Scottrade Branch Manager Reviews | Glassdoor

Scottrade Branch Manager Reviews

Updated April 20, 2017
87 reviews

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Branch Manager

2.8
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Scottrade Founder, President, and CEO Rodger O. Riney
Rodger O. Riney
78 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 (15)

    "A Missed Opportunity"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Branch Manager in Los Angeles, CA
    Current Employee - Branch Manager in Los Angeles, CA
    Recommends
    Neutral Outlook
    Disapproves of CEO

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

    Pros

    I can't imagine a better workplace, with more autonomy, opportunity to earn a lot of money, and all of the tools necessary to be successful.

    We have an absolutely stellar reputation among our clients. Nowhere else in financial services has a firm operated with such a lack of conflict of interest and as aligned with clients for so long. JD Power awards aren't won this consistently for nothing.

    Our compensation plan is exceptionally simple. There is minimal incentive to sell or "push" product. Advice (or guidance) goals are exceptionally small compared to other goals and overall book size. There is almost no conflict of interest, in that your compensation does not depend on how your clients invest. If they bring assets, you get paid for it. If they decide to pay for advice, you get paid for it. Youre not selling Fidelity funds, putting a certain amount in Amerivest, slinging annuities, etc. Your job is to know your clients better than anyone, and show them a path to financial success. You win if they do it themselves, if they use mutual funds, if they use ETFs, if they use individual stocks and bonds, or if they hire an advisor to do the same.

    I will always look back fondly on my nearly a decade at Scottrade. I wish more of my peers could say the same.

    Cons

    There is truth to the opinions that leadership has been ineffective at times. Scottrade could have benefitted tremendously from more outside talent, sooner. I have respect for the attempts of the people who did choose to lead us, and can attest that the model can be very successful if implemented properly.

    The biggest con of working at this firm is the attitude and effort of many of my colleagues. There are an endless string of people who I have been lucky to work with at Scottrade over the years who deserve better. There exists, unfortunately, a smaller but more vocal group who has been resistant to any form of change.

    Success at Scottrade, in a production capacity, has always come down to a decision. Am I going to be successful? What many of my peers dont realize is that more stuff doesn't make you better. The investing world is extremely efficient and commoditized. The only thing that makes my clients come to Scottrade is me. The only thing that makes them go to Schwab is the effectivenss of the individual there.

    It is true that the combination of Scottrade/TD will make production more difficult in the near term. It is also true that we have no guarantees, no certainty, about our futures there. It is even truer that those of us who have approached our work by focusing on our clients first and our firm second will be the most valuable acquisition for TD Ameritrade. And finally, it is true that the reason Scottrade is being sold is the same reason those employees who never wanted to change will be left behind.

    Advice to Management

    The people who have put in honest, good work at Scottrade deserve more than "dignity and respect." We are the best, and many of our clients believe the same.

    I would like to hear more about how more of our clients signed up for advice last quarter, AFTER the announcement of the merger, than ever in Scottrade's history. We are facing some incredibly challenging headwinds and still managing to win.

    Stop telling me we "don't have more detail on the merger." Start helping me win, more, now.


  2. Helpful (13)

    "Ok."

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Branch Manager
    Former Employee - Branch Manager
    Doesn't Recommend
    Negative Outlook
    No opinion of CEO

    I worked at Scottrade full-time (More than 10 years)

    Pros

    Autonomy to work.
    Good people.
    Team atmosphere.
    Good work/ life balance.

    Cons

    Unqualified/ Uninterested and not real knowledgeable leadership.

    Advice to Management

    Better recognition of talent.

  3. Helpful (33)

    "Amateur hour"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Branch Manager in Indianapolis, IN
    Former Employee - Branch Manager in Indianapolis, IN
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    I worked at Scottrade (Less than a year)

    Pros

    candy and toilet paper provided at not cost

    Cons

    Regional managers and divisional managers droning on and on about your big G. Showing clips from Glengarry Glen Ross and calling it motivation. RM's and DVP's telling all they will be "fine" as they scheme and collude with other to fire and replace. Rodger and management looking everyone in the face telling them they will be treated fairly then thrown out like garbage. Nice legacy you are leaving Rodger Mary and Peter. Enjoy your peaceful retirement.

    Advice to Management

    Please more talk of my big G maybe even my little g.


  4. Helpful (27)

    "Glad I left over 3 years ago and moved on"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Branch Manager
    Former Employee - Branch Manager
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    I worked at Scottrade full-time (More than 10 years)

    Pros

    Benefits, pay and work/life balance

    Cons

    The company was riddled with executives and top administrators who were in no way qualified to perform their duties. Employee mishandling was the theme of the day, every day. Bring them the money and you can "earn" proper support.

    Advice to Management

    The company will be defunct by the end of the year so there's only one thing that NEEDS to be said. Management -these are the last months you will have to show your fellow employees kindness and understanding during this life-changing event. Don't blow it. Be more human, show the empathy you should be feeling right now. Do what you can to help progress your people to be prepared for when they are out there looking for another job. Try to make up for some of the shortcomings you have experienced in the last few years. You owe it to them.


  5. "Branch Manager"

    StarStarStarStarStar
    Former Employee - Branch Manager
    Former Employee - Branch Manager
    Doesn't Recommend
    Neutral Outlook
    Approves of CEO

    I worked at Scottrade full-time (More than 8 years)

    Pros

    Flexible schedule, founder/CEO cares about the employees.

    Cons

    sold to TD, future uncertain.


  6. Helpful (51)

    "The Scottrade Way"

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

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

    Pros

    Health insurance, 401k, the standered package for a company this size. Rodger seemed like a good guy untill you look into the #s and lack of communication.

    Cons

    I have never seen a company do so many people wrong in so many ways, while rewarding liers and cheaters. RMs preaching how to manipulate the systems during team building events. HR is on a man hunt partnered with Incentive oversight. Zero incentive for client retention. I was recently called a "Service Monkey" for holding high CRS scores for years, RM told my staff "You and I dont get paid on retention, I want NNA and GS quit being a Service Monkey!". I have lost all respect for this company. Rodger you should be ashamed.

    Advice to Management

    Managment is just trying to justify their current positions with micro management.


  7. Helpful (19)

    "Branch Manager"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Branch Manager in Paterson, NJ
    Current Employee - Branch Manager in Paterson, NJ
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

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

    Pros

    401k match, weekends off or should I say on parole.

    Cons

    Too much to mention. Management that has no clue or compassion.

    Advice to Management

    Let me think...How bout getting a management staff whose only experience is more than working in a sandwich shop. You know who that is.

  8. Helpful (61)

    "The secrets keep coming, lack of transparency and communication"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Branch Manager
    Former Employee - Branch Manager
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    Pros

    Was a nice tight knit community with good benefits...that broke down with the move to asset gathering which was not done in a way that promoted honesty, collaboration, or integrity. It became a dog eat dog every person for themselves at any cost possible including lying backstabbing cheating...all encouraged and endorsed implicitly if not explicitly by the RM and DVP structure.

    Cons

    Some WEST COAST Scottrade BOM's and IC's are being offered 20k retention bonuses. If they speak out about it they risk being terminated. Seriously. Mentioning the offer results in a potential termination. Any other organization other then a empathizer organization would be upfront about their desire to retain and control needed talent. That is neither abnormal or unusual. No need to hide it. But this organization? Headed by the queen of empathizers? Can't be truthful, have to resort to underhand tricks and lies and threats.

    Advice to Management

    None. You've ignored it all. Now it all goes down. Whatever TD is saying about the transition, I guarantee you within 3 years of deal closing 50-75% of the offices will be gone. Anyone that doesn't see that you are naive.

    Furthermore, this "generous" severance everyone is licking their lips over isn't gonna be offered to you...they will try to port you over to the appropriate TD job then have unmeetable targets which will get you on probation then fired. Your chances of getting severance are gonna be if you're in a flooded region and it makes sense to fold your office (check your leases)...otherwise expect them to make the appropriate "transfer" offer then churn you out within 2-4 quarters - like every other IC at TD.


  9. Helpful (56)

    "Too much pressure for a sold company"

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

    I have been working at Scottrade full-time (More than 10 years)

    Pros

    The pros used to be the culture, not anymore. Gone are the days of the healthy symbiotic relationship between the branches and the executives. The branches would rescue Rodger time and time again from inferior technology to inadequate products and just bad decisions but those days are ending. The branches are now the scapegoat for not gathering enough assets and we're also the whipping boy to gather more assets. A BIG PRO would be their awesome training which is comprised of some web conferences and town halls throw a few under qualified RMs and DVPs in the mix and we have suc...Uh nothing.

    Cons

    The cons today are these lame minimum word reviews with 4 stars or more. People, if you truly LOVE this company don't you have more to say than "good benefits"? Pressure, scare tactics, and termination are used daily to try and get their goals accomplished but what is it really doing to your associated? Oh that's right, nobody cares. The word transparency is used almost daily and it couldn't be further from the truth. The execs will sleep at night because they'll be the biggest benefactors from the buyout whereas the branch associates? Ah buh bye.

    Advice to Management

    I don't have any advice for this motley crew, instead I challenge all the execs to work in a branch for 2 weeks. Please call the same clients the branches have called and/or left messages for in the past 4 years. The absence of new accounts and leads make it hard to be successful but you probably think that's only an excuse. So please, try it yourself. Oh and also have one of those elite RMs coach you and berate you so you feel like less of a person. But above all, have fun!


  10. Helpful (1)

    "Great firm"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Branch Manager in New York, NY
    Former Employee - Branch Manager in New York, NY
    Recommends
    Positive Outlook
    Approves of CEO

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

    Pros

    Great culture and CEO. Bringing value to clients

    Cons

    None I can think of

    Advice to Management

    Decentralize regional management allowing them to be more hands on and effective. Managing remotely is ineffective when trying to make the changes necessary