Scotiabank Financial Advisor Reviews | Glassdoor

Scotiabank Financial Advisor Reviews

Updated December 8, 2017
118 reviews

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Financial Advisor

2.8
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Scotiabank President and CEO Brian J. Porter
Brian J. Porter
65 Ratings

Employee Reviews

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Pros
  • Great team-- really hard working and cared about work life balance (in 153 reviews)

  • good work environment in toronto (in 127 reviews)

Cons
  • unable to strike a good work life balance (in 56 reviews)

  • No performance assessment for full time (in 31 reviews)

More Pros and Cons

  1. Helpful (1)

    "Finacial Advisor"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Financial Advisor in Ontario, CA
    Current Employee - Financial Advisor in Ontario, CA
    Doesn't Recommend
    Positive Outlook
    No opinion of CEO

    I have been working at Scotiabank full-time (More than 3 years)

    Pros

    Great people, lots of opportunity for those willing to work. Banking hours are always nice (Although changing for the worse everyday)

    Cons

    Unrealistic expectations, There are metrics for absolutely EVERYTHING and the change from year to year so success one year may not equal success the next.


  2. Helpful (2)

    "Good, steady work. Heavy workload for FAs"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Financial Advisor
    Current Employee - Financial Advisor
    No opinion of CEO

    I have been working at Scotiabank (More than 3 years)

    Pros

    Good benefits, and share ownership program.

    Cons

    Workload, technological infrastructure very dated, slow and frustrating.

    Advice to Management

    Invest in technological infrastructure to bring useful tools, and system stability to branches.

  3. "Decent"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Financial Advisor in Calgary, AB (Canada)
    Current Employee - Financial Advisor in Calgary, AB (Canada)
    Recommends
    Positive Outlook
    No opinion of CEO

    I have been working at Scotiabank full-time (More than 3 years)

    Pros

    Training, Paid vacation, flexibility, new focus

    Cons

    too much sales lately, stressful


  4. "financial advisor level 5"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Financial Advisor in London, ON (Canada)
    Current Employee - Financial Advisor in London, ON (Canada)
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at Scotiabank full-time (Less than a year)

    Pros

    committed staff, great training and conferences. there are limitless possibilities if you work hard and well with others. pay is salary based no commission and very competitive

    Cons

    can be busy at times and you have to be comfortable digging deeper with clients to discover opportunities


  5. Helpful (2)

    "terrible training!!"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Financial Advisor Trainee in Mississauga, ON (Canada)
    Former Employee - Financial Advisor Trainee in Mississauga, ON (Canada)
    Doesn't Recommend
    Negative Outlook

    I worked at Scotiabank full-time (Less than a year)

    Pros

    sundays off so you can spend time with family.

    Cons

    i have worked at Applewood mississauga branch and Westwood Mall Mississauga branch.

    Terrible training. you are given 4 months of reading to be followed by 2 months of job shadowing. Managers have no idea of the training program, because they were trained differently 100 years ago. they are not updated by headoffice how new recruits are to be trained. at my first location, manager told me to read the materials. Applewood is primarily a mature branch = where most clients are older clients, with existing accounts, mortgages, lines of credit etc. there was hardly any new accounts opening. i was told to job shadow but those would have been about complicated matters such as mortgage and estate planning, so you cant job shadow those until you have read the material related to them in your 3/4th month. 3 months in the training, i got transferred to Westwood Mall in July which was peak season for intl students in the area. here the scene was opposite. there were myriads of students accounts and credit cards - so many that the months of july and august were primary spent on students accounts opening - almost 4-5 per day. entry level recruits were given students accounts. after the student rush went down, i was told to catch up with my training - then they advised me to find out from other advisors who were available each day so i could job shadow them. but advisors were busy meeting their targets. every day meetings would get cancelled, and advisors are not good trainers because they have enough on their plates to meet weekly/monthly targets. some advisors often made up meetings and agenda in the morning meetings, because they were already many years into their work, their agenda in the mornings were not exactly matched. managers did not play any role in training.

    cronysm - one advisor got hired after me through his sister who was at another branch. and i found out he was given a dedicated advisor to train him while i did not get the same, although i had joined 3 months before him and, of course, i did not have a bro or a sis in the bank.

    hazards if being team player - if u, the recruit, think u r gonna get brownie points by going the extra mile and doing something else to help the manager(s) which is not in your training plan, in the end it will bite you. stick to your training plan. if managers ask for favours and tell you take customers, you have to say NO. being nice and a "yes" person in such environment will only get you kicked out later, because you would be sacrificing your own goals to help the branch with their issues, which do not matter to you.

    Advice to Management

    be ethical. treat every recruit the same whether he or she has any family in the bank.
    do not use new recruits to meet your short term goals, then discarding them later on the excuse they didnt meet their goals (to help you).
    learn how to train new recruits. management needs training on how to train, go through all required readings, and undersstand reading and job shadow cant happen at the same time.


  6. Helpful (2)

    "Senior Financial Advisor"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Senior Financial Advisor in Edmonton, AB (Canada)
    Current Employee - Senior Financial Advisor in Edmonton, AB (Canada)
    Recommends
    Positive Outlook
    No opinion of CEO

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

    Pros

    Good benefit and job security.

    Cons

    Pay is below industry average. Cutting cost everywhere to a point it is really hard to work and function. Very micro-managing...

    Advice to Management

    Changes are good but still focus on taking care of your employees from retails branches.


  7. Helpful (1)

    "Great people in a demanding industry"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Financial Advisor
    Current Employee - Financial Advisor
    Doesn't Recommend
    Neutral Outlook
    Approves of CEO

    I have been working at Scotiabank full-time (Less than a year)

    Pros

    Great perks and benefits. Amazing coworkers. Digital presence is increasing. Offer solid products, but marketing and branding may be lacking behind some competitors.

    Cons

    The people at Scotiabank are what makes this company great. I've seen so many amazing people leave, however, due to either a lack of promotion or validation and it's a discouraging trend.

    Training and management can be hit or miss. There's a lot of movement because the baby boomers are retiring and it's both an exciting and uncertain time. Employees are being transferred due to this movement, and unfortunately, customers are the ones who have to deal with a lack of continuity.

    Advice to Management

    Value and acknowledge your workers. They're the ones who do the heavy lifting, so that the bank can profit.

  8. "Financial Advisor"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Financial Advisor in Toronto, ON (Canada)
    Current Employee - Financial Advisor in Toronto, ON (Canada)
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

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

    Pros

    It's a paycheque. Some nice people

    Cons

    Too many politics. Such a negative atmosphere. The knives are always out by management and it is so blatant between departments. The training is non-existent and horrible. Lot of bullying happening.

    Advice to Management

    Created a very enhanced training program to give people a chance. It shouldn't be survival of the fittest. Investigate every complaint made and get it resolved. Some of your "leaders" are very negative and if they are friendly, it comes across so phoney. Stop the bashing internally - departments should not be acting this way. It is so unprofessional around. The good news is that it can all change, that is, if the bank has the will to make the changes. Positivity needed! That would be a good start.


  9. Helpful (4)

    "Was not interested in continuing after training program"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Financial Advisor Trainee in Cambridge, ON (Canada)
    Former Employee - Financial Advisor Trainee in Cambridge, ON (Canada)
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    I worked at Scotiabank full-time (More than a year)

    Pros

    Good benefits. Wonderful staff always willing to assist if time/their workload permits. Very inclusive. Work-life balance is okay.

    Cons

    Lack of organization on a branch-level, in company's strategic direction, and in training program. Not enough employees at branch resulted in few people dealing with extremely high volumes of customers; ultra-high stress environment, unmanageable. Scotiabank recently did not exhibit loyalty to its employees by letting go of huge volumes of long-standing, experienced staff as part of the Wave... that alone showed me this is not a company where I wish to launch my career.

    Advice to Management

    Success of a company is brought-forth by its employees. Happy employees who love their company = thriving company. When huge-turnovers occur, it should be clear that your employees are not happy... stop getting rid of positions to put more pressure on the existing employees, all for the sake of cutting costs. Very poor reflection.


  10. "senior financial advisor"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Senior Financial Advisor
    Current Employee - Senior Financial Advisor
    Doesn't Recommend
    Positive Outlook
    Approves of CEO

    I have been working at Scotiabank full-time (More than 3 years)

    Pros

    - you get benefits and a reasonably good share buying program
    - free bank accounts and excellent credit cards (best on the market)

    Cons

    - terrible sales pressure
    - "staff rates" for mortgages are higher than given to actual customers (might as well price your mortgage as if you were someone off the street"

    Advice to Management

    I have a great manager which is great, but something needs to change from a sales pressure perspective. We are not compensated fairly even if we reach 200% of our sales considering the pressure that is put on us.