TD Ameritrade - Objective and fair for clients deteriorating compensation program reduces moral! | Glassdoor
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"Objective and fair for clients deteriorating compensation program reduces moral!"

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  • Work/Life Balance
  • Culture & Values
  • Career Opportunities
  • Comp & Benefits
  • Senior Management
Current Employee - Investment Consultant
Current Employee - Investment Consultant
Recommends
Neutral Outlook
Approves of CEO

I have been working at TD Ameritrade full-time (More than 5 years)

Pros

TD Ameritrade does make it pretty easy to feel comfortable providing retail investment products for clients. This means that the product mix is fair and objective and is not significantly biases by sales incentive to the associate.

Cons

On the same token is that the compensation program does not reward experience, knowledge and years of service. You are only as good as your last two quarters. The incentive to produce results has diminished significantly the last two years. Internally they describe the company as a retail distribution company. They do not operate their branches as a retailer. There are no true retailers in upper management. Only glorified stock brokers leading middle and upper management.

Clients are also becoming commodities. Relationships with clients are viewed as belonging to the company, and are no longer your preferred clients. This makes it hard to be more than a shoes salesman with a series 7.

Advice to Management

In true retail distribution which what they call themselves the branches would run off of year over year comp sales and a P&L. The associates would be hired for knowledge, experience, and proficiency. They would be paid according to their market value with smaller incentives based on sold widgets. The widgets would have a volume/value performance metric and associates would be part of the branch reward based on total profitability. Remove the mystery of profit margin at the branch level and associates might actually help the contribute to the total profitability of the branches.

The SOC indicates that they want to be like the really cool computer/phone store (who's stock is way down now). IF that is the case, Mr Tomsczyk, start treating the associates and clients as more than commodities to be used up. Those associates at the cool stores really enjoy their products and their company...my guess is that because not only are the products innovative, but they are also treated as assets.

Consider another example the world famous coffee store retailer. These stores operate off a P&L. The managers hire for competence. They have a budget, targets, well established brand standards, and operating procedures. They also take really good care of associates (total compensation). It shows in the lower turnover rate than other typical specialty retailers.

The turn over rate at the branch level is increasing...sign of weakening moral.

Other Employee Reviews for TD Ameritrade

  1. "Good firm, can do better"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee
    Recommends
    Neutral Outlook
    Approves of CEO

    I have been working at TD Ameritrade full-time

    Pros

    Good opportunity for advancement
    Use cutting edge technology

    Cons

    Can be rigid with employee monitoring

    Advice to Management

    More relevant training


  2. "Sales rep overview of TD"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at TD Ameritrade full-time

    Pros

    Company truly cares about its employees and uses competition to become better

    Cons

    Nothing that I can think of right now

There are newer employer reviews for TD Ameritrade
There are newer employer reviews for TD Ameritrade

See Most Recent

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