Scottrade Reviews in Los Angeles, CA | Glassdoor

Scottrade Los Angeles Reviews

Updated January 31, 2017
16 reviews

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Los Angeles, CA Area

3.4
Star Star Star Star Star
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Scottrade Founder, President, and CEO Rodger O. Riney
Rodger O. Riney
14 Ratings

16 Employee Reviews

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Pros
  • Great Firm; great culture; good work/life balance; great brand name recognition; Midwestern firm (in 132 reviews)

  • 401k match, weekends off or should I say on parole (in 56 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 (14)

    "A Missed Opportunity"

    Star Star Star Star Star
    • 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 (4)

    "Investment Consultant"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Investment Consultant in Manhattan Beach, CA
    Current Employee - Investment Consultant in Manhattan Beach, CA
    Doesn't Recommend
    Negative Outlook
    Approves of CEO

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

    Pros

    Pretty good communication from execs

    Cons

    technology is lagging and small open offices make having in depth financial discussions difficult.

  3. Helpful (10)

    "Lots of Change = Lots of Opportunity"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Investment Consultant in Los Angeles, CA
    Current Employee - Investment Consultant in Los Angeles, CA
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at Scottrade full-time (More than a year)

    Pros

    The best thing about this place is the people. For the most part, the ICs and Branch Managers are good people. The RMs I met at Top 100 make me believe they really are trying to help. They treated us really well and took time to get to know me even though I am not in their regions. Comp is going up. The new CEO seems to have his priorities in order. When the bad managers leave we hope is ICs will get a chance to be promoted.

    Cons

    Technology is really bad, but it's supposed to be better after Broadridge. The biggest con is the small group of ICs and Branch Managers who come on Glassdoor and post multiple reviews to make it look like the whole company is miserable. It's just not true. If it's that bad, Just Jump, Man. Everyone Is Sick of hearing you complain and plot against management. Leave if you hate it so much.

    Advice to Management

    Get the miserable people out so the rest of us can move on. There are lots of people in the branches who believe.


  4. Helpful (25)

    "Investment consultant"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Financial Advisor in Los Angeles, CA
    Former Employee - Financial Advisor in Los Angeles, CA
    Doesn't Recommend
    Negative Outlook
    Approves of CEO

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

    Pros

    Customers were nice to work with. HQ was converting from discount firm to full service. No clue as to what they were doing. Both for customers & brokers.

    Cons

    Incentives -horrible. Brought in $8 million in new assets per qtr & paid out as if I only brought in $1 million. Says it all!!!

    Advice to Management

    Get some Branch Administrators with ethics & some sales experience themselves. Instead of wanna be Gordon Gecko's.


  5. Helpful (48)

    "Branch Manager"

    Star Star Star Star Star
    • 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
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    I have been working at Scottrade full-time (More than a year)

    Pros

    Basics. 401k match but doesn't fully vest till 5 years later. Decent base pay. Branch is in a decent location.

    Cons

    Upper management not aligned to corporate initiatives. Lack of support for the branches. Direct manager in St. Louis. No private offices. Archaic systems.

    Advice to Management

    Seek for buyout. There is no excitement for progress at the branch level period. Closing of branches across the country doesn't help either.


  6. Helpful (70)

    "Identity Crisis"

    Star Star Star Star Star
    • 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
    Doesn't Recommend
    Negative Outlook
    Approves of CEO

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

    Pros

    The Owner Rodger is a no nonsense down to earth person who communicates regularly. Decent Base Salary, average cost benefits/ decent Benefits, easy to work with Clientele and M-F 8-5 hours. Performance requirements are low compared to industry. Low cost commissions and minimal fee's make it easy to attract self directed investors. Offers banking services.

    Cons

    All the cons posted about this company are very true! This company was a good company to work for 5 years ago, not anymore. It has been going through a spiral downward transformation when it incorporated pro-active sales. Sales practices are enforced through intimidation. The company hired external upper sales management who have changed the culture of the company for the worse. Required to achieve $2 million minimum in new assets with $150k in advisor referrals for Bonus pay. referrals to internal or external Advisors defeats the purpose of building a relationship with a client. The company has changed its performance requirements every quarter with the expectation that everyone adapt within that timeframe. Upper management lied when they stated they would not have sales quotas. Poor Sales training for new hires compounds the stress with a CRM system that is cumbersome and slow. Obligates brokers to pro-active sales activities but still caters and obligates time and attention to walk in clients with very little money and time consuming training, meetings and operational duties. Scottrade is going through an Identity crisis, the company wants sophisticated clients and assets but doesn't have the office, systems or products to attract or retain these clients. I find myself apologizing to clients for products and services other companies have offered for years.

    Scottrade Response

    Apr 28, 2016 – Social Recruiting Team

    As you noted in your review, Scottrade has experienced a shift in business strategy over the past few years. However, we have strived to make this evolution as seamless as possible for both ... More


  7. "Stockbroker intern"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Intern - Stockbroker Intern in Los Angeles, CA
    Former Intern - Stockbroker Intern in Los Angeles, CA

    I worked at Scottrade as an intern (Less than a year)

    Pros

    Low-pressure environment, good work-life balance, good culture

    Cons

    Clients are usually small so a lot of times you are dealing with problems with a small scale

    Advice to Management

    Invest to stay competitive

  8. Helpful (4)

    "Investment Consultant Trainee"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee in Los Angeles, CA
    Current Employee - Anonymous Employee in Los Angeles, CA
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at Scottrade full-time

    Pros

    This can be an entry level position or some experience required, depending on the Branch Manager's preference. It is a paid position while you are training and studying for the Series 7 and Series 63. Scottrade pays for the training materials and for the examination. Mentally, this role forces you to stay mentally sharp because you must continue learning company and industry knowledge. If your a studious person, and enjoy staying mentally active, this is a pro; however, if you prefer to be mentally lazy . . . then it's definetly a con.

    Cons

    The company is evolving and therefore policies and procedures change constantly, sometimes the policies revert to what it used to be and makes you wonder why they changed it in the first place. Updated policies and procedures, are not very well written, there could be vagueness or not conclusive because they didn't think of the possible scenarios. Policies and procedure can be found in various department pages, and they can contradict each other because they forgot I edit one page while updating another. You cannot always trust the knowledge of an employee who works in a department. You don't get a time block to compete your required continuous education but they expect it to be completed, which make a you think the company really doesn't care of continuous training and they just assign for legal reason and to look good in the eyes of the regulators.

    Advice to Management

    Advise to Regional Managers and Divisional VPs. DVPs should send RMs to the branches and do some of the workload so you guys have an intimate understanding of what it is like to work in the branch office.

    Scottrade Response

    Jun 19, 2015 – Social Recruiting Team

    Thank you for taking the time to write a review. A group has been established to evaluate and streamline our company’s policies and procedures, and we imagine this will alleviate some of the issues ... More


  9. "I worked at City of Cerritos, CA part-time for more than a year"

    Star Star Star Star Star
    Current Employee - Customer Service Representative in Cerritos, CA
    Current Employee - Customer Service Representative in Cerritos, CA

    I have been working at Scottrade part-time (More than a year)

    Pros

    Lots of opportunities across the department to become involved in. Pretty clear and easy line of communication regarding any possible concerns. Management has changed for the better recently

    Cons

    Working for the City of Alexandria can be tough to get your foot in the door as often the majority of hires are actually re hires but they have to go through the "hiring process." Unfortunately you'll never know what is going on until you receive an email months down the road.
    Advice to Senior Management – Be up front about rehires

    Advice to Management

    I would recommend this company to a friend


  10. "It was a chill place to work at. Learning everything quickly while servicing clients is hard."

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Branch Intern in Pasadena, CA
    Former Employee - Branch Intern in Pasadena, CA
    Recommends
    Approves of CEO

    I worked at Scottrade part-time (Less than a year)

    Pros

    They do everything they can to workout with you. They are very lenient

    Cons

    The manager is constantly looking over your shoulder as he should.


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