Scottrade

www.scottrade.com
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  1. 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.

  2. 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.

  3. 7 people found this helpful  

    Company in transition

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

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

    Pros

    Ability to earn more than the base salary through cross selling initiatives.

    Cons

    Scottrade is transitioning from a discount broker to a more sales oriented company. This requires Investment Consultants to call existing clients to ask for additional investment. The transition has been difficult for many employees who formerly focused on customer service. Base salary remains in the 40s and 50s.

    Advice to ManagementAdvice

    Support for branches should not be focused only on sales activities, but customer service.

    Doesn't Recommend
    Neutral Outlook
    Approves of CEO

    Scottrade Response

    Feb 9, 2015Social Recruiting Team

    Thank you for sharing your feedback. As you noted, Scottrade is going through a time of transition and while that can be difficult, we remain dedicated to providing a rewarding work experience for ... More

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  5. 39 people found this helpful  

    IMPLOSION OF PURPLE HAZE

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

    I worked at Scottrade

    Pros

    Sorry the only pro was a speedy departure.

    Cons

    Interesting how a company that had put such a high value on their customer service scores but shamefully reluctant to have listened to the outcry of any of their own employees which seem evident by the numerous postings. What a disconnect from a leadership team that was driving a company to disaster. Lots of new talent (?) introduced from TD, including in leadership positions. Drive the numbers to hit all of your required targets, or was it goals after all? Was there really a difference? 90% or more of the regional managers never worked as a broker, in a branch or as branch managers but promoted within the favored ranks as assistant branch administrators. So how could they possibly understand the challenges that branches experienced. Sharing or bringing up those challenges fell on deaf ears and you were made to feel as if you were just not working hard enough or efficiently. Seemed more mixed messages came from leadership to not focus on or spend too much time on customer service, maybe just not answer your phone so you can make 10 sales contacts which roughly 80% or more of the field was not achieving anyway. Rodger, were you aware that it was being suggested to ignore some of those service issues to get the 10 calls – perhaps the RM’s and DVP’s were receiving their bonus on that metric as well?

    So what about those in leadership positions from the TD talent pool. If you look at FINRA broker check you’ll find that a couple of those new DVP’s have listed to their resume of talent – 15 days in jail, misrepresentation and intent to manufacture or distribute controlled substance, although dismissed. Do you think Rodger knew the backgrounds of those illustrious and gloriously talented individuals? Or does he even care? Sadly it became more of a “Soprano’s” type atmosphere with bullying tactics, threats and of course micro-management from the highest levels.

    While necessary to change the business model, the ones that were put in those leadership positions were so determined to hit their own metrics of 10 sales contacts a day they lost site and appreciation of the very people trying to help accomplish those goals/targets? If Matt Wilson was so wrong, why were all the initiatives he had put in place still there? Could it be that they needed him to set up the model for Scottrade only to jettison him like garbage later after he created a blue print? Surely no one else in the St Louis leadership team had any sales skills or understanding of what was needed to right a sinking ship. Sorry but 25+ years of doing things the same way put you on a path to self-destruct when you didn’t keep up with the competition in technology, products & service or greater convenience for your clients. System outages to some platforms occurred daily. But that didn’t matter, you still had to hit all of your numbers. What systems went down? Banking, SPM, Insider, compass and any strain on the service center drove more service calls to the field of branches but there were no allowance for hitting your numbers every day. Don’t get me wrong, what those folks go thru, like the branches must have been unbearable and I can only have the greatest of empathy for those still unable to escape.

    While many find cause to still give Rodger high approval ratings and maybe he didn’t know what was happening in the branches – it all occurred on his watch – he was, and is ultimately responsible along with the long stale leadership in St Louis. Sorry Rodger but you failed so many that were loyal to you and unlike your mission statement of “removing barriers to financial success” you and the leadership at Scottrade continued to be barriers to your own employees pursuit of life, happiness and success. Best wishes for those still at Scottrade and have not yet found the EXITS - to all of you still there – find your way out soon!

    Advice to ManagementAdvice

    Unfortunately, none- you already threw away so many that were there to help clients.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    Scottrade Response

    Feb 23, 2015Social Recruiting Team

    We understand that the changes we have been experiencing as a company have been challenging, especially in our branch network. Although we can’t address any comments about individual associates, we ... More

  6.  

    Great experience interning while in undergrad

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

    I have been working at Scottrade

    Pros

    Awesome culture, employees, and environment. Very reputable business model as well.

    Cons

    Communication from upper management to individual branches.

    Advice to ManagementAdvice

    Remember that the consultants are the point of contact for clients rather than salesmen.

    Recommends
    Positive Outlook
    Approves of CEO

    Scottrade Response

    Feb 9, 2015Social Recruiting Team

    Thanks for your review. We hope you are finding value at your internship with Scottrade and wish you the best in the future.

  7. 38 people found this helpful  

    Impossible goals, toxic environment, every man for himself

    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    I have been working at Scottrade

    Pros

    Good benefits. I believe in our mission of helping people overcome barriers to financial success and I believe Scottrade is an honest and trustworthy place for people to invest.

    Cons

    Teamwork is a thing of the past. Now we have to compete with other branches as well as our own branch coworkers and even our manager to try to reach an individual quota that's completely unrealistic and if someone steals your opportunity there's nothing you can do about it.

    I work hard every day to help customers and make the expected number of contacts. But I constantly feel I am at risk of losing my job if I don't meet my quarterly quota, with a manager who has to be more concerned about hitting their own goals than helping me make mine.

    Advice to ManagementAdvice

    Make the goals branch-wide instead of individual so we can get back to working together to help our clients and grow our business.

    Let's put our focus back on the customer where it belongs. Don't waste money on fancy Presidents Club trips that only reward a few managers who happen to live in wealthy areas. Use those funds to beef up back office departments that seem to always be short-staffed so we can provide timely service.

    Provide training to managers on being a Leader instead of a competitor.

  8.  

    Branch Intern-Great experience

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

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

    Pros

    The intern program in my time there was very beneficial to my growth as a professional. You certainly learn the best customer service skills you can imagine and the tight knit atmosphere of a small branch helps you acclimate quickly in a steep learning curve setting.

    Cons

    The main con is that when you run out of training and know everything you can about being an intern, there is not much more room for advancement until you gain your broker license. Additionally, if you do not think you can handle clients who are concerned about their money (as they should be) then this is not the internship for you.

    Recommends
    Positive Outlook
    Approves of CEO

    Scottrade Response

    Jan 30, 2015Social Recruiting Team

    Thanks for your review. We are happy to hear your internship was beneficial and wish you success in your future career.

  9.  

    Great place to grow and learn.

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

    I worked at Scottrade

    Pros

    Family friendly culture.
    Opportunities to grow and learn.
    Supportive management.

    Cons

    Culture used to be more friendly and transparent when Rodger Riney was involved.

    Advice to ManagementAdvice

    Learn from what Rodger did that made the company so successful in the past.

    Recommends
    Positive Outlook
    Approves of CEO

    Scottrade Response

    Jan 30, 2015Social Recruiting Team

    We appreciate your comments. The core values that the company was built upon are still as important as they were when Rodger founded Scottrade 35 years ago. He remains an integral part of the ... More

  10. 21 people found this helpful  

    No trust

    • 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

    easy hours and little oversight.

    Cons

    I don't trust the leadership. People at the top are disapearing and no one knows why. Lots of rumors though.

    Advice to ManagementAdvice

    Communicate. Why the shakeup?

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    Scottrade Response

    Feb 23, 2015Social Recruiting Team

    While we are unable to address specific personnel decisions, our leadership team is looking for opportunities to be more transparent in their communications to associates throughout the firm.

  11. 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

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