FilterDallas-Fort Worth, TX Area
• Scottrade cares about doing the right thing for its clients AND its employees. I have been with Scottrade for almost 11 years and have seen Scottrade do the right thing numerous times. I have seen Scottrade be more than generous when it comes to family medical issues, vacation and sick time. The Biometric screening benefit literally saved my wife’s life and everyone was very considerate and helpful.
• The benefits are amazing at Scottrade. Unfortunately I had to work at several other corporations before I was lucky enough to get hired at Scottrade and the benefits offered here are fantastic and reasonable on the premiums. There are also a lot of ancillary benefits that go above typical ones that are offered (Charitable donations, 5% on internal checking account, Wellness reimbursements, tuition reimbursement etc.)
• Scottrade truly embraces an “Open Door” culture. This is the only company that I know of that pro-actively involves the field and wants to communicate with the front line. This is evidenced by the continuation of the Focus Group that meets around every 4 months to give and provide feedback. To be able to have face-to-face time with the executives that lead the company is amazing and beneficial for both sides. All companies should strive to have something similar in place.
• Everyone wants you to succeed. The amount of training, coaching and patience that has been given to the field to help evolve skill-sets has been astounding. These included bi-weekly 1x1’s with a Regional, what seems to be an unlimited amount of self-training on the Learning Center (CBM training), in person training via Top 100, President’s Club, RBS Web-Conferences, Scottrade led web conference and phone conference with DVP’s are all available for those that want to take advantage of them. No one should feel like help isn’t available if you want to improve your skills.
• Work/life balance is great. No weekends (except for BOM meetings) or Holidays. No late hours (other than an occasional Call Night).
• The future looks very bright. There has been a ton of great talent recently added to the ELT and they all seem to imbibe the culture that Scottrade has been known for over the years. With two big initiatives being completed in early 2017, there is going numerous products, services and operational efficiencies coming out in the future.
I didn’t have any personal cons that I could think of, so I browsed through some of the most recent ones that some people have listed and responded to theirs:
• From April 14th, “…the real con is lack of direction and clear communication”. I don’t agree with this at all. There is absolutely a clear direction and it is focused on what’s right for the client and improving their financial position. Communication can’t be any clearer. It has been said on numerous calls that we need to be pro-active to help our clients. My DVP states every time that I talk to him “Have fun, while helping people”. To me that’s clear direction with great communication.
• From February 13th, “Management has drawn a line in the sand where IC’s need $2M and $150K in GSG or they are PIP’d and canned”. This is COMPLETELY false. I called every regional manager in my division (as of 5/19/16) and asked them how many associates were on a PIP. The answer was 0 (one RM stated that they did have one, but that person was coached and improved off of it). To me, that sounds like running an effective region.
• From March 29th, “…no transparency with advancement”. There are numerous opportunities if you are willing to move, whether for an IC or BOM spot. In addition, there are a lot of opportunities if you want to move to HQ. If you don’t want to move and you are in the branch, there are still opportunities. It may not be a job title change, but there are ways to impact the firm, have a positive effect outside the branch and challenge yourself. Become a training manager, join the Focus Group, mentor a new manager, ask your RM for additional responsibilities.
Advice to Management
I know this says "Advice to Management", but really this is advice to any new potential Scottrade employee. Focus on the pros. This is a fantastic place to work and it should appeal to everyone from beginner to seasoned veteran. Unfortunately there are people that give poor ratings and list “cons” that simply aren’t true. These are people that are typically not engaged, don’t like their job and need a place to vent. I think it’s unfortunate that they don’t feel comfortable enough to discuss their concerns with their manager because it tarnishes the fact that this company is a GREAT company to work for. You will never find another company that cares as much about its employees or its clients, bottom line.
I have been working at Scottrade (Less than a year)
The company really cares about their clients. Have low rates in trading. Truthful company that stands by their services and products.
Since sells are not a major priority to the company as its competitors, therefore not as advanced as them.
I worked at Scottrade part-time (More than a year)
Great staff at the branch where I was. But just like with any intern position, you have to be careful not to let them overuse you. The depth of learning beyond the basic duties is up to you. You learn to deal with different types of people.
No regular janitors, so you must do the shredding and take out the trash. Not many opportunities for growth within the area. Must relocate unless you get lucky with an investment consultant opening nearby.
Advice to Management
Make sure the older branch managers are trained well and have the knowledge to do everything the intern is required to do.
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I worked at Scottrade full-time
Great coworkers! The benefits package was very good. This is a great company to gain professional experience and get licensed. Can be a beneficial career choice for the traditional family 9-5ers types. Pay is decent for the minimal amount of work that is involved. Overall great company, I'm just not thrilled to work with retail clients day in and day out.
Not much room for growth. Daily tasks become mundane unless you are motivated to do extra to feed your brain. Retail clients are draining which isn't a knock on scottrade, but an unavoidable part of working for them.
Advice to Management
Stay transparent with employees as best as possible. I believe you promote some of the better folks, but there are some managers who should probably be demoted. With that being said, all of your current sales tracking will expose the weak. Keep up the good work!
I worked at Scottrade full-time (More than a year)
Good benefits - 401k match
No room for growth or advancement
I have been working at Scottrade full-time (More than 3 years)
Going from service to sales was a huge plus for Scottrade. I am making alot of money now, I am getting to actually help clients, and i'm having fun!
Sometimes change can be a bit slow at times. Not everybody is on board going from being a customer service associate to a financial advisor.
Advice to Management
Keep up the great work! Keep increasing the compensation plan! Love the change!!
I worked at Scottrade as an intern (More than a year)
Scottrade emphasizes and rewards outstanding customer service. Incredibly flexible work schedule (college students). Starting hourly wage likely at/above $10 with steady performance-based increases. Guidance from licensed brokers; educational resources and training modules. Virtually no physical exertion.
Recent emphasis on asset-gathering suggests that sales skills may become more important for advancement in the brokerage industry than general service skills - fortunately, Scottrade's fee structure, quality and range of services are still strong selling points.
Advice to Management
Please don't homogenize Scottrade with other online brokers by imposing unnecessary fees and making the company too important for the customer's benefit. Also, I would suggest more compelling incentives for account acquisition, as other online brokers may actually be better than Scottrade at attracting large accounts in this way.
I worked at Scottrade as an intern (Less than a year)
Helps develop customer relationship skills
Good, if not excessive, education program.
More of a receptionist position
Limited ability to demonstrate advanced knowledge of investments
easy job compared to other brokers. no quotas!
no commission. explosive growth has slowed.
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