Scottrade Reviews

Updated July 1, 2015
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490 Employee Reviews

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  1. Helpful (13)

    FC

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Investment Consultant in Vero Beach, FL
    Former Employee - Investment Consultant in Vero Beach, FL

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

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    Pros

    I loved to help people. I enjoyed having a conversation with clients. I loved helping people with their investments but could not give advice

    Cons

    Management only cares about documented deposits or acats. no room for advancement, NO IPO EVER, really, Roger is never going to give employees a chance to own this company. I have known employees that did own a piece of the company that where bought out at a Roger Riney decided price and paid out well over a year after ROGER decided to pay "his price" .

    Advice to Management

    You used to be an employee friendly company, a close knit organisation. Take your AUM Roger and sell the company like you have always wanted to do. Your Dad may still respect you.


  2. Helpful (19)

    Lack of trust, support and advancement

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

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

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO
    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

    Pros

    Benefits are competitive but nothing you couldn't find most places
    Most co-workers are awesome people willing to help

    Cons

    The micro management is out of control
    The secret monitoring of employees, especially within middle office, is hurting the morale
    Who you know is more important than what you do or how well you perform
    Management has no problem lying to your face and at times degrading or embarrassing employees in a group, yet put on a friendly "team player" attitude that is see-through and causes more distrust
    Work life balance is good in most departments but if you cannot work mandatory over time due to family obligations you are considered a slacker and punished
    While most of the employees are great and helpful, others have learned to get by doing the minimum. There is a reason it's common to hear scottrade is a place to start a career, or coast through until you retire
    Management has no problem firing employees simply because they do not like them. I have seen this on multiple occasions
    There is no true leadership and some are afraid to stand up for what they know is right
    Lack of direction has everyone confused and worried
    Technology is embarrassing and unacceptably behind making it harder to get work done

    Advice to Management

    It will take a lot to turn this place around but no one wants to hear the leaders. Start listening and stop thinking you know everything.


  3. Helpful (3)

    Investment Consultant Trainee

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee in Los Angeles, CA
    Current Employee - Anonymous Employee in Los Angeles, CA

    I have been working at Scottrade full-time

    Recommends
    Positive Outlook
    Approves of CEO
    Recommends
    Positive Outlook
    Approves of CEO

    Pros

    This can be an entry level position or some experience required, depending on the Branch Manager's preference. It is a paid position while you are training and studying for the Series 7 and Series 63. Scottrade pays for the training materials and for the examination. Mentally, this role forces you to stay mentally sharp because you must continue learning company and industry knowledge. If your a studious person, and enjoy staying mentally active, this is a pro; however, if you prefer to be mentally lazy . . . then it's definetly a con.

    Cons

    The company is evolving and therefore policies and procedures change constantly, sometimes the policies revert to what it used to be and makes you wonder why they changed it in the first place. Updated policies and procedures, are not very well written, there could be vagueness or not conclusive because they didn't think of the possible scenarios. Policies and procedure can be found in various department pages, and they can contradict each other because they forgot I edit one page while updating another. You cannot always trust the knowledge of an employee who works in a department. You don't get a time block to compete your required continuous education but they expect it to be completed, which make a you think the company really doesn't care of continuous training and they just assign for legal reason and to look good in the eyes of the regulators.

    Advice to Management

    Advise to Regional Managers and Divisional VPs. DVPs should send RMs to the branches and do some of the workload so you guys have an intimate understanding of what it is like to work in the branch office.

    Scottrade Response

    Jun 19, 2015Social Recruiting Team

    Thank you for taking the time to write a review. A group has been established to evaluate and streamline our company’s policies and procedures, and we imagine this will alleviate some of the issues ... More


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  5. Helpful (9)

    Investment Consultant Intern

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

    I worked at Scottrade

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO
    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

    Pros

    Exposure to the financial markets
    Learn about different account types and how to trade

    Cons

    Very limited amount of responsibility
    Felt like a dead end job


  6. Helpful (26)

    Honest Review for all Job Seekers in the industry

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

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

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    Pros

    Work- life balance is still fairly good, merit increases, wellness reimbursement and high interest rate on bank accounts are perks that are still in tact.

    Being an employee at corporate headquarters seems to be a great place to work, great benefits, majority of where those "good" reviews are coming from. Branch level, completely different...

    Cons

    Now here where my review comes, there is a huge disconnect between headquarters in St. Louis and the branches. No communication or any support for the branches. Company has departments for every thing the branch needs, great job getting those set up, however, can never get a hold of and when they can be reached, do not get a valid/correct answer from the "rep". I recently reached out to a department for assistance with a transfer for a high net worth client and was emailed back and I quote, "No, contact someone else". TERRIBLE BACK OFFICE! As for technology, in regards to platforms, services and products offered, company is 3-5 years behind all of its competitors. As many associates on this site have mentioned the pay; pay is very low compared to other similar firms. Associates here are required the same output and outbound dials as competing firms, yet get paid much, much less. Refer a client to our guided service and get one night out at Apple Bee's, where the competitors are paying over hundreds for that one referral. You also have to influence any assets that come in to get paid. Now the company's definition of influence seems to change every quarter. I've been with the company for over 5 years now and built a lot of relationships with clients, say one of those clients brings in assets and I haven't talked to them, documented any conversation in the last few months or have a pending asset gathering item open, I wont get credit for the assets. Even though the reason the client is continuing to come in is because of my service to them over the years. Finally, there is no outlet for associates to discuss their issues or concerns, other than this site. I have had meetings and expressed my concerns to managers and upper management many times, never to have anyone listen, just tell me to get back to work and no one else feels this way so its not an issue. I have had a manager tell me that all we, as associates for the company, are worker bees and should not care about how much we bring in for the company or how we get paid. If I am in sales, yeah, I am going to care how much I bring in because it effects my take home pay and how I live. Company does not care about the employees as they once did. Most upper management, has never worked a day in the branch in our current environment so does not have a clue what it is like. If you want a good job, with good pay, please I advise you to look at other competitors with better pay and resources. Hope this review helps those seeking a job in this industry and at this company.

    Advice to Management

    Remember who got you to where you are now, the branch associates. Make sure they are happy and there is plenty of support for them to get the job done well and effectively. We need the technology that has been around for years. Better sales platform, better products and services to clients, simple things such as letting clients being able to set up a check request online. If we are evolving into a full sales company, give the associates the power to get the assets by any means necessary, not to have to get approval from a ultra conservative and unreasonable Client Offer Management team. Match not only what your competitors are doing for their clients as far as promotions and services but also match what your competitors are paying their associates for the assets brought into the company. Create a open forum where associate concerns can be addressed, without Regional managers opinions and lack of listening skills. Improve the back office, once again, the branch needs support. We are the ones keeping the company alive and afloat, make sure we can get in contact with the departments and get accurate responses from them to relay to our customers. The guidance service, what a mess. First off, get all branch managers in the branches GS licensed and eliminate the GSG. That would get rid of a lot of the issues the branch associates face with the guidance solutions that they are discussing with clients. Up the pay! Reward and pay your associates a fair and equal figure to the industry standard. After all, we in the branch are bringing in billions for the firm and making the company the most profitable it has been in years.

    Scottrade Response

    May 20, 2015Social Recruiting Team

    We appreciate you taking the time to share your thoughts with us and can understand your frustrations. We recognize the need for better support and communications between the branches and ... More


  7. Helpful (2)

    Stock Broker

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

    I have been working at Scottrade

    Doesn't Recommend
    Negative Outlook
    No opinion of CEO
    Doesn't Recommend
    Negative Outlook
    No opinion of CEO

    Pros

    Learning environment is great and great culture Company is slowly changing from pure service company to asset gathering company

    Cons

    Not very competitive salary and bonus

    Scottrade Response

    Jun 8, 2015Social Recruiting Team

    Thank you for your review. At Scottrade, we believe in rewarding associates fairly. By performing annual compensation reviews using several industry-standard, third-party sources, we ensure accurate ... More


  8. Helpful (20)

    Experience heavily depends on branch culture

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Branch Stockbroker in Englishtown, NJ
    Former Employee - Branch Stockbroker in Englishtown, NJ

    I worked at Scottrade full-time (More than a year)

    Doesn't Recommend
    Negative Outlook
    Approves of CEO
    Doesn't Recommend
    Negative Outlook
    Approves of CEO

    Pros

    The work/life balance was great in all of the locations I worked. The customers were great and liked to take advantage of the classes and learning opportunities. Scottrade is supportive while you study for the exams. My internship experience in RI was fantastic- all because of the great branch leadership.

    Cons

    Management. Regional managers all sit in St Louis and rarely come out to see how their regions are actually doing. Had the worst coworker experience ever where I was being screamed/cursed at by the other broker and talked to in a derogatory and sexist way. Let management know that I was having a terrible experience and they didn't do anything about it. Couldn't get out of there quickly enough.

    Advice to Management

    Regional managers should be more involved in their regions. On the ground- not via email.

    Scottrade Response

    May 20, 2015Social Recruiting Team

    We regret to hear of your experience. The behavior you mentioned is not in line with the core values of Scottrade, and we are looking into it to ensure it doesn’t happen again. Thank you for bringing ... More


  9. Helpful (3)

    broker intern

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Intern - Anonymous Intern in Louisville, KY
    Former Intern - Anonymous Intern in Louisville, KY

    I worked at Scottrade as an intern (More than a year)

    Doesn't Recommend
    Positive Outlook
    Doesn't Recommend
    Positive Outlook

    Pros

    Flexible work schedule, management was supportive, and co-workers were enjoyable

    Cons

    Pay and work was boring

    Advice to Management

    Need more positive reinforcement


  10. Helpful (20)

    I don't have confidence in management.

    Current Employee - Headquarters in Saint Louis, MO
    Current Employee - Headquarters in Saint Louis, MO

    I have been working at Scottrade

    Doesn't Recommend
    Negative Outlook
    Doesn't Recommend
    Negative Outlook

    Pros

    Lack of oversight by management

    Cons

    Lack of oversight by management.

    Advice to Management

    people at the top are not aligned and there is a lot of infighting. A lot of people are leaving because there isn't confidence in the future. there seems to be no loyalty to teamwork.

    Scottrade Response

    Jun 19, 2015Social Recruiting Team

    We’re sorry to hear you feel this way. We encourage you to reach out to your manager or Human Resources to discuss your individual situation.


  11. Helpful (6)

    Lots of Room For Process Improvement

    Current Contractor - Anonymous Contractor
    Current Contractor - Anonymous Contractor

    I have been working at Scottrade as a contractor

    Doesn't Recommend
    Negative Outlook
    Doesn't Recommend
    Negative Outlook

    Pros

    I work with some really smart, dedicated people in the software development groups.

    I think the main reason associates work here is because they can often get by with working a little less than 40 hours a week. (They get one work from home day a week, and often people are not as available or productive on that day.)

    There are periodic lunch and learns to hear about new technologies, even though most groups don't have a chance to use them.

    The CEO, Rodger Riney, is warm and personable and always sets a great tone for his communications.

    Cons

    In order to foster subject matter expertise, the development groups are very compartmentalized: Group A works on subsystem A, but not subsystem B; Group B works on B but not A. I have not seen any mobility between groups.

    Developers tend to burn out. There is a very high turnover rate.

    The project work is fairly boring. Most of the rabid excitement happens when production misbehaves and half a dozen groups scramble to figure out what went wrong.

    Advice to Management

    My main advice to management is align your overall processes to use industry best practices.

    There are a lot of pain points experienced in my group come from the high-level processes in place. As Scottrade has grown, it has acquired more market segments (like Banking and Managed Accounts), which has exposed it to more government regulatory requirements. Someone up high makes the decision about how to meet those requirements, and everyone below in the organization scrambles to do what they say. There is no real dialogue about finding the best solution. The end result is that there is a huge communication gap between development and business; nobody in development (even managers and VPs) has any power to improve the situation; and business makes ill informed decisions (like choosing a project completion date) and leaves development scrambling to figure out how to make it happen.



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