Scottrade Reviews

Updated October 29, 2014
Updated October 29, 2014
484 Reviews
2.7
484 Reviews
Rating Trends

Recommend to a friend
Approve of CEO
Scottrade Founder, President, and CEO Rodger O. Riney
Rodger O. Riney
393 Ratings

Review Highlights

Pros
  • The work/life balance is great--I never put in longer than an 8-hour day (in 49 reviews)

  • It's also a great place for young college grads to get resume experience (in 31 reviews)


Cons
  • Not much room for advancement once you start in the branch (in 22 reviews)

  • Ceiling to your growth unless you move to St Louis (in 19 reviews)

More Highlights

Employee Reviews

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  1. 29 people found this helpful  

    Culture has completely changed for the worse.

    • 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 (more than 5 years)

    Pros

    They do 50% match for the 401k up to 15% of your salary.

    Cons

    There are many. Upper management has made many false promises. This used to be a company that cared for their employees. Now you feel like you're job is on the line if you don't meet your sales quotas. They promised that we would be making as much as our counterparts at other companies but they keep changing the comp plan so as to insure that does not happen. They motivate us by fear tactics. Threaten job loss. Most of the branch managers are now on what's called performance improvement plans. Which is basically just "If you don't start meeting goals start looking for another job" No loyalty to their emplyees anymore. We see managers getting fired or leaving every week. Never seen anything like it. Matt Wilson is ruining this company. There are good people who have made Scottrade their life. People who have helped build this company that have been forced out, fired or just been plain treating wrong because they don't fit in with the new direction or they haven't caught quickly enough. Upper management, including Roger Riney himself, should be ashamed of themselves.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  2.  

    Good Company

    • 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

    Good People and great work life balance

    Cons

    Sales without anything behind it.

    Advice to ManagementAdvice

    Get experienced people in management.

    Recommends
    Neutral Outlook
    Approves of CEO
  3. 2 people found this helpful  

    Scottrade cares- if you're a salesperson

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

    I have been working at Scottrade as an intern (more than 3 years)

    Pros

    It is a great learning experience; you will learn a lot about the industry! The pay is good too, and I used to get a raise every 6 months.

    Cons

    Scottrade limits you to 25 hours a week, which is okay during school but in the summer/breaks you aren't allowed to work any more than that. Getting an exception (ex. asking to work more during tax season) is like pulling teeth. I noticed corporate culture has become more unfriendly towards interns/back office support recently. For example, interns hours were cut and raises frozen due to 'budget issues', but in the same time period salespeople gained an additional quarterly bonus. Corporate office also not helpful when it comes to career opportunities, unless the job is already posted online they will not mention any additional advancements

    Doesn't Recommend
    Neutral Outlook
    Approves of CEO
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  5. 11 people found this helpful  

    Difficult

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

    I have been working at Scottrade

    Pros

    My branch manager is an awesome guy that has helped me be a better broker and genuinely cares about my development. Pay has gotten better somewhat.

    Cons

    Middle management generally useless and have no idea what goes on in the branch. Company now wants us to focus on selling the company and guidance solutions on top of all of the incoming calls and walk-ins. Everything that a client needs is effectively done by the branch. Everything you do has to be documented or it is assumed by your regional manger that you are doing nothing. Regional managers have nothing to offer other than complaints. Computers systems are very slow. We have to enhance our computer systems to match the growth in clientele. Everything done Halfway. If you spend time with a client without additional money to bring in, whether he has $500 or $5 mil it is essentially wasted time from the upper
    Management standpoint. This is going to eventually lead to a lot of poor service and a loss of business. The support departments in STL have problems communicating with the branch. You can ask a yes or no question in an email and the answer will be "maybe". Support departments cannot contact the clientele without irritating them.

    Advice to ManagementAdvice

    Figure out a way to maintain the morals of Scottrade and grow like Schwab or BAC. TD Ameritrade is not the stellar industry model you think it is. Consider a bonus on retaining assets.

    Approves of CEO
  6. 7 people found this helpful  

    Rewarding in the beginning - fell apart at the end

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

    I worked at Scottrade full-time

    Pros

    Work life balance is great. Employees at HQ are not required to take a lunch, therefore you are out the door in 8 hours on most days. There is also a great deal of start / end time flexibility.

    Cons

    Bonuses are used as an incentive to take a lower base salary. Toward the end of my time there, the bonuses were nonexistent. The base salaries in IT are abysmal and not in any, way, shape or form competitive.

    Advice to ManagementAdvice

    Eliminate bonuses and raise salaries across the board in IT. The differences between corporate and IT salaries are just too vast. Also - start employees at the 3 week vacation mark. Working 5 years for 3 weeks of vacation is unrealistic in today's environment.

    Finally - eliminate waste where it will make a REAL impact. Telling branch offices to turn thermostats down 5 degrees isn't going to move to needle.

    Doesn't Recommend
    Neutral Outlook
    Approves of CEO
  7. 24 people found this helpful  

    Smoke (a lot of smoke) and Mirrors

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

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

    Pros

    The benefits or working at Scottrade are rapidly declining and the employment market starts to turn to the upside, things around here are looking pretty dismal as I lose more and more coworkers that became friends to better firms.

    Cons

    The biggest Con at Scottrade is, well, the Con. If you choose to take the purple pill you have to knowingly buy into a lot of false rumors. The biggest of which would be our wonderful Founder and CEO. Only a few people know that Rodger's father actually bought this company and was really the backbone of the founding principles which dictated how employees should be treated, how customers should be treated and the company should be run. When Rodger's father passed we see that Scottrade started to be run with the same direction and dedication as Rodger's previous endeavor with Ed Jones, which in Rodger's own words, he had no idea what he was doing and sat around all day with zero production. The direction of Scottrade has been similar to other companies who lost their actual founder and the reins turned over to the less than prodigal son. With the recent changes to the "culture" it should not be any surprise that Rodger is packaging this company for sale to recognize the full benefit of what was "gifted" to him by his father.
    Another example of swallowing the purple pill would be how so many could turn their back on the racist statements made by Rodger during branch manager meetings and even more so in smaller groups where certain departments were actually referred to as "plantations" by our CEO, Rodger.
    I have to say that I enjoy reading the reviews on Glassdoor.com about Scottrade. It does seem that the company is barreling over a waterfall as its balance sheet becomes more attractive but this is the result of charging all those fees that the former Scottrade saw as bad business to give that final kick in the stomach to a client wanting to try something different, we recognized that they probably wouldn't be back.
    I found it interesting that somebody has posted that we have started looking into assistance in creating a union for Scottrade employees. This seems to be the only protection against the less honest promises that have been made. Hey Rodger, where are the employee stock options that you mentioned while forcing the sale of the stock back to you by those of us that were able to invest early on? Oh that's right, when the founder gifted you this company I could see where you deserve all the shares.
    The brokerage business is booming and I see many start ups that have the potential to take Scottrade's market share and I am actively in talks with several of these companies as I am actually overwhelmed by the ideas Ive heard as opposed to Scottrade's outsourcing of Advisors and the $7 trade and most of all the most elementary set of investing tools which are of the lowest quality.

    Advice to ManagementAdvice

    Per several phone calls that I have received regarding charging former employees an ACAT out fee when they were required to maintain their investment accounts at Scottrade and saw better value with other firms upon their end of employment, you may want to back track a bit and refund these charges or, well lets just say your better off refunding these fees.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  8. 9 people found this helpful  

    Go elsewhere

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

    I worked at Scottrade

    Pros

    Weekends off, paid every two weeks

    Cons

    None, The company sells you on culture and family but that's a smoke screen.

    Advice to ManagementAdvice

    Sell to TD or others already.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  9. 4 people found this helpful  

    Such a chill, lazy environment

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Stock Broker in Salt Lake City, UT
    Former Employee - Stock Broker in Salt Lake City, UT

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

    Pros

    No pressure, no sales environment

    Cons

    I hear they are making people sell. Scottrade is a safehaven for the finance guy who doesnt want to sell.

    Advice to ManagementAdvice

    dont make us sell!

    Doesn't Recommend
    No opinion of CEO
  10. 25 people found this helpful  

    The Blind Leading the Stupid

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

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

    Pros

    401k match, vacation time to get away from this hell hole

    Cons

    -Scottrade has the false impression that their new direction, "sales the scottrade way", is going to save th i sinking ship. Unfortunately, they have thrown their employees head first into the deep end of the pool without any flotation device. What started as a respectable, albeit low level, brokerage firm has turned into a hideous excuse for a sales firm. While under construction, the company decided to hire a blend of executives and VP's that is the who's who of TD idiocy, but were all convinced they earned this title. They have come in with zero knowledge of how to turn a service based company into sales based company but persuaded themselves they need a pat on the back for what they have achieved this far, which it turns out isn't much. Teaching your Investment Consultants how to go from the nation's top password unlocker to a mediocre asset gatherer is not something that happens overnight. Nor is it something that is learned from a branch manager who has zero experience in sales or coaching.
    - The associates that are actually succeeding at what the company's main goal is, asset gathering, are made to feel it's unimportant if they are not hitting a blanket amount of outbounds calls. Or, if you are meeting your outbound numbers and your assets are low, that is also brought to your attention and all the blame is on you, not your incompetent "coach". You will never do well enough to not have someone constantly on your back. Obviously, motivation is really high in the branches.
    - Let's talk about the comedy show that is our Guidance Solutions. I don't know if Scottrade is just messing with us or if they really believe in this Greek tragedy. Our clients have been begging for help for years and we continue to come out with "solutions", that have all crashed and burned and this is just the latest offer of an inadequate product. Investment Consultants are supposed to refer so many clients per month, however the people we do refer either: 1. Never hear from our GSG team or 2. Get stuck talking to a used car salesman pushing a product they don't need, which is most likely what the client came to Scottrade to avoid. It's laughable, and when you ask for feedback they tell you that you didn't screen properly, always shifting blame.
    - Technology, technology, technology. Now Scottrade will claim that according to some b/s survey done by a company no one in the IT world has heard of that our tech is among the top, but clients as well as employees know better. What they don't tell you is that it's among the top in Chesterfield where the only other thing is a outdoor mall. We are constantly behind, and by months or years, our competitors with our technology and when we finally release a product after many delays, it's an embarrassment.

    Advice to ManagementAdvice

    The company actually has some intelligent associates that could do well given the right tools. Your current method of providing less than adequate training tools or coaches and then telling us it's our fault for not using them correctly is getting old quick. Get rid of Matt Wilson as he is a cancer to Scottrade. Due to this the only employees you will be left with shortly are those who are waiting to get fired as all the true talent will have found a company worth working for.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  11.  

    A good stepping stone, but if you have worked elsewhere, you will be aggravated.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Applications Support Engineer in Scottsdale, AZ
    Current Employee - Applications Support Engineer in Scottsdale, AZ

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

    Pros

    CEO is concerned with the well being of the employees.
    Health insurance, vacation and other benefits are good.
    There can be flexibility depending on your management

    Cons

    some procedures have not grown with the company, neither has security.
    some upper management have chosen work to be their self medication of choice, i. e. they are work-a-holics and they get aggravated when others cry uncle on very time consuming projects and day to day work. Most groups don't have a good work / life balance but some do.
    they actually promote to much from within, including interns. The Scottrade way is the only way they know.

    Advice to ManagementAdvice

    Higher more from outside the company for management in order to get fresh ideas.

    Recommends
    Neutral Outlook
    Approves of CEO

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