Scottrade Reviews | Glassdoor

Scottrade Reviews

Updated September 21, 2017
1,000 reviews

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2.9
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Scottrade Founder, President, and CEO Rodger O. Riney
Rodger O. Riney
723 Ratings

1,000 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 (6)

    "Inexperianced Leadership"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee in Saint Louis, MO
    Current Employee - Anonymous Employee in Saint Louis, MO
    Doesn't Recommend
    Negative Outlook
    Approves of CEO

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

    Pros

    It was a really nice "small company" for a while with good benefits.

    I loved our VP and Executive leadership

    Cons

    They have a "Promote the employee who's been there the longest" culture which does not always translate into good management. I had a manager who was very young and very immature, she was a horrible communicator and did not know when she was over sharing information. Very poor leadership.

    She took everything personal and if you tried to have an adult conversation with her she would put words in your mouth and completely misunderstand and twist what you were saying.

    Advice to Management

    If this is the culture in which you choose to pursue at least provide leadership training.


  2. Helpful (24)

    "Total Disaster"

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

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

    Pros

    Having transferable talent. Despite the train wreck the local managers and regional manager are pretty cool. Though this is not the norm nationwide. If you are lucky enough to stay on with the buy out you will make less $ than your TD counterparts, your PTO is being cut, and your 401k match is being decreased.

    Advise: start your job search now so you have less competition.

    Cons

    -Same client lists every month.
    -Continued pressure to sell relationships that may or may not exist in 4 mos.
    -Not offering guidance in the branch
    -Technology lags the industry big time- what they find new and exciting other firms were doing in 2010.

    Advice to Management

    Do more to retain your employees. CEO retiring with $4bil should share the wealth with the people that made it for him. Call this what it is- its a buyout- not a merger. Cut the sales goals and do whatever it takes to hang onto your employees to get you through the acquisition. Speed up the internet so they can at least entertain themselves with Youtube since you aren't doing anything to attract new clients.

  3. Helpful (1)

    "Great place to work"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - N/A in Saint Louis, MO
    Current Employee - N/A in Saint Louis, MO
    Recommends
    Neutral Outlook
    Approves of CEO

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

    Pros

    pay, flexibility, challenges, hours, associates

    Cons

    being acquired by TDA is of concern since no one knows their status going forward


  4. Helpful (18)

    "Go anywhere else if you can."

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee in Town and Country, MO
    Former Employee - Anonymous Employee in Town and Country, MO
    Doesn't Recommend
    Disapproves of CEO

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

    Pros

    I found very few of these.

    Cons

    Red tape everywhere. You may be hired to perform a job, but don't think they'll let you without fighting you every step of the way.

    Advice to Management

    Get with the times. Update the technology of the firm, and update the best practices to meet the new regulations and competition level. I hope the TD purchase rectifies this.


  5. "Great Place to Work"

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

    I have been working at Scottrade full-time

    Pros

    Family feel, cares about associates and does what is best

    Cons

    Merger, lot of associates are losing their jobs


  6. "TD Acquisition"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee in Saint Louis, MO
    Current Employee - Anonymous Employee in Saint Louis, MO
    Recommends
    Negative Outlook
    Approves of CEO

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

    Pros

    Great company culture. Great benefits. Awesome colleagues.

    Cons

    Company was recently sold to TD Ameritrade. Job losses will be coming

    Advice to Management

    Incorporate Scottrade culture into TD Ameritrade


  7. "Investment Consultant"

    StarStarStarStarStar
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    I have been working at Scottrade full-time

    Pros

    Great benefits, good people to work with!

    Cons

    Limited job opportunities at the branch.

    Advice to Management

    Give more support.

  8. Helpful (9)

    "Investment Consultant"

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

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

    Pros

    The only real source of managing comes from your direct manager. A quality group in your office can make for an enjoyable experience. Taking vacation, etc. is very easy.

    Cons

    Company wants to do what other companies did 5 years ago. The job was represented as something much more challenging and fulfilling in the interview process. In reality it is just a simple sales job.

    Advice to Management

    The dials = dollars strategy is far too simplistic an approach. No real strategy to address client desires other than just ask their goals. The problem is turnover is high among ICs and the clients have likely had this conversation with someone else and do not want to have it with a new person every six months. Therefore, a fresh approach based on the company offering some value upfront to the client to re-engage them would be beneficial. The 'Sharpen the Saw' segments where a successful IC is interviewed for advice are really just the IC saying what management wants to hear.


  9. Helpful (2)

    "Financial consultant"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Financial Consultant in Phoenix, AZ
    Current Employee - Financial Consultant in Phoenix, AZ
    Neutral Outlook
    No opinion of CEO

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

    Pros

    They give overtime. They did have a very good deal on trades and were willing to work with clients to give additional free trades. All you have to do is ask.

    Cons

    Old outdated systems and very unorganized chain of command. The company is being taken over by TD and branches will be closed.


  10. "Investment Consultant"

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

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

    Pros

    Great leadership that is very encouraging and goal oriented. The leadership has open communication at all times and will gladly talk to you. If you are good with clients, know how to handle basic competitive sales quotas and are looking for genuine recognition of your hard work this is the company you would want to work for. I am sad to see scottrade as a company leaving but I am excited to see what TD can bring us and our clients. I am also very happy with the competitive environment Scottrade holds us to. These new goals and metrics are good because they are just high enough to get the dead weight out of the company but not too high where they are unattainable. If you aren't hitting your goals, it's you , not the company. They provided you with more than you should need it you are even a decent associate. I come from an extremely competitive sales company that expects ten times the daily dials, contacts and assets. The culture is welcoming and encouraging as well. They recognize you as a individual person rather than just another sales person.

    Cons

    Some vagueness with the transition but it's a merger of two large companies of course they aren't going to tell you your fate.

    Sometimes the leadership wants to please everyone so they won't fire long time associates that don't want to switch from a service to sales platform which does nothing but slow down the company.

    Advice to Management

    Cut out the dead weight associates. If they aren't hitting their goals and complaining about it they should be pushed out to make room for better associates. They are a drag on the morale and profitability of the company


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