Scottrade

www.scottrade.com
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  1. 14 people found this helpful  

    Deep discount brokerage firm, deep discount employer

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

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

    Pros

    Easy work/life balance even at supervisory levels, mostly friendly coworkers, opportunities for home office employees to move around within organization, "that's good enough" expectations across the organization, company 401k match seems to be above-average

    Cons

    Lack of PTO, very limited advancement opportunities beyond St Louis, pay is mediocre, "that's good enough" expectations across the organization, daily issues with basic customer-facing and work applications

    Advice to ManagementAdvice

    Fix the daily technological issues, in doing so you will retain customers and meet more of the expectations of your workforce

    Doesn't Recommend
    Neutral Outlook
    Approves of CEO
  2. 49 people found this helpful  

    "I've had enough of your disingenuous assertions"

    • 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 (less than a year)

    Pros

    The people you work with at Scottrade are really fun to work with. My branch had diverse backgrounds with similar goals.The 401k match is awesome, but I left before I could even get it. They do allow for a work/life balance that was much better than my previous employer. The time off is needed however though because of the grind of meeting ever changing imaginary numbers they want you to hit.

    My boss was awesome and he's a true asset to this company. He was extremely happy for me when he found out I was leaving - that should tell you something right there. I enjoyed my time with the company, but it was sad to hear how awesome it USED TO BE.

    Cons

    The fact the 401k match one time a year is ludicrous and fails the point of dollar cost averaging.

    Please don't lie to us:

    When I came on board I was told I'd have to make around 4-6 outbound calls a day. I thought, no big deal. Well, by the time I left, it was up to 20 contacts and 30 calls. That wouldn't be that hard if I logged out of my phone and locked my door. If you're reading this, you know that's not possible.

    I know this is hard to believe, but I believe I called everyone in my call list twice or left a message there a few times like some pathetic psycho ex boyfriend. I'm sorry sir, just checking in, they make me do this, please understand.

    I was also told I'd be able to use my Series 66, but alas, they'd rather have some guys in St Louis do that. So imagine my thoughts on talking to someone in my office, getting them excited about Guidance, and then saying...well, a guy I know does that. Sure they'll use the "doctor referral" idiom as a sales point when they're selling the branch ICs on doing this. It's funny because the exact hurdles we predicted at training happened. My first referral - my client wanted a call at Friday before 9 AM. He was a teacher. He ended up being called on Tuesday at 3 PM. Obviously he wasn't very happy and called us to tell us all about it the next day. What do you know....he didn't bring over any assets.

    You can't be the McDonald's of stock trading and start serving filet minion and expect people to love it. That's kind of what Scottrade is doing. They now offer guidance but until recently they also offered anyone with $500 to open an acct. The $500 jobber wants to open an acct and buy penny stocks. We can't tell them that they might as well go light it on fire (heck it might last longer that way) because we can't give advice. We might as well be wearing a visor with a uniform and name-tag. "Would you like margin with that?"

    The fact the 401k match one time a year is ludicrous and fails to follow a simple rule of dollar cost averaging. I could see a non-financial company doing this, but not one that claims to be a financial company. I know a lot of companies do wait until the end of the year, but usually they're small companies that aren't in the finance industry. This is clearly done to save money. It's not competitive BUT it probably makes a lot of sense if you've got the turnover Scottrade has had this year.

    Like a previous review said --> Have some of the Regional Managers come work in a Branch for a day and see what assets they can bring in. Almost all of them have no prior sales experience!

    They do, however, do a great job - reading verbatim out of the sales three ring binder. I counted the "um's and uh's" one day and I was up to over 50 after 7 mins on a conference call. Seriously, who didn't get that job? They can't believe the stuff they're telling the branches right? You brought in $4 million last quarter - imagine how much more you could bring in if you made 400 more phone calls that quarter? That's a valid point I suppose if you've never made a phone call in your life. The folks I've seen in this industry who do really well, don't make 40 calls a day, they make 10 good calls to people who have a chance of bringing them money. Those people get chastised because they don't make as many calls as they new dude who hasn't a clue but is talking to answering machines all day.

    Changing the compensation so that you can actually get paid on huge assets coming in ($15mil) is great if you're in a branch with a bunch of whales. However, if you're not - that newest compensation for the year killed the smaller branches. Some of the payouts were cut 31% - you kidding me? The funny thing is, no one who has $15 mil is going to bring in that type of money if they can't reinvest dividends.

    Advice to ManagementAdvice

    The fact that Matt Wilson just left was a bit of a bombshell to most. I'm sure there's more to the story than we'll ever know. I suppose I'll have to stay tuned to glassdoor.com to see what's put up on here after the Manager's Meeting in St. Louis. Matt must have known that was coming due to the tough questions he answered on his quarterly web chat on Tuesday Oct. 21st. Usually those questions answered there are almost always softball questions that won't rock the boat.

    Here's some advice: I know these reviews are being read because it's clear that some of these 3 sentence reviews that claim this company is awesome and everyone is lazy are a joke, and probably are being made by folks in the HR department. Or better yet, they're soliciting folks to do it. How about instead of fluffing the numbers on here with reviews that are clearly poppycock, work on keeping employees at the company. That will save you tons of money on posting those newly opened positions.

    You need to close around 150-200 branches - consolidate the folks in to mega branches like Fidelity has and offer guidance face to face right there in the office. If you do that, you'll seriously rattle some cages in the industry! There's still hope for this company!

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  3. 23 people found this helpful  

    Didn't kiss butt so I got the boot

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

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

    Pros

    Non management employees were the only one's who you could count on.

    Cons

    If you had a backbone and stood up for yourself you never had the chance for advancement. You were promised things you never received. You were lied to right to your face. Management was a joke and did not know how to manage their people and went straight to HR. If you sucked up to management you could do no wrong and were protected. Management would take your ideas and claim them as their own.

    Advice to ManagementAdvice

    Management should be able to do every job in their department. It is a lot easier to lead if you know what you are talking about.

    Doesn't Recommend
    Negative Outlook
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  5. 3 people found this helpful  

    Human Resources intern

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

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

    Pros

    Loved everything about working there besides the work. The people were amazing. Free tickets to the local concerts and games. Great work life balance. Great company culture.

    Cons

    As an intern the work was way too easy. Very corporate feel and no room for advancement. LOTS of meetings.

    Recommends
    Positive Outlook
    Approves of CEO
  6. 10 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. 19 people found this helpful  

    No longer great place to work!

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

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

    Pros

    401 K and vacation time. That's it! .. Nothing else!

    Cons

    Always changing departments. Changing back office around with no direction. Operations area does what they want when they want. They lie directly to your face and stab you in the back! Never know what your doing from one day to the next!!

    Advice to ManagementAdvice

    Go back to the old leaders! They New group is making horrible decisions for Rodger! Stop it while you can!

    Doesn't Recommend
    Negative Outlook
    Approves of CEO
  8. 35 people found this helpful  

    HR & Br Admin are worthless

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Branch Manager in East Saint Louis, IL
    Former Employee - Branch Manager in East Saint Louis, IL

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

    Pros

    If you have previous industry experience one can do 85% of tasks while surfing the web.

    Cons

    Series lack of work ethic or honesty throughout HQ, depending on level of interactions.
    Very obvious something other than implementing sales is under way.
    Long term seasoned managers are treated like village idiots.
    Company doubled down on too many branches and went hard core sales as opposed to consolidating offices and integrating sales. Should have cut branches and provided small compensation packages which shouldn't be an issue bc of 25% net rev growth.
    Too many interns promoted to BAMs- which don't have branch manager experience.
    Roger. Mary. Jane.

    Advice to ManagementAdvice

    You'll get what's coming to you. Being cheap will cost this company a fortune in the long run.

    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO
  9. 34 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
  10. 13 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
  11. 30 people found this helpful  

    WHAT HAPPENED??

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

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

    Pros

    Decent pay (if you are single with no kids and no intention of more than a paycheck to paycheck employee), good health benefits, minimal commission's are being compensated now, great people to work with in the branch.

    Cons

    Regional managers do not know squat about sales, spend more time writing our interactions in CRM than making sales calls or helping clients. Regional managers constantly hound employee's if they 1. Don't make enough attempts to call prospects 2. Don't get enough business contacts. 3. Do not uncover enough outside assets. 4. Don't reach their sales goals - exactly in that order. Who has ever heard of that in sales? Bottom line is you should do whatever it takes to meet your quotas, instead every employee is just trying to get the attempts and business contacts without being able to close them. And if you don't document the activity you don't get the commission (which is not that high in the first place). SKDM - Sales key dialogue model is a joke, GST$ is a joke. How is the regional managers going to coach us when they've never been in sales? Oh, I know just read the book verbatim and it should work and if it doesn't we will find someone that will use the SKDM and make it work. I've been in sales and is probably why I am doing well, some of these brokers aren't made for it that's is why they are leaving to company because of all the pressure the job comes with now. I know subconsciously I've been implementing SKDM and now haven't been able to gather much assets as I did before, therefore, I am going back to my old ways.

    This is the role of an investment consultant @ Scottrade:

    - New account processing
    - international new accounts
    - Compliance
    - Margin
    - Bank specialist
    - Rules and regulations
    - IT
    - technical support
    - Stockbroker
    - Receptionist
    - Client relationship manager
    - Sales
    - Negotiations
    - MIddleman to Guidance
    - Client services
    - Account transfers
    - Retirement specialist
    - Accounts receivable (deposits)
    - Accounts payable (withdrawals)
    - Cost basis specialist
    - ETC. ( there's a lot more)

    Each Investment consultant int he branch network has to know all rules, regulations, and processes of all the different departments at corporate, they have DEPARTMENTS WITH A TEAM of people doing one thing. Getting any help or guidance from Corporate can be a task itself because honestly why would they care, they don't have to hear the yelling from the client's anyways.
    Also there are too many rules involved with what's considered a contact, what's considered an attempt, and what's considered a qualified close. Stop with the "It is what it is." response every single time. Why the need to document every interaction? We should only document the interactions with people who have qualified assets. NO need to document every attempt, contact, opportunity and waste our time when we could be closing client's. If upper management want's real sales people the IC's should only concentrate on sales and have back office handle the rest.
    Guidance solutions? Want the IC's to get all the information and the guidance officer reap all the benefits without doing anything? Give the client guidance without giving guidance? Pre-call plan but don't pre-call plan? How much more confusing can this get? Do this and that but don't make it seem to the client we are doing this and that? Please corporate be a little more confusing so I can rip out the rest of my already thinning hair.

    Advice to ManagementAdvice

    Don't lie to us and say you're going to keep the same corporate values while implementing sales. If corporate wants better results give us the right tools, not portfolio manager or our guidance solutions which are ineffective. Create a better website, better platforms, better options to withdrawal money, instead of this complicated alternative of banking. Right now our platforms are the main thing people are complaining about. Read our quarterly reviews, ALL the complaints are the inefficiencies of the platform. More than half of the branches get the 900 club for the service we provide. Everything bad review I've read is something about the website and mobile app. Please Rodger take back the helms, we will work harder for you, keep the commission plan and the quotas, but get rid of the documenting non qualified assets and have us concentrate more on just sales only, attempts and contacts is not the end all be all to our success.

    Doesn't Recommend
    Negative Outlook
    Approves of CEO

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