Scottrade

www.scottrade.com

Scottrade Reviews in St. Louis, MO

Updated January 24, 2015
Updated January 24, 2015
534 Reviews
2.8
534 Reviews
Rating Trends

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

Review Highlights

Pros
  • They do allow for a work/life balance that was much better than my previous employer (in 51 reviews)

  • It's also a great place for young college grads to get resume experience (in 32 reviews)


Cons
  • no room for advancement unless you want to change your job title and keep doing the same thing (in 23 reviews)

  • Politics, no room for growth - you're either a broker or a branch manager unless you want to move to St (in 20 reviews)

More Highlights

108 Employee Reviews Back to all reviews

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  1. 11 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
  2. 29 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
  3. 32 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
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  5. 24 people found this helpful  

    Beware: Absolute Disaster - Horrible Culture

    • 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 10 years)

    Pros

    Currently has good work/life balance, but I can see that changing very soon. Please keep in mind though, if you take time off (vacation or sick), the company still expects you to make up for the sales contacts that you missed being out of the office.

    Cons

    Worst culture I've ever worked in
    Management has absolutely no idea what they are doing
    Management uses threats against employees to achieve the simplest of tasks
    Management lies to employees and thinks that we are too dumb to see what they are doing
    Company transitioning into a sales organization, but is not willing to pay for the assets brought in
    Heavy micromanagement
    No one wants to work at Scottrade anymore. It is seriously horrible! Almost everything is looking for another job and will be leaving soon

    Advice to ManagementAdvice

    The financials show that the changes you made are a success, but most of it is just from cutting costs. You demolished the company culture faster than I thought was even possible. Scottrade is a horrible place to work now. They will not admit it, but I estimate that 80% of branch associates are looking for another job. We are not wanting to leave because Scottrade is becoming a sales organization. We are leaving because you have absolutely no idea what you are doing. You lie to us, you threaten us and you do not support us. You want us to do sales, but you have no idea how to do sales yourself. I am honestly ashamed to tell people that I work at Scottrade. It's a shame because I previously felt proud about my job. You cannot run a company with a branch network in the same fashion as a company with a call center structure. We have been a service organization for over 30 years and have to deal with a tremendous amount of time-burning situations with clients. If you want us to truly do sales, you need to get rid of the servicing that we do within the branches.

    I don' t know why I'm putting in so much time writing this review. One of your biggest issues is that you don't listen to employee's. You will eventually see what you've done to a good company. Your financials look good now, but it will catch up with you later once your cost-cutting efforts slow down. It has become so bad that some have talked about forming a union within the company.

    I previously approved of Rodger Riney, but after hearing him lie to us multiple times both in person and on conference calls, I have lost all faith in him as both a leader and a person.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  6. 19 people found this helpful  

    Ameritrade "Lite"

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

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

    Pros

    A good amount of vacation time so you can look for another job on your days off and meet with your career counselor, and probably your mental health professional

    Cons

    1. You have this sinking feeling that the company is slowly being taken over by TD Ameritrade. Matt Wilson has hired all his cronies and given everyone the Ameritrade playbook, with Scottrade branded on it. If you’ve ever seen that movie “single white female” you know what I mean. Scottrade is Hedy’s character as they are eerily copying every single thing about Ameritrade’s business model. Has this ever worked in the history of business? Another company copying another companies business entirely and being successful?
    2. severe micromanagement for the IC role. You get a weekly dissection of everything thing you did and most importantly failed to do. The reality is that it is a lot of luck based on how wealthy your territory is and if your branch is understaffed or overstaffed. The branch staff is like a bunch of hungry lions waiting for the next meal (client with 50k) to call or walk in. When some Ic’s or managers have not been fed in days and their regional manager is breathing down their neck the branch can become an unsavory mix of complaining and vitriol directed at one another. Teamwork? How about each person just making sure they do not have the worst numbers so the trap door under their desk doesn’t open and send them directly to the unemployment line.
    3. If you are in a branch with fair and equitable folks it might be ok but most branches are not like that. Managers “poach” the good accounts ( Dr. Smith opens a rollover..hmm, wonder if he has 50k) and then give the IC’s the 19 year old college kid or deadbeats to call (address comes up in trailer park) and then ask them why their numbers are not good. The whole job is waiting for someone to say I Have “50k” and then claiming you “influenced” them , by people some fictitious notes in. Hopefully the new Audit team will start cracking down on all the fraudalent activity.
    4. We have to now push an inferior and commoditized guidance product. Every large, reputable online firm has an established guidance division. These ETF portfolios are everywhere from learn vest, to vanguard, schwab etc). So we have to push this product that we charge twice as much for as our main competitors because we are so late in offering. Branch associates have to be the “guidance consultants” fluffers as we are not licensed as investment advisers and have to set up 3 way calls with St Louis and listen in which is another story in itself.
    5. Let your fingers do the walking. You will be cold calling and then cold calling some more trying to come up with pathetic reasons to annoy clients. If you enjoy perfecting voicemails to trick the client into calling back to hearing about the crappy new tool that scottrade has then this will be like home.

    Advice to ManagementAdvice

    Too many branches. There is just no need for 500+ branches. Branches need to be heavily consolidated. Ameritrade has 100 offices, copy that. 2 person offices make no sense as people leave and 1 guy has to run the branch by himself for weeks, months at a time.

    Merge already-why are we spending millions to attempt to have advanced options only to realize we can’t? Why are we spending millions to establish a guidance department when behemoths like vanguard can offer the same product at half the cost?? Focushares, our expansion to hong kong, FRIP. Do you see the pattern? Guidance will eventually join this illustrious group, but this time its diffrerent. The guidance bet is an all chips on black bet. Mr. Wilson has bet the entire firm on its success. When the Fed's latest stock market bubble cracks we'll see how this bet works out.

    The writing is on the wall. There is just too much competition in the online brokerage industry for Scottrade to survive. The next bear market will make this evident.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  7. 17 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
  8. 1 person found this helpful  

    Review

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

    I have been working at Scottrade full-time (more than an year)

    Pros

    great atmosphere, people are generally nice

    Cons

    pay is low, processes are non-existent

    Advice to ManagementAdvice

    Look for external experience, not home grown, in order to meet process and organizational compliance needs.

    Recommends
    Neutral Outlook
    Approves of CEO
  9.  

    Finding Its Direction

    • 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 3 years)

    Pros

    Good Work/Life Balance and Benefits. If you like sales and put in the work the incentive bonuses can be nice if you work in a high net worth area. Generally smart caring people, and a CEO who cares about the firm and individual success.

    Cons

    Going to a sales/advice firm but is done at a snails pace. With the initiative get more money in the door service has fallen at the wayside to make sure you hit your numbers. Managers in sales coach roles now and they don't have a clue how to sell. Not much communication between branches and upper management at corporate office. Hardly any chance of advancement, and if you do advance you must relocate to St. Louis.

    Recommends
    Neutral Outlook
    Approves of CEO
  10. 11 people found this helpful  

    Work 70 hours a week to get consistently thrown under the bus.

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

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

    Pros

    Gain large data center experience.
    Look great on a resume.

    Cons

    Zero work/life balance.
    Very low pay.
    When something goes wrong finger pointing skills are key to survival.
    Don't work here longer than a couple of years.

    Advice to ManagementAdvice

    This is a high stress, high work load, high amount of work hours, super political, job that will grind people into dust. I would suggest management do something about that but they are the ones who created and propagate it.

    Doesn't Recommend
    Negative Outlook
    No opinion of CEO
  11. 15 people found this helpful  

    So excited I can finally ACAT all my accounts to TD after I quit! :D

    • 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 (more than 3 years)

    Pros

    Gave me my S7/63.
    Gave me experience working in a corporate environment.
    All the neighboring branches used to be like a big family. We have barbecues and outings. Bonuses were pretty low though, like $900 per quarter low, but benefits are above average. Used to be a good starting job for recent grads.

    Now (or since Jan 2013), I would say the only pro working at Scottrade is if you work at a big city branch with lots of assets so you can hit your sales numbers. Then you can get a big bonus (i.e. if you bring in $50k, they give you $110... $100k for 220, HUGE, right?). No cold calling, only "warm leads". I mean, it makes business sense for the company to switch to sales, but it's just not for me.

    Cons

    The only challenge is the people and upper management. The work we do is a piece of cake and does not require any kind of skills whatsoever. You are lucky if you get a good manager, otherwise your career at Scottrade will be nothing but misery. Because you will have absolutely NO contact with upper management (HQ), except through your manager. In some branches, we "share" closes so each will always have the same number of closes or someone is slightly ahead. Makes sense for people to want to look good and I understand, but stop backstabbing the people you manage. If you choose to work here, try your best to get a good manager OMG. You will thank me after.

    Best example to illustrate:
    One quarter I had enough "attempts", but did not hit the target close, HQ manager complained. Fair enough. The very next quarter, I made sure to have enough closes, she complained about me not making enough "attempts". What else can I say? I'm leaving and I'm not eligible for the incentive bonus. I am doing all these closes so the money goes to YOU.

    I wasn't laid off, I'm going back to school. But there are layoffs, they have creative ways!

    Advice to ManagementAdvice

    There is a reason why I have a network of million dollar accounts, but choose not to solicit them to Scottrade. Stop complaining, try working in a slow branch and let's see how many assets you can bring in. Close more branches, figure out who are the liars and good luck.

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

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