Scottrade Reviews

Updated October 17, 2014
Updated October 17, 2014
467 Reviews
2.7
467 Reviews
Rating Trends

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

Review Highlights

Pros
  • The work/life balance is great--I never put in longer than an 8-hour day (in 48 reviews)

  • It's also a great place for young college grads to get resume experience (in 30 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. 13 people found this helpful  

    The Management Has Lost Its Mind...

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Branch Manager in Small Town (Barbados)
    Current Employee - Branch Manager in Small Town (Barbados)

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

    Pros

    Desk job 8-5 and very boring

    Cons

    HQ people in St Louis like to invent their own rules and their way of dealing with a mistake is to shut everything down so it won't happen again. A recent new policy regarding wiring funds to third party requires photo ID as well as contacting client to confirm the wire. So client is in the branch with photo ID and I had to call him on his cell phone as he sits across the desk from me. He had to walk away from my desk because there is too much echo. If we didn't have his cell phone on record then I guess he would have to go home to wait for my call.

    We are required to make as many outbound phone dials a day to reach a minimum of ten "sales contacts". They better not be the same clients because they have to be unique contacts. So in the beginning I was dialing away and leaving effective and appealing voicemails. Other people in the office got calls asking for me and I got calls asking for them. After a while we stopped taking each other's calls. We don't have personal phone lines or even voicemail. So clients couldn't call the branch so they walk in. The more clients that walked in the less time we have to answer or make calls which make more clients walk in etc etc etc. A client that walked in doesn't count as a sales contact. But if he walked outside the branch and i call him on his cell phone then it's an "outbound sales contact".

    They call this the new sales culture, but we don't really sell anything except calling clients to ask where else they have money. So you have money and want some help in investing? Let me send you to this department in St Louis. They will sell you some mutual funds and charge you an annual fee to manage for you. You cannot call them, but they will talk to you once a year. You want to talk to me? Sure, but don't just walk in otherwise you would be as my Divisional VP called a "time suck". Stand outside the front door and waive your cell phone and let me call you because that's a sale contact. I am like the ultimate phone dialing robot. Somehow they think that sales is making a bunch of phone calls a day. "I am sorry sir that you have been called by us 4 times in the past week, but I have to call somebody to keep my job."

    Too much krrap to deal with now it's not worth it. But still drinking the Scottrade 'kool-aid" and singing praises - until I get a new job :)

    Advice to ManagementAdvice

    Abandon Ship!

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  2. 17 people found this helpful  

    I hope this company is dissolved soon

    • 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 5 years)

    Pros

    This company offered the minimum in every aspect.

    Cons

    I had to deal with a less that ethical business practice working for this company and it wasn't until recently that I decided I did not want to be personally jeopardized as others have that have recently had to leave the company. I had to bring it to the attention of both FINRA and the SEC regarding, well at this point, "unethical" trade practices. It wasn't long ago that I had a client enter a very large bond order, actually multiple orders. The fantastic trading services in fixed income cancelled 2 of the orders because they thought they were duplicate orders, even though the orders represented different amounts and different cusips. When the error by trading was identified within minutes of their action the client had lost the opportunity of $13,000 gain per a price movement on these bonds. When the compliance department was notified, because of the amount at stake I was required to lie to the client and indicate that it was their own error. Unfortunately this was not the first time I was required to hide the truth from a client. But pending the request for all of the recorded calls I expect the industry regulators to take another look at the ability for this company to monitor its own actions. Also the undisclosed outside business activity by many managers and branch associates may indicate that the wonderful regional managers may not be able to supervise braches adequately from their "work from home" position. These calls clearly indicate that Fixed income trading, the regional manager and compliance departemnt all clearly acted, in minimal, an unethical manner.

    Advice to ManagementAdvice

    No advice to "upper" management but I hope others will come forward with their stories of similar behaviors. In my 8 years this seems to be the norm. Make the customer whole if they will accept a few free trades as compensation and blame the trade error on the client if it is substantial loss of value.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  3. 8 people found this helpful  

    IT company that is confused with clear direction.

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

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

    Pros

    Never get laid off... Good overall work Culture. Wish I could stay there longer but I have a family to worry about.

    Cons

    Will never get paid well... Short of being a Department VP, everyone manager and down is way under paid.

    Advice to ManagementAdvice

    Honestly pay people what the clear job market average really is for the national average or at least the metropolitan area. It's insulting to know most IT people can leave a stable company like Scottrade and double their salary elsewhere. Such a good work culture, so sad they pay so horrible.

    Recommends
    Neutral Outlook
    Approves of CEO
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  5. 12 people found this helpful  

    Low Pay and High Turnover = Unhappy Workforce!

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

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

    Pros

    Easy work - there are so many people that stay because it is easy to get by. They do not let anyone go and need people to stay because their turnover is horrible. DO NOT let them fool you - they will tell you their turnover is not that bad - sure, at the corporate office, but ask them about IT and Brokerage - a revolving door.

    Cons

    Pay is horrible - 20% less than most companies in St. Louis. They make offers to people for less than what a person is currently making and tout their ¨culture¨ - the culture being you can be lazy, gossip all day, do not do any work, and they are fine with it.

    Investment Consultants - ha - glorified customer service agents pushing asset gathering - literally these are individuals who cannot make it at reputable financial service companies. As long as you have a series 7 & 63 and are willing to work for $40k per year - they will take you!

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  6. 1 person found this helpful  

    Great work atmosphere, great career starter, not much room for growth, not much to learn once you learn the basics.

    • 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)

    Pros

    get series 7 and 63 licensed

    Cons

    not much room for growth.

    Doesn't Recommend
    Positive Outlook
    No opinion of CEO
  7. 6 people found this helpful  

    Investment consultant

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

    I have been working at Scottrade full-time (more than 3 years)

    Pros

    secure, out of the door at 5, the company does care

    Cons

    not a good work environment. Industry is getting competetive so they are pushing sales, if its a small branch, and someone quits your left holding the bag and "holding down the fort"

    Advice to ManagementAdvice

    give better direction to what you want employees to do. have a better transition for new internal transfer or atleast designated brokers to cover when someone unexpectely leaves.

    Recommends
    Neutral Outlook
    Approves of CEO
  8. 17 people found this helpful  

    Manager Review

    • 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)

    Pros

    My boss does not work directly in my office. I only see my boss a couple times a year when he shows up to tell me what I am doing incorrectly and how to do it correctly.

    Cons

    Too many meetings and conference calls. Addition of new upper management has killed moral. Executives are not alarmed by a change in turnover from 5% to over 20 %. They believe this is a plus. Nothing works. Computer systems. Training. Mgt makes a big deal of training then does not slow down when there tech issues that make training impossible.

    Advice to ManagementAdvice

    Change in leadership has poisoned a once great place to work.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  9. 18 people found this helpful  

    Actively seeking employment elsewhere!

    • 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 3 years)

    Pros

    Benefits albeit middle of the road--can be matched at a better company.

    Cons

    Where to start? Seems like our "CEO" Rodger Riney is out of touch or is the CEO now Matt Wilson who may be grooming our company to be bought by a certain competitor, who knows.

    Branch managers and regional managers, everyone really, has absolutely no idea what they're doing. Do your research if you want to be in sales. Scottrade does not know how to operate as a real sales firm, they're guessing and you'll pay the price for their INCOMPETENCE and F-Grade "coaching". They read to you verbatim from sales books in our conference calls for God's sake!

    Base PAY SUCKS. Incentive BONUSES ARE A JOKE compared to other companies. Whether you are succeeding or failing at the asset gathering concept, you're always made to feel like you're in the hot water, your job is THREATENED in every meeting with your regional. UNPROFESSIONALISM runs amok and quite frankly, BULLYING tactics are used.

    The company says they don't do layoffs but that is a BLATANT LIE. There have been MULTIPLE LAYOFFS disguised in fancy wording as something else.

    Sending out surveys to employees about what we would like to see changed does not fool us. We are well aware of the TREMENDOUSLY HIGH TURNOVER.

    EVERYONE IS LEAVING. If you're good at sales, you're leaving for a firm that knows what they're doing and compensates fairly. If you're not good at sales you're leaving before you get fired. In general, people are leaving because SCOTTRADE IS GOING DOWNHILL, CULTURE IS GONE and you're smarter than to be a lifer at such a place.

    Lastly, don't get too cozy, it's every man for himself because they don't have proper incentive plan and lead assignment in place. SABOTAGE, LIES, MANIPULATION by your own "teammates" just to stay afloat with your job.

    PLEASE DON'T WORK HERE! NOT A "BEST COMPANY TO WORK FOR" anymore.

    Advice to ManagementAdvice

    There's too much to fix, you all have just ruined the company. Stop acting pompus and get a reality check. Scottrade has the poorest customers in the industry and you want us to get millions from them? Nobody with serious cash will want to use us as their main broker. Plus you don't have the expertise in sales to throw your weight around with the people that are on your front lines.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  10. 16 people found this helpful  

    A Lot of Improvements Required

    • 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

    Increase in vacation days and you can carry some over to the next year.

    Cons

    They have branch managers with no or little experience running sales, and they have regional managers with no sales experience administering and teaching the sales program. And regional managers with no or little sales experience and knowledge are grilling managers and associates through branch managers ... Is that a JOKE???

    When you are in management - if you are not able or are willing to do the jobs of the people you are supervising, you should not have been put in the first place in such supervisory role! That is a basic rule in management. And senior management does not know that? So you have some ignorant idiots up and high up there running this company.

    Whether you are among the top ones bringing in most assets or closings or the ones at the bottom of many performance measurement criteria, they will find a way to pick on you - whether you are writing reports, not making notes on their internal system.....whether you are punctual, you clock in and out for your lunch, even when you don't have a lunch break but you still have to clock out and in for lunch, or your lunch is constantly interrupted by incoming calls and walk-ins, or whether you have too much overtime, maybe more than a hour or two, or whether you are not doing online training in time ....... So, soon the bad associates will be fired or will be leaving, so will the good ones. Then let the regional managers and the branch managers make all their calls, create all the opportunities, make all their contacts, closings and collect all their "bonuses".

    Advice to ManagementAdvice

    To bring in more business, they need to be able understand and serve the needs of more sophisticated customers p traders, investors, corporate, institutional customers, not just novice beginners who bring in $500 or those who take their account here as the play account! Their serious money is elsewhere. Has top management asked why the company has built such a "play account" image?? and worked hard to address the issue?? That is company repositioning, that is not easy, and they don't know what they are doing.

    Poor technology, the website on the front end serving customers is down recently for most of the day, then the internal system collapsed. Is that strike by the technology dept or are our systems being hacked into/??? They should conduct full investigation. Such systematic collapse is totally NOT acceptable.

    They need to invest substantially to build advanced, reliable technology, trading platforms and fast, reliable execution, and market these competitive edges accordingly. But will good technology people move to St. Louis?? That is a problem! The company does not offer many basic services which other companies have provided for years.

    They need to categorize customers, understand their needs, meet and serve their needs well with reliable, fast platform - then you bring in more businesses and assets, on a higher level!

    To say more, I need to charge them some substantial management consultancy fees.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  11. 24 people found this helpful  

    If you work here, leave. If you are thinking of working here, look elsewhere.

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

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

    Pros

    The employer match on the 401k is better than most companies. Scottrade matches 50% of every dollar you contribute on up 15% of your earnings.
    The company has converted from service to sales. The upside to this is that there is more opportunity to earn a respectable income.

    Cons

    Mindless mantras from upper management.
    Complete lack of direction from the CEO.
    The technology is terrible. Management will make unchallenged claims that we have the best tech in the industry. In the past 7 days our website and all trading platforms were down for the better part of a day, and today our entire internal network crashed, disallowing all inbound and outbound phone calls, as well as disabling all internal network communication and access. These types of issues are not uncommon. Best in the industry? SMH!

    The company has converted from service to sales. The downside is that the company was founded on not doing sales, so the company knows nothing about sales. Scottrade now mandates a minimum level of cold calling. They don't believe that it's cold calling because per Matt Wilson, the president of the brokerage division, "We have earned the right to call our customers." Thus, in their mind, it is warm calling. It's not, and here's why. Matt is from TD, and knows nothing about who we are as a company. A call is warm if someone expresses interest in a product or service and is open to and/or expecting contact from the provider of said product or service, regardless of whether they have an account or not. A call is cold if it's unexpected. If the person has not expressed an interest in a service or product and we are calling them, then we are trolling for people to cold call based on criteria we screen for using our internal systems. Scottrade LOVES to use the "doctor analogy" with respect to the positions of the Investment Consultants in the branch (as if we're actually doing anything to help them improve their financial health). Comparing an IC who cold calls customers who are not expecting a solicitation is the equivalent of a doctor trolling his inactive patient files and calling patients he assumes are sick so he can prescribe more medicine to them. He does this because the parent company his office is under wants higher profit margins under the guise of "helping patients overcome obstacles to personal health." The problem is that this analogy is flawed. The Investment Consultants at Scottrade are not unethical doctors. The proper analogy would be to compare the ICs to pharmaceutical sales reps who work for Rite Aid, a low cost convenience store that has spent 30+ years marketing to people who monitor their own health on WebMD and who want to buy Tylenol without a prescription.

    Rodger Riney doesn't understand our industry, which is why he hired Matt Wilson. Wilson doesn't understand our company, which is why he pushes his mantra and incorrect doctor analogy.

    This used to be a decent company to work for, but it is no longer the case. If you don't meet your numbers you will be let go. If you surpass your numbers, but do not take the exact approach they want you to take (with the underlying reason being that they want you to meet your numbers) then you will be let go.

    There are ZERO opportunities to increase your skills and education. The only way to move up is to move to St. Louis, and the only way to do that is to be blindly enthusiastic about everything Scottrade does. No questions asked!

    Advice to ManagementAdvice

    Listen to your employees and your customers. We have been trying to improve the company for years, but the CEO's analysis paralysis keeps the company from moving forward, and keeps the company from avoiding major problems that are both foreseeable and avoidable.

    Both employees and customers have been asking for BASIC services for years, but we are still years away from providing services that other companies have been offering for decades. The best customers have left as a result, and now employees are leaving in droves because they have realized that things will never change.

    Please, for the love of God, PLEASE start marketing to a more sophisticated segment of the investing public. Our customers are the worst in the industry and their relentless incompetence makes working for Scottrade absolute drudgery.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

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