Scottrade Reviews

Updated April 8, 2015
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  1. 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.

  2. Helpful (22)

    Changing business model

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

    I worked at Scottrade

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

    Pros

    Great initial training, they realy focused on the culture of the company. Allowed you to run a branch your way until the recent changes in the business envirement.

    Cons

    With the changes made to gather assets the management structure changed. You are now micromanaged at the branch level and are being taught sales by managers who for the most part have never sold anything in their career.

    Scottrade Response

    Feb 9, 2015Social Recruiting Team

    Thank you for your comments. We know change can be difficult, but it’s a priority for us to provide training to all of our branch associates to enable them to be successful in their new roles.

  3. Helpful (26)

    Was like a family and second home. Turned into a toxic dysfunctional one.

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

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

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

    Pros

    The insurance benefits are great and you'll be hard pressed to find better. The bonuses are pretty great too though they have fallen dramatically within the last five years. Work/Life balance is great too. Casual dress. Work from home one day a week.

    Cons

    As one other review put it, IT is run by a narcissistic team comprised of the CIO and all of his cronies he brought into the company several years ago. If you're not with them or question anything they do in any way then you are treated as an enemy. Their greatest management tactic is to manage through bullying and fear creating a culture of yes men or employees who simply don't care or are so scared for their own jobs that they just tow the line.

    The rule of law at Scottrade is covering your backside and doing ridiculous amounts of administrative work even for the simplest of tasks.

    As a developer you'll be required to keep track of your time spent and tasks performed in not one but at least five different places including excel spread sheets and that's just the tip of the ice berg of crazy change management and process you'll have to deal with.

    There are far too many layers of approval needed to even change a misspelling on a web page. Tasks that should be simple collaboration between business owners and IT or just flat out IT internal tasks turn into elaborate orchestrations of bloat and mismanagement.

    Speaking of mismanagement, there are far too many layers of management at Scottrade. A simple flat structure of supervisor and manager would suffice in most departments. At Scottrade you have at least four layers past this. Scottrade is incapable of working or dealing with problems quickly due to the micromanaging chain of approvals needed for employees to do their job.

    Advice to Management

    Evaluate your senior IT management team before they ruin you. You're hemorrhaging good people some of which have been loyal employees to your firm for years. This should tell you something about the morale and mood in IT. It isn't just disgruntled employees. It's people who have finally had enough and see no other choice than to move on. The processes most IT employees have to endure are broken and archaic and just maddening. There is way too much work required in order to get the approval to do real work and as a result you're day by day losing your edge against your competitors.

    Scottrade Response

    Mar 17, 2015Social Recruiting Team

    We’re sorry to hear about the issues you are experiencing. Regulatory requirements have had implications on processes throughout the organization, which has affected some departments more than ... More

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  5. 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.

  6. Helpful (2)

    Great company to work for!

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

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

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

    Pros

    Enjoyed working in IT at Scottrade. Other team members were technically proficient and easy to work with, promoting a great work environment. Flexible hours and work from home opportunities provided a good work-life balance. Great benefits.

    Cons

    We were heavily reliant on third-party vendors, which could be difficult to interact with and made projects/troubleshooting very challenging sometimes.

    Advice to Management

    Continue to promote a strong corporate culture and stay focused on providing a great work environment for all employees.

    Scottrade Response

    Feb 23, 2015Social Recruiting Team

    We are happy to hear you have had an enjoyable experience at Scottrade and have taken advantage of the work/life balance we offer. We will pass along your feedback about third-party vendors to IT ... More

  7. Helpful (1)

    Good experience working at Scottrade over the years.

    • 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 (more than 10 years)

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

    Pros

    Great co-workers, the new sales direction forces accountability and allows you control your bonus.

    Cons

    Still needs to broaden the solution set for clients, need to redesign the branch network.

    Scottrade Response

    Feb 23, 2015Social Recruiting Team

    Thank you for your dedicated service to Scottrade over the last 10+ years. We appreciate your feedback and will be sure to pass your suggestions along to our IT and branch management teams.

  8. 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.

  9. 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

  10. Helpful (50)

    Micromanagement in a Newly Created Sales Culture

    • 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)

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

    Pros

    The salary is competitive and the benefits are very good. I have made some very good friends.

    Cons

    First, let me say I understand why we need to make the change to asset gathering and that I was completely onboard. But the problem began with how we transitioned into a sales/service organization. The most glaring issue is that the branches are being micromanaged beyond belief. A few years ago we had annual reviews, then it became quarterly and shortly after monthly "coaching sessions". As of the January 1st, we now how bi-weekly calls with our Regional Managers but mine has taken it upon himself to have them weekly. During these weekly calls he highlights the number of outbound calls, contacts and other call "metrics" they have made up. In addition, the current focus is on our Value Proposition - a cheesy, scripted sales opening they think is going to get our customers to open their wallet and write us a blank check. They are eavesdropping on our calls to hear whether we are using the script and if we are not they take us to task and require us to send them a list of calls we did use it on so we can review them together. I feel like I am back in grade school. If we push back about using these sales scripts we're considered "not onboard" and ridden hard until we can't take it anymore and leave because Scottrade won't fire us so they can feel like a "Great Place to Work". Keep in mind the majority of Regional Managers who are leading these coaching sessions are former branch managers who fled their branches and ran to St Louis to avoid doing sales themselves. In addition to the micromanaging bullying tactics of our RMs, it is difficult to get behind and sell inferior products. After I hook them with my Value Proposition then what? Show them our clunky, unreliable Portfolio Manager where many of their current investments show up as "other"? Direct them to our "select lists"? Something they can get by doing a simple GOOGLE search? Refer them to our Guidance Solutions so they can get charged a management fee for a portfolio a first year finance student could create?
    What made Scottrade great was the people. Customers were able to call their branch and talk to the same folks who knew them and cared about their business; this is what made Scottrade what it was, a great place to work. Branch employees have been dehumanized. All we are now are call metrics, qualified deposits and net new assets figures. What's really sad is that we could have done this the right way. Ask the employees to delve a little deeper with customers and allow us to have more sophisticated conversations with them. Strengthening those relationships would have made clients feel more comfortable to bring us their real money, not using a value proposition and selling them something they don't need. Sending out weekly spreadsheets with the number of outbound calls and how much money each associate has brought in isn't healthy - on the contrary, it's passive aggressive bullying. No other company, not Schwab, TD Ameritrade, eTrade or even the full service firms use this tactic. Management should be ashamed and embarrassed how they are treating their employees, or "family" as they like to refer to us.
    I remember how Rodger ended this year's Manager Meeting, a heartfelt speech about not being salesmen and that's why he started Scottrade, because his time at Edward Jones taught him he wasn't comfortable selling. "Don't sell people, help them. That's what Scottrade is all about." Where are you Rodger? Why are you letting them turn us into salesmen? I hoped to finish my career with Scottrade, a place I was proud to call my employer. Now I dread going to work to sell, sell, sell. It has become a place I look forward to calling my former employer.

    Advice to Management

    They won't listen, it's too late.

    Scottrade Response

    Feb 9, 2015Social Recruiting Team

    We are sorry to hear that you are unhappy, but appreciate your candid comments. The core values that Scottrade was founded upon are still as important as they were 35 years ago. Rodger remains an ... More

  11. Helpful (45)

    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

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

    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 Management

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

    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

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