Scottrade Reviews

Updated April 19, 2015
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  1. Helpful (26)

    The House that Rodger Built

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

    I have been working at Scottrade

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

    Pros

    Benefits are great in an environment where consumer driven health plans are becoming the norm rather than the exception. Good work life balance and for the most part your coworkers will be fun people to work with.

    Cons

    Outdated software and old fashioned management attitudes mean frustration for people who want to see the firm adapt to changing times. Even your stodgy Mad Men era competition now embrace working from home and high tech solutions like bring your own device (BYOD) instead of relying on blackberries.

    Advice to Management

    Scottrade really needs to figure out what kind of company it wants to be- either an online brokerage with a lean footprint or a traditional branch and HQ sales oriented organization. It appears that Rodger wants to do both and in the end has resulted in an inability to keep up with technological changes in the industry as well as a branch model that makes little sense. Right now anyone with a smartphone can open a managed robovisor account with Acorns or get on the waitlist for zero-commission broker Robinhood in 5 minutes. Although I have never worked with branches, the frustration is palpable as the firm wants to shift from service to sales only to discover branches are not laid out in a way conducive to selling securities nor are staff adequately trained to do sales or evaluated fairly on sales benchmarks. Either buckle down and turn the firm into a sales firm like Wells Fargo Advisors/Merrill Lynch et. al where an institution of sales is created and nourished by intensive coaching and feedback from HQ or tighten up and go all in on the online portion of the business. There is an opportunity cost to either one and doing both results in a compromise where neither one can truly be outstanding.

    Scottrade Response

    Mar 6, 2015Social Recruiting Team

    We appreciate you taking the time to share your thoughts with us. As the company evolves, we are working through some of the challenges you mention and are putting solutions in place that best meet ... More

  2. Helpful (6)

    Currently working at Scottrade.

    • 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

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

    Pros

    The new emphasis on asset gathering and managed accounts provides an opportunity for branch personnel to make a lot more income than they were in the past. For those who work in busy branches and who are aggressive salespeople, this is a great opportunity.

    Cons

    Having the added pressure of sales goals has fundamentally changed the nature of the jobs in the branch, and will drive many who are not comfortable with sales to leave the company. Hiring that many new employees will mean that the customer service skill set and expertise will be greatly reduced.

    Advice to Management

    Be very careful in over emphasizing outbound phone calls, versus taking care of customers who are calling in. A lot of asset gathering opportunities are missed, when inbound calls are ignored.

    Scottrade Response

    Mar 6, 2015Social Recruiting Team

    Thanks for your feedback. Although we have shifted to a sales model, providing exceptional customer service still remains a priority, and we believe that is what will set us apart from the ... More

  3. Helpful (27)

    Handwriting on the wall?

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

    I have been working at Scottrade (More than a year)

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

    Pros

    Benefits still OK for the most part. Lowest levels of management (supervisors, managers) are good people but ham-strung by out-of-touch upper management people

    Cons

    Below-avg pay. Won't pay you what you are worth. Used to be strong team-oriented but now everyone has to cover their backsides with both hands. Used to be hands off but now micro managing is the new black. Everyone looking over their shoulder. Massive IT layoffs coming soon.

    Advice to Management

    Let managers and supervisors make decision that count not have to get approval for every little thing. Fire execs (ha ha that wont happen) b/c they don't care about anything just their own bonus. Used to be a b est places to work but now its just a job. PS social team - don't bother with any of your canned responses your not fooling anyone.

    Scottrade Response

    Mar 9, 2015Social Recruiting Team

    We’re sorry to hear you feel this way. We read these reviews on a regular basis and make every effort to respond to comments, as well as share them with the appropriate teams throughout the firm. As ... More

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  5. Helpful (24)

    IT Leadership (CIO and team) - 0% Integrity / 100% Incompetence / 100% Hypocricy

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

    I worked at Scottrade full-time (More than 10 years)

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

    Pros

    Good, quality IT people that care....although some AVP / VP have been bribed with exorbitant salary, title, and 'perks' to make sure the exodus isn't too glaring.

    Cons

    CIO Team is just flat out bad. Narcisist, Egomaniacs, and incompetent. The leader of infrastructure has sold out for money and time off. The leader of development and pmo are hand picked by the CIO and are yes people AND incompetent. Infrastructure gets the blame for major issues, and the CTO is fine with that, so long as she gets paid well and her favorites are taken care of so they don't leave.

    Advice to Management

    Nothing for the IT Leadership...they know everything. Rodger and HR - Look at the pattern....the common thread of turnover has been infrastructure.

    Scottrade Response

    Mar 6, 2015Social Recruiting Team

    We aren’t able to address any comments regarding individual associates, but have shared your feedback with the IT and Human Resources teams.

  6. Helpful (34)

    Not where you want to end up

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

    I worked at Scottrade full-time (More than 3 years)

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

    Pros

    Good place to learn the industry, the company's bonuses are great for people entering the industry, very flexible with Work/Life balance.

    Cons

    There is a major disconnect between HQ and the branches. I was a broker/investment consultant for Scottrade for over 2 years and talked to my regional manager one time on the phone. My entire life at the branch consisted of interacting with 2, then 1 coworker. The company switched to a sales environment throughout my tenure, and all you realize you are to HQ is a number, accountable for your "influenced assets". Sure, we get the money in the door and it really isn't all that hard to bring something in with the leads we get everyday, and its up to you to decide whether you "influenced" the money. But in the long run, thats all we are. We have no role of importance to 99.9% of clients and thats why I got out. It gets really old calling clients asking "are their any questions you have for us?", and them responding with the standard, "No.", knowing that even if they did have something, we likely couldn't answer due to being handcuffed by HQ. You can't be expected to be Tech/Analyst/Sales guy all in one. And that leads me to what the main fear was, of your branch getting shut down and jobs consolidated to St Louis, once HQ realizes you have ran the well dry.

    Advice to Management

    Something needs to change. Employee morale is really low. Job turnover is really high. Check job openings and you see about 50 branch manager openings (out of 500 branches), and even more IC openings. Don't just follow Schwab and TD to try to mimic them. Do something productive, allow a branch member to get Series 65/66 certified so that they can better help the clients. You have the potential to be a great company, why not do something about it?
    .....Oh yeah, and when an employee notifies you that he is leaving the company after a significant amount of time, do something. I didn't even get an email from regional manager, let alone a phone call. You aren't that busy.

    Scottrade Response

    Feb 27, 2015Social Recruiting Team

    Thank you for your comments. Our branch network remains integral in building relationships with clients. We are looking into the gaps in communication between branches and headquarters and working to ... More

  7. Helpful (34)

    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)

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

    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 Management

    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.

    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

  8. Helpful (1)

    Great leadership, great team!

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Contractor - IT Project Manager in Saint Louis, MO
    Current Contractor - IT Project Manager in Saint Louis, MO

    I have been working at Scottrade as a contractor (Less than a year)

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

    Pros

    Working in IT, I have seen example after example of leadership removing roadblocks and paving the way for successful software development.

    In my role, I have a significant level of autonomy, and my management has made it clear that they are there to provide my team whatever it can to make our jobs easier.

    The entire IT organization takes great effort to celebrate success.

    Cons

    The company is in the middle of a cultural shift regarding software development. They are adopting industry best practices in many areas, but are holding on to antiquated methodologies for unknown reasons.

    Scottrade Response

    Feb 27, 2015Social Recruiting Team

    We appreciate your review and are happy to hear your time with Scottrade has been rewarding.

  9. This company is good to work for.

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

    I have been working at Scottrade full-time (More than a year)

    Recommends
    Positive Outlook
    Recommends
    Positive Outlook

    Pros

    good benefit, good cafeteria, good people

    Cons

    lacking a promising career development

    Advice to Management

    promote people more

    Scottrade Response

    Feb 27, 2015Social Recruiting Team

    Thank you for your review. We encourage you to talk with your manager and/or Human Resources about future career opportunities.

  10. Helpful (18)

    was good, getting worse

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Financial Services Representative in Westminster, CO
    Current Employee - Financial Services Representative in Westminster, CO

    I have been working at Scottrade full-time (More than a year)

    Recommends
    Positive Outlook
    Recommends
    Positive Outlook

    Pros

    -laid back work environment
    -sponsors for series 7
    -lots of opportunity to learn about financial field

    Cons

    -noncompetitive products
    -tools needed to do the job are unreliable
    -managements is now attempting to add sales to the position but is failing miserably

    Advice to Management

    make a decent product before u attempt to sell it

    Scottrade Response

    Feb 23, 2015Social Recruiting Team

    Thank you for your feedback. We have teams in place that are constantly evaluating new technologies so that we are able to implement the best tools for our clients.

  11. Helpful (68)

    I was a Scottrade casualty of change.

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

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

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

    Pros

    I used to love going to work. I loved helping people. I loved teaching willing customers how the markets worked. I enjoyed my coworkers as we were teammates willing to step into whatever needed done. Sadly, it all changed.

    Cons

    When asset gathering became not just a buzzword, but company policy, I embraced it. I liked knowing that my efforts to bring in new money were to be rewarded. And I was rewarded. I was consistently in the top 20% in my region in new assets for the first 2 years of the new bonus structure. But as I found out, it was to be a slippery slope. During the 3rd quarter of 2014, branch administration started to change the rules as to what was considered "influenced assets." There was much debate as to the meaning of influence. After all, I'd been there for years. I had regular customers come in to make deposits just because I was "their broker." Did I influence it? Perhaps the first few times, by Scottrade standards. But the fifth, sixth, and seventh times, surely not, they'd say. They were just making deposits on their own. Deposits I shouldn't be rewarded for? Or should I? What a quandary...

    Once the incentive review team was formed, I knew I was toast. After many years of forming personal relationships with clients, and trying to service their accounts, management would always up the ante. Make your mythical 10 contacts and 2 opportunities. Whats your value per contact? I suddenly found myself morphed from human broker to a simple metric. Branch admin didn't care about my personal relationships, they wanted results. As an aside, I once asked my regional manager how they came up with 10 contacts. He said it was industry standard.

    One quarter, it was determined that half of my qualified deposits were not considered influenced. I was out a little over $1000 in bonus payout. I grew bitter. Rules that defined what was influenced had changed in the middle of the game and they controlled that game. They were the judge, jury and executioner. As I picked myself off the floor I determined to fight back. Wrong move. The next quarter I took in a check that was clearly not influenced, and doctored the CRM notes to make it look like it was influenced. It was the first time I had ever stepped on the other side of the ethical line...and I paid for it, with my job.

    Quarter after quarter of high quality performance reviews, public recognition on internal conference calls from management, my career as a broker at Scottrade was finished with one bad decision.

    As the pressure mounts to push, push, push for new assets, something changes within us. We become greedy. We think only about money as our sole motivation. After all, weekly conference calls with regional managers reinforce it with constant drilling. "Where are your outside investments held?" "Do you have an old 401k lying around somewhere?" "What will it take to get you to consolidate?" Questions I constantly asked for the sole reason of our greed. I wanted that bonus! I wanted to be recognized!

    The other day I was totaling up all the assets I brought to Scottrade in my 5 years there. I think I must've brought something close to $100 million into Scottrade. A fact that held little value when I was let go.

    I miss the place though. I miss my branch. I miss my clients. I miss the camaraderie.
    I was a good broker, but I wasn't a good enough metric.

    Advice to Management

    I remember one time Matt Wilson came into my branch as he was in town over Thanksgiving. He came and sat down at my desk and we chatted for some time. I asked him some questions about upcoming products and he was visibly excited about what was to come. His excitement got me excited. He seemed like a nice enough guy. He seemed to believe what he was telling me and that was enough for me. I believed in his overall strategy to reshape the company into a more viable financial firm. For whatever reason, the execution just wasn't there.

    I only had branch experience and I can truly say that I was in the trenches with my fellow brokers on the front lines. We knew what worked and what didn't work. What was realistic and what wasn't. Unfortunately, management had a top-down approach to reshaping the firm. Management would dictate to regional managers what needed to be done, and by the time it got to us brokers, something was lost in translation. This led to cynicism within the ranks, needless conference calls, and an overall mistrust of the firm. What was a family style company culture, became dog-eat-dog mentality. Brokers stealing asset gathering opportunities from other brokers. A constant battle over what was considered influenced. In fighting amongst brokers and the back office. Regional managers with little front line experience informing me on best practices in a client facing environment.

    Had the execs been willing to speak with brokers on the front line doing the dirty work and forming a bottom-up approach as to the best course of action for the firm, I feel that I'd still be there today. Had they been willing to find out what resources it really takes to gain market share, I don't think they'd be in this mess today. But they didn't, and hopefully they'll learn from their mistakes. I know I've learned from mine.

    I'll leave you with this. You turned a motivated kid, excited about learning everything about the financial markets, one who was willing to go above and beyond for clients time and again, into a cynical, skeptical, young adult that learned the hard way. I have a Bachelors in Economics, an MBA, a Series 7 and 63 and nowhere to use them. I wished I had made better decisions, but I wished Scottrade had too. We could've been great together.

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