Scottrade - Low Pay and High Turnover = Unhappy Workforce! | Glassdoor
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There are newer employer reviews for Scottrade

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Helpful (24)

"Low Pay and High Turnover = Unhappy Workforce!"

Star Star Star Star Star
  • Work/Life Balance
  • Culture & Values
  • Career Opportunities
  • Comp & Benefits
  • Senior Management
Former Employee - Compliance Examiner in Saint Louis, MO
Former Employee - Compliance Examiner in Saint Louis, MO
Doesn't Recommend
Negative Outlook
Disapproves of CEO

I worked at Scottrade full-time (More than a 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!

Other Employee Reviews for Scottrade

  1. "Good place to work"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Investment Consultant in Wayne, NJ
    Former Employee - Investment Consultant in Wayne, NJ
    Recommends
    Positive Outlook
    Approves of CEO

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

    Pros

    Work Life balance is great. Promotions opportunities in Corporate mostly.

    Cons

    Branches don't have many growth opportunities. More sales than client services now. Low incentive pays.


  2. Helpful (27)

    "A Lot of Improvements Required"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    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 Management

    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.


There are newer employer reviews for Scottrade
There are newer employer reviews for Scottrade

See Most Recent

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