service job first (walk-ins, inbound phone calls) and a sales job second. Unlike our competitors, we are client facing, must be accountable for service and have many disruptions in our day. We don't have the luxury of dialing outbound for 6-8 hours a day without interruption like at our competitors.
    - Company values TD Ameritrade former employees without regard to how they fit into Scottrade culture. We are not TD and don't need to hire all of their fired IC's. Half of all positions filled now are former TD guys. We are Scottrade, not TD. TD pays more but when they don't meet high quotas there, we hire them here.
    - You are only as good as your last metric and that metric keeps changing. Each quarter they care about something different. Attempts, dials, contacts, oops created, QD's, assets, VPC, guidance referrals, etc. Your stats, all of them including bonus payout, are fully visible to the entire firm and get updated weekly. Went on vacation for 3 days? Well, then your #'s will be low and not adjusted. What good is all the vacation time if I feel punished for using it?
    - No longer on Fortune Top 100 Best Places To Work. It was a top employer, sadly now it's not.

    Advice to ManagementAdvice

    Understand that Scottrade's advantage is the people. Hiring TD guys who only have the mentality of "getting the next sale" is not helping us. We are different than TD and shouldn't try to be the same.

    Doesn't Recommend
    Neutral Outlook
    Approves of CEO

    Scottrade Response

    Feb 27, 2015Social Recruiting Team

    We appreciate you taking the time to share your thoughts with us. Your feedback will be shared with branch management, but we also encourage you to discuss any issues you are experiencing with the ... More

  3. 34 people found this helpful  

    A continuing downward spiral.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Scottrade Employee in San Jose, CA
    Current Employee - Scottrade Employee in San Jose, CA

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

    Pros

    Even any pro’s that might be identified need to be provided with the small print disclosure. This company provides a paycheck, but what job doesn’t. The benefits are average and would be less if the company could keep its staff after cutting benefits any more.

    Cons

    Even any pro’s that might be identified need to be provided with the small print disclosure, Scottrade’s core values are nonsense and can be picked apart at every level, Scottrade’s core values are a poor excuse for a sales pitch. This company provides a paycheck, but what job doesn’t. The benefits are average and would be less if the company could keep its staff after cutting benefits any more.
    A branch job at Scottrade is a dead end job, bottom line. Management in HQ are the blind leading the blind. This group doesn’t have any experience. Based on the positive reviews for Scottrade it just may be the ideal job for interns. This can be explained by Rodgers own career history and experience, intern.
    Scottrade has very little to offer its employees. The “skills” that are developed at Scottrade are not welcome or wanted elsewhere. Backstabbing and dishonesty are the two biggest necessities and qualifications for Scottrade middle management. It has been asked several times on the posts on Glassdoor, what do they do(regional managers)? If they do not have experience in what they are asking of the branch associates is it possible they don’t know what to be asking for?
    Long story short this company is in a continual downward spiral and I think the negative social media by the customers will in the long run have more impact on the failure of Scottrade than an employee who is now realizing that having Scottrade on you resume is not beneficial. In fact, now having Scottrade on your resume means you are lazy and lack real industry knowledge. You are capable of providing penny stock quotes and asking clients if they have accounts anywhere else, or asking people why pay management fees somewhere else when you can pay those fees at Scottrade and be certain that you have the lowest quality research and fundamentally incompetent investment approach.

    Advice to ManagementAdvice

    Quit trying to put lipstick on this pig. Scottrade is a discount brokerage that needs to cater to the Walmart customer level of investor. Sure there is someone to meet you at the door but then your on your own. Scottrade doesn't provide the investment options to be a real financial services company. I think eventually clients will discover that they are not being provided with the financial guidance that they need, they are being provided guidance based on the very limited products available at Scottrade and really missing the boat on trying to reach financial goals.

    Advice? Clear out the corporate head quarters, realize that the middle management does not fit into the discount brokerage model and we are not I realistic option for true investors with real goals. I have watched the back office grow without any direction, creating unnecessary departments just for somebody else to try and justify having a job.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    Scottrade Response

    Feb 9, 2015Social Recruiting Team

    We regret to hear that you are unhappy with your position at Scottrade. Your feedback has been heard and will be shared with the necessary teams throughout the firm. As the company adapts to the ... More

  4. Is this helpful? The community relies on everyone sharing – Add Anonymous Review


  5. 31 people found this helpful  

    Clear and Present Disaster

    • 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

    None. Any Pros listed are available elsewhere.

    Cons

    After three decades of a service-oriented model the company has shifted into sales but the staff that spent years working here has little to no sales experience or moved to Scottrade to avoid a sales career. Now, we are all screwed. The most interesting thing is that senior VPs and Regional managers have NO sales experience, some have no outside experience at all ,other than just working for the same company for years and moving up the butt kissing latter. I also find it interesting that the company is now responding to negative comments with canned responses but fail to acknowledge the mood and sentiments of their past and present employees. I guess we're no longer a family just another body that needs to produce no matter what. Hey, where Matt?? What happened to all the great ideas that was going to move us to the next level. So far all I see is turnovers. For those that seek employment with this company remember that the upside is limited and pay close attention to the reviews from others, not the ones probably placed by managed that try to paint a rosy picture.

    Advice to ManagementAdvice

    None since it falls on deaf ears. Just respond to this review with a canned response.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    Scottrade Response

    Feb 9, 2015Social Recruiting Team

    We are sorry to hear you feel this way. Although we’re experiencing change, which can be difficult to adjust to, we value our associates first and foremost. The Social Recruiting Team has begun ... More

  6. 29 people found this helpful  

    Lack of direction

    • 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 10 years)

    Pros

    The 401k match is great.
    5% interest on checking account for employees.

    Cons

    Our products are inferior. We don't have simple products that are offered at all of our competitors such as ACH transfers from a brokerage account, DRIP, commission free ETF...... We are told to understand our clients, but don't dig too deep because we don't have the licenses to talk about risk tolerances or what investment strategies might be best for a particular client. Our clients interested in managed accounts have to be sent to another team that shows a lack of interest in really understanding the client and either wants to get them off the phone as quickly as possible without discussing our managed products or move so quick that they want to push the client into a product without understanding if it is really the right product for the client. We have sales quotas to meet, but the largest part of our day is spent talking to clients who do not have the level of assets needed to refer them to our guidance team or make a qualified deposit. The next biggest chunk of time is ironing out issues which are caused by paperwork that was not processed correctly or system issues.

    As another person mentioned our management lacks diversity. Our management team also lacks experience in working at firms other than Scottrade. Most of the executive team was promoted from within and they are positions that they clearly do not have the experience for. This has led to us being in the dire situation we are in. If they had any foresight they would have realized years ago that our business model had to change. Performing "Welcome to Scottrade" meetings with every $500 account was not going to turn the company around. Matt Wilson was exactly what the company needed. Since he has been let go service in home office has declined again, no new products have rolled out and the company has drifted aimlessly.

    We haven't received the training needed to advance our careers. When I look for the skills required to apply for positions at other firm I feel grossly unqualified for positions that would even be a step backwards. And if you are in a branch there is no way to grow your career unless you are willing to move to St Louis.

    The responses the social media group is posting on here only demonstrates how big the disconnect is between home office and the branches. The voice of the branches, the team responsible for working with the clients, is clearly not being heard. The social media responses just try to minimize the concerns of the person posting the message. Instead our executive team should be looking at these posts for the common themes and acknowledging there is a real problem.

    Advice to ManagementAdvice

    As many others have mentioned the management team will not listen to any advice. Unless the idea comes from somebody on the executive management team then it is not a good idea. But, just in case, my advice would be to hire an executive from another firm that has the experience running a company of our size, let them clear out the people who are not qualified to be in VP, SVP and executive roles and bring in fresh talent that can actually lead the company forward. This executive cannot be handcuffed in the same ways Matt was.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    Scottrade Response

    Feb 13, 2015Social Recruiting Team

    Thank you for sharing your comments. Some individuals from the HR and Social teams have begun monitoring and responding to reviews here on Glassdoor to better understand how our associates are ... More

  7. 2 people found this helpful  

    Scottrade and the embodiment of its culture is still alive today.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Intern - Branch Intern in Orange, CA
    Current Intern - Branch Intern in Orange, CA

    I have been working at Scottrade as an intern (more than a year)

    Pros

    Great culture, great people, and very reliable.

    Cons

    Not too much room for growth and the pay isn't great.

    Advice to ManagementAdvice

    Pay your employees more.

    Recommends
    Neutral Outlook

    Scottrade Response

    Jan 30, 2015Social Recruiting Team

    Thank you for taking the time to write a review. We will share your suggestions with the appropriate people and hope you enjoy the rest of your time with Scottrade.

  8. 2 people found this helpful  

    Slightly behind the times

    • 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

    Pros

    Great benefits, good work-life balance

    Cons

    Lack of innovation, too conservative to allow employees to do their jobs

    Advice to ManagementAdvice

    Move into the 21st century and realize that you cannot be an serious asset-gathering company when the only means to send personalized information to clients is using U.S. mail or a fax machine.

    Recommends
    Neutral Outlook
    No opinion of CEO

    Scottrade Response

    Jan 30, 2015Social Recruiting Team

    Thank you for sharing your comments. We are continually evaluating tools and technologies to better meet the needs of our clients.

  9. 3 people found this helpful  

    A wonderful place to work

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

    I have been working at Scottrade as an intern (less than a year)

    Pros

    The culture of the company is very strong. The people that work at Scottrade are kind, polite, helpful, encouraging, and inclusive. I really enjoy coming into work everyday.

    Cons

    I think the company is experiencing some growing pains, but handling it well.

    Recommends
    Positive Outlook
    Approves of CEO

    Scottrade Response

    Jan 30, 2015Social Recruiting Team

    We appreciate your review and are happy to hear you’re enjoying your internship with Scottrade.

  10. 26 people found this helpful  

    Used to be a Best Places to work.

    • 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

    Good 401k Match (50% for the past 8+ years). Started offering incentive bonus for dollars brought in HOWEVER recently reduced the payouts leading back to the lower payout.

    Cons

    Very political as of late, no room for growth unless you want to move to St. Louis (which is more political). Too much change with no qualified upper/middle management. Too many conference calls for what they expect.

    Scottrade has changed dramatically over the past 2 years, going from a service organization to a “sales” organization. This could be a good thing, however the way they have attempted to implement is TERRIBLE. The regional DVPs have VERY little industry experience (even the ones hired from outside), most have not worked outside of Scottrade in the industry for more than 5 years. The regional managers are not ANY better, most of them have never even worked for another company. Recently this team has implemented a biweekly coaching schedule – as a branch manager you are expected to have a meeting with each employee EVERY two weeks and document these. These offices are small offices where you interact on a daily basis, there is NO reason to require these meetings.

    As a branch manager you have the same expectations as your employees on top of managing the office, having 2 meetings per month with EACH employee, having 2 meetings per month with your manager OH and that isn’t to mention the 1-3 conference calls per week you are expected to be on that your Investment consultants aren’t required to be on. The goals they set for all employees are ridiculous and as another person mentioned OVER 98% of the company isn’t meeting these goals.

    The VPs and DVPs are VERY disoriented and confused, with policy changes on almost a weekly basis, however they won’t give you any information to let you know that the policies have changed.

    Looking at the top 10 reasons they offer for working there
    1. Stability of the company – While this used to be a benefit this isn’t a benefit any longer, the company is going through so many different changes that there really isn’t any stability there. As another review pointed out there have been MANY job openings as of late.
    2. Culture – Scottrade used to be a family culture, however once it moved to a “sales” organization this family culture has evaporated.
    3. Focus on Customer service – While the company still wants you to focus on customer service – you can ONLY do this IF it doesn’t take too much time as you have to make enough sales calls to meet the goal.
    4. Work Environment – “Open Door Policy” well this is true ONLY if you believe in what they want to push.
    5. Growth Opportunities – The only growth opportunities are if you are willing to move to St Louis MO – in the branch there are only 2 real positions Investment consultant and Branch Manager
    6. Reputation for Friendly people – ok in the branch this is true
    7. Competitive pay & bonuses – UM HAHAHAHA
    8. Professional Development – The ongoing training is “Earn to Learn” you have to earn the ability to get any additional benefits – however those that truly need additional training are not provided that training
    9. Rodger Riney – If he was still truly in charge this would still be a benefit, however as he stated at the managers meeting he no longer has a desire to do this full time.
    10. Flexibility to transfer between roles/departments – this is only true if you wish to move to St Louis.

    Advice to ManagementAdvice

    Too many meetings and time consuming micromanagement don’t allow for the mangers to be able to do their job and have a work/life balance. Most of middle management has NEVER worked in the branch or if they did they weren’t managers, thus the misunderstanding with how things work. You are expected to make 10 contacts a day – this isn’t talking to the client you must over step your compliance lines by getting certain things from customers for it to count as a contact, however you can do NOTHING with that information as you can’t give advice/ have the correct license.

    Doesn't Recommend
    Negative Outlook
    No opinion of CEO

    Scottrade Response

    Feb 9, 2015Social Recruiting Team

    Thank you for taking the time to write a review. We are sorry to hear that you found your time at Scottrade dissatisfying. As you mentioned, the company is going through a period of change and that ... More

  11. 24 people found this helpful  

    Scottrade: A company to work for!

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

    I have been working at Scottrade

    Pros

    401k, work life balance, surfing the Internet, personal trading, watching cnbc all day, great if you're into being reactive. solid for those that don't want their ideas to be heard. Amazing company if you want a job title made up for you, or if you're from Fidelty. If you're a Cardinals fan you're a great fit.

    This socalled "best company to work for" has transformed into a "company to work for" with a loss of identity.

    If you're a lazy worker with little drive and hoping to just get by then this is the company for you!

    Cons

    Pay, upper management, branch admin, innovative thinkers, union mentality, technology, personal accountability, lack of go getters, the branch network, staying competitive, the company in general.

    If you're a bright minded hard working individual that is ready to take a company to the next level, go somewhere else that will pay you for your work.

    A lot of employees are too afraid to transfer to another company bc of the lack of job skills developed here.

    Advice to ManagementAdvice

    Scotchtape trade needs to overhaul branch admin and the old school way of thinking. Upper management sits at a table coming up with ideas that competitors thought of 8 years ago and expect brokers to sell products that don't function while provide services they aren't qualified to provide. Branch land employees are no longer informed about the markets, or general business functions but they can sell the heck out of a pen! Start recruiting ACTUAL "top talent" and pay them competitively. Start developing tools that can be sold and BE MORE PROACTIVE. Guidance solutions is not going to attract the MILLIONS of millenials who will be inhereting their parents wealth in 10 years.Scotchtape trade is barely hanging on

    Doesn't Recommend
    Negative Outlook
    Approves of CEO

    Scottrade Response

    Feb 13, 2015Social Recruiting Team

    We regret to hear you feel this way. As our company is evolving, we are constantly looking to ensure we have the right associates, technologies and solutions in place to meet our clients’ needs.

Work at Scottrade? Share Your Experiences

Scottrade

 
Click to Rate
or

Your response will be removed from the review – this cannot be undone.