Scottrade BOM Reviews | Glassdoor

Scottrade BOM Reviews

3 reviews

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BOM

1.9
StarStarStarStarStar
Recommend to a friend
Approve of CEO
Scottrade Founder, President, and CEO Rodger O. Riney
Rodger O. Riney
2 Ratings

Employee Reviews

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Pros
  • Work/Life Balance is a great perk (in 134 reviews)

  • Good people, 401k match is amazing (in 58 reviews)

Cons
  • This practice also doesn't leave room for advancement because incompetent people get promoted and stay there (in 31 reviews)

  • A glass ceiling exists unless you choose to move to St Louis where the corporate office is located (in 28 reviews)

More Pros and Cons

  1. Helpful (32)

    "Here We Are"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - BOM in Dunedin, FL
    Current Employee - BOM in Dunedin, FL
    Disapproves of CEO

    I have been working at Scottrade (More than 8 years)

    Pros

    Us folks in the branch network considering leaving but staying in the industry should think long and hard. Other than compliance selling is going to be a big part of any job opportunities that are available and I would think working for a company like TD with better products services and technology to put us in a much better position then we are in right now. Let's all do the right thing sharpen our saws and be the best that we can be.

    Cons

    Obviously a company in transition to TD

    Advice to Management

    How about sharing the wealth little bit Rodger. Because this is not a public company the employees are not gonna benefit in any way from the buy out. But you certainly are profiting my friend how about sharing a percentage of that with employees that have been here for and produced to get you in a position of a $4 billion payday


  2. Helpful (58)

    "Like a Fart in a Whirlwind"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - BOM in Tampa, FL
    Former Employee - BOM in Tampa, FL
    Doesn't Recommend
    Negative Outlook

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

    Pros

    Good salary, good benefits like 401k match & high interest checking, bankers hours, no nights or weekends, Founder cared about what he built,

    Cons

    The company waited 14 years too long before trying to keep up with the competition. Now they are caught without a marketplace.... they don't compare to Schwab, Fidelity or TD They also don't even compare to trade King, etrade, or other online players. It was the Peter Principle of management with Executives and Regional management promoted who don't know what the hell they are doing. Rodger said himself at the last annual meeting that the culture of Scottrade is to screw things up 3 or 4 times before they get it right. Rodger means well but he has failed. Too many lemmings giving him advice all these years. Change happens way too slow, on five to ten-year Cycles. Except for the knee-jerk quick reaction to becoming a sales organization without infrastructure, training or products. The technology that employee's use is archaic and a joke. The products offered to clients are so limited and cookie cutter that I was embarrassed to sell it to clients. Regional managers visit each branch about once per year and sit in their office in st. Louis and think of busy work to hand out to other people. They are out of touch with the front lines. The system of sales achievement is rigged and can be manipulated by people who know the system better than others. The customer service support team in St.Louis is not trained and they could care less about their jobs. Every single service issue was forwarded to the branch associate to handle. Scottrade is double A ball, Arena Football League, NBA D league of Financial Services.

    Advice to Management

    Sell to a competitor while there is still value. Don't just hire the disgruntled cast offs of competitors.

  3. Helpful (47)

    "Let's be honest..."

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

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

    Pros

    Recognizing strengths and weaknesses, having the willingness to change, work/life balance, evolving compensation plan, patience with incompetant, lazy and entied branch staff (maybe too much IMO)

    Cons

    Geez... This is to all of you branch staff personel that complain on this site and others:

    You are clearly a bunch of entitled, dim, lazy and clearly incompetant staff that has the long-term vision of a mole and the self-reflection of a mud puddle.
     What all of your childish and unprofessional comments boil down to is that you don't want to do "sales like TD." Yet you are too stupid to realize that if we don't go this route we will most likely be bought by them.
    Many of the current ICs and BOMs have been coddled and have taken advantage of the lack of expectations here for so long that they are completely out of touch with simple economic realities so let me spell it out for you in language you may understand:
    In any other company in this industry you would have(or have already have) washed out long ago. For the salary you have been making(especially longtime BOMs) compared to the actual amount of "work" that you did...you should feel like you are stealing from Rogers's back pocket. That's right I said it. Unless you are fully adopting the measures we are trying to take to right this ship you are dead weight and those of us who see the vision just hope you go... The simple reason you haven't yet is because you know at any other place they would have much higher expectations for the level of income you "earn" here. And you probably wouldn't get hired or make it if you did.
    My advice to you is to start interviewing at ANY job with comparable up side potential and see what they expect.
    In my opinion and that of others actually trying to make things better... You are not "long time employees that deserve our everlasting admiration and dedication" simply form showing up and processing paperwork...in fact you have gorged at the teet for far too long and now we are simply asking you to add to the pile instead of taking away from it.

    Advice to Management

    Keep moving in the right direction. If long time employees don't realize the best service we can provide is helping our clients understand the value of professional management then they are most definitly part of the problem and not part of the solution.
    On a more constructive note, I would strongly consider locating regionals in the regions. Also, if you want your IC's to act like professionals with careers and not order takers in a job, they need to be treated as such i.e. our own phone lines, email access, instant messenger, loosen up Internet access, get rid of punching in and out.