Scottrade Reviews in New York City, NY | Glassdoor

Scottrade New York City Reviews

Updated May 5, 2017
36 reviews

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New York City, NY Area

2.2
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Scottrade Founder, President, and CEO Rodger O. Riney
Rodger O. Riney
32 Ratings

36 Employee Reviews

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Pros
  • Work/Life Balance is a great perk (in 135 reviews)

  • Good people, 401k match is amazing (in 60 reviews)

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

  • Slim chances of full time employment unless you move to St Louis (in 29 reviews)

More Pros and Cons

  1. 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.


  2. Helpful (49)

    "Misery!!!!!!"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee in New York, NY
    Current Employee - Anonymous Employee in New York, NY
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

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

    Pros

    Air conditioning and heat is provided. Weekends off. Tv is on during work hours. Your allowed to take a lunch break

    Cons

    I am, along with thousands of other employees sitting in misery not knowing my fate. Not knowing if I will have a position with TD or knowing I won't be able to provide for my family anymore. Complete torture!!!! One new lead a day for the entire Branch, yet we still have minimum quotas !!! In the meantime some senior executives will walk away millionaires and some Billionaires. What about the people who helped build this business??? We get a nothing!! Don't have the desire to pick up the phone anymore. They are going to let TD be the bad guys to lay us off and they will walk away looking like they tried to help us

    Advice to Management

    TD isn't a great company to work for! Instead of allowing the ship to sink you could of turned this company around!!!

  3. 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


  4. Helpful (64)

    "Investment Consultant"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Investment Consultant in Newark, NJ
    Current Employee - Investment Consultant in Newark, NJ
    Doesn't Recommend
    Negative Outlook
    No opinion of CEO

    Pros

    They sponsored me for my series 7. There is a TV in the branch. Closed Saturdays and you do not bring your work home with you.

    Cons

    IF YOU ARE WORKING AT A RETAIL BANK STAY THERE DO NOT COME TO SCOTTRADE. I have been with the company two months now. I came from one of the biggest banks as a private client banker making 80k/ year. Scottrade told me the average quarterly commission was 7k a quarter. This I found out was extremely misleading, to achieve that number you are required to bring in 4 million dollars in new money and refer over 250k to there investment management team at the headquarters in St. Louis, and achieve a customer service score of over 900. When you actually look at the number of Investment consultants that achieve this the number is less than 10%. As a new employee i thought I would have been in training to learn about Scottrade's culture and history and how they do business. There training is non existant and you are often force to just fend for yourself on there extremely out of date systems. The way they do business is so outdated and antiquated. The company seems to be scared of its own shadow with whether they want to be a major player or a mom and pop brokerage with low price trades. You will do calls and this isnt a shocker, but as an Investment consultant your job is really to create interest in managed money and refer it to some person you dont know if there corporate headquarters. Also, Scottrade bank is a terrible idea and they do not have the support staff to handle the smallest transaction or question.

    Advice to Management

    Don't lie or mislead new hires on there salary especially when they have a mortgage and a new family. Have a formal training program not a few short powerpoints. The systems are terrible and the workflow and how accounts are opened and performed maintenance on is the worst. Stop sending 10+ emails a day about how we need more referrals to GSG, its our job we know we have to do it, I don't need a useless email to tell me.

    Scottrade Response

    Aug 18, 2016 – Social Recruiting Team

    We’re sorry to hear you feel this way and would like to address your concerns, including compensation plans, either by speaking with someone in Human Resources or talking with your manager... More


  5. Helpful (24)

    "Regional Manager is based remotly and has no sales experience"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Investment Consultant in New York, NY
    Current Employee - Investment Consultant in New York, NY
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    I have been working at Scottrade full-time

    Pros

    Nice benefits, working on hourly salary you cant put in overtime

    Cons

    My Manager has no relevant sales skill and a lifer here. The regional Manager is also lacking real sales skills and works in St Louis and visits occasionally and asks how he can help. If he has to ask what do I need him for.

    Advice to Management

    Have real sales talent as leaders so we can learn from them

    Scottrade Response

    Aug 14, 2015 – Social Recruiting Team

    We can understand your frustrations. Branch management is receiving continuous training to ensure that they have the tools needed to be successful as Scottrade’s business strategy evolves.


  6. Helpful (2)

    "Great Company"

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

    I have been working at Scottrade full-time

    Pros

    Great corporate culture, management cares a lot about employees. Good work/life balance.

    Cons

    Working in a branch can be stressful, trying to hit sales numbers while managing client service requests at the same time.

    Advice to Management

    Provide more assistance when branches are understaffed.

    Scottrade Response

    Jul 23, 2015 – Social Recruiting Team

    Thank you for your review. Branch leadership is aware of the strain that administrative tasks can have on associates and is working to shift some of that responsibility. We believe this will address... More


  7. Helpful (42)

    "Counting down the minutes until I leave"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Investment Consultant in Jersey City, NJ
    Current Employee - Investment Consultant in Jersey City, NJ
    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

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

    Pros

    401K match is excellent
    Decent pay; bonus incentives
    Benefits package is great including vacation and sick days.
    Company cares about well being of empoyees.

    Cons

    No oppurtunity for advancement
    No oppurtunity to grow in the industry
    Monotonous job function
    Disconnect betwen home office and branches.
    Sub Par technology both in house and client products.
    No in house investment products to sell
    Sales process is ripe with inconsistancies and potential for deciet.
    Over reliance on irelavant metrics and stats.

    Advice to Management

    Allocate more time to training in a real learning environment

    Scottrade Response

    Apr 6, 2015 – Social Recruiting Team

    We want our associates to enjoy coming to work each day, so we’re sorry to hear you’re not happy in your current position. We encourage you to take advantage of the many training opportunities at... More

  8. Helpful (23)

    "Experience heavily depends on branch culture"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Branch Stockbroker in Englishtown, NJ
    Former Employee - Branch Stockbroker in Englishtown, NJ
    Doesn't Recommend
    Negative Outlook
    Approves of CEO

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

    Pros

    The work/life balance was great in all of the locations I worked. The customers were great and liked to take advantage of the classes and learning opportunities. Scottrade is supportive while you study for the exams. My internship experience in RI was fantastic- all because of the great branch leadership.

    Cons

    Management. Regional managers all sit in St Louis and rarely come out to see how their regions are actually doing. Had the worst coworker experience ever where I was being screamed/cursed at by the other broker and talked to in a derogatory and sexist way. Let management know that I was having a terrible experience and they didn't do anything about it. Couldn't get out of there quickly enough.

    Advice to Management

    Regional managers should be more involved in their regions. On the ground- not via email.

    Scottrade Response

    May 20, 2015 – Social Recruiting Team

    We regret to hear of your experience. The behavior you mentioned is not in line with the core values of Scottrade, and we are looking into it to ensure it doesn’t happen again. Thank you for bringing... More


  9. Helpful (41)

    "TD Scottrade"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Branch Manager in New York, NY
    Current Employee - Branch Manager in New York, NY
    Doesn't Recommend
    Neutral Outlook
    Approves of CEO

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

    Pros

    Rodger Riney, CEO, is trustworthy, authentic and involved. If you have a good branch team, it's a fun place to be. Vacation time, overall benefits are good. Incentive pay for asset gathering is now present.

    Cons

    - Regional Managers don't understand that this is a service job first (walk-ins, inbound phone calls) and a sales job second. Unlike our competitors, we are client facing, must be accountable for service and have many disruptions in our day. We don't have the luxury of dialing outbound for 6-8 hours a day without interruption like at our competitors.
    - Company values TD Ameritrade former employees without regard to how they fit into Scottrade culture. We are not TD and don't need to hire all of their fired IC's. Half of all positions filled now are former TD guys. We are Scottrade, not TD. TD pays more but when they don't meet high quotas there, we hire them here.
    - You are only as good as your last metric and that metric keeps changing. Each quarter they care about something different. Attempts, dials, contacts, oops created, QD's, assets, VPC, guidance referrals, etc. Your stats, all of them including bonus payout, are fully visible to the entire firm and get updated weekly. Went on vacation for 3 days? Well, then your #'s will be low and not adjusted. What good is all the vacation time if I feel punished for using it?
    - No longer on Fortune Top 100 Best Places To Work. It was a top employer, sadly now it's not.

    Advice to Management

    Understand that Scottrade's advantage is the people. Hiring TD guys who only have the mentality of "getting the next sale" is not helping us. We are different than TD and shouldn't try to be the same.

    Scottrade Response

    Feb 27, 2015 – Social Recruiting Team

    We appreciate you taking the time to share your thoughts with us. Your feedback will be shared with branch management, but we also encourage you to discuss any issues you are experiencing with the... More


  10. Helpful (19)

    "Where is Matt Wison??"

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

    I worked at Scottrade full-time (More than 5 years)

    Pros

    401k match, work close to home.

    Cons

    Change in direction from customer service to sales. Being trained by former BAM's who have no selling experience beyond asking a customer if they want fries with that sandwich. What happened to Matt Wilson and "progress not perfection" attitude?

    Advice to Management

    Where is Matt Wilson??

    Scottrade Response

    Feb 2, 2015 – Social Recruiting Team

    Thanks for your review. We are committed to our goal of helping meet the needs of our clients but as you note, we are experiencing change. While that isn’t always easy, we have invested in training... More


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