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Scottrade Reviews

Updated January 17, 2018
1,050 reviews

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3.1
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Scottrade Founder, President, and CEO Rodger O. Riney
Rodger O. Riney
758 Ratings

1,050 Employee Reviews

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Pros
Cons
  • no room for advancement without relocating (in 31 reviews)

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

More Pros and Cons

  1. Helpful (2)

    "Working at Scottrade"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    I have been working at Scottrade full-time

    Pros

    great place to work. Great people,

    Cons

    Must move to St Louis to advance.

    Advice to Management

    Keep the Scottrade culture alive


  2. Helpful (83)

    "Letter to the previous owner"

    StarStarStarStarStar
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee
    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO

    Pros

    Rodger, I have dedicated enough years to our company to feel entitled to a comment.There are quite a few of us like me. Seems like at every manager meeting we would count the people by tenure and admire the loyalty. 5, 10, 15, 20 years of service. We were different, felt more like a family than a firm.
    We've been through a lot, we endured a lot. We stuck it out, hoping our hard work and transition to asset gathering would pay off.
    I can't imagine the health scare that prompted your decision to sell, but in the end, the payout belongs solely to you.
    You don't owe us a thing. You paid us a salary, we did the job. However, please understand the reason you are able to sell for $4 billion is not because of you. It is because of us, pushing through and making up for one bad decision after another.
    We pushed through when, in the middle of a financial meltdown you decided to open 150 more branches and kill bonuses by skyrocketing the fixed cost. We pushed through when you decided that technology is not worth investing in. We soldiered on when you continued to allow ineptness on the executive leadership team just because a person was with you from the beginning. Not a bad person per se, but no experience running a company of this size and too proud to admit it. We stayed when you finally hired a person to lead us and then fired them just as they were starting to turn us around. At the end, we dismantled the company as it was and rebuilt as a sales force for you. You yourself admitted it was not a job you could ever do.
    I remember you standing on a stage once, telling us about putting your trust into a person and not realizing until it's too late that they've had a knife in your back, twisting it slowly. That it is what it feels like right now.
    We will recover, probably never trusting another leader this much again. Most of us still do not know if people being severed or those with jobs are the winners. I really hope $4 billion will do for you what $3 billion could not.

    Cons

    For better or worse, everything has changed.

  3. Helpful (2)

    "Senior investment advisor - customer service"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee
    Doesn't Recommend
    Neutral Outlook
    Approves of CEO

    I worked at Scottrade full-time

    Pros

    Good work environment
    Friendly Co-workers
    Stable Employment
    Decent Benefits

    Cons

    Lack of internal growth opportunities
    Low salary
    Management didn't always listen to employee concerns

    Advice to Management

    Make employees feel more a part of the overall business


  4. "Branch Intern"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Branch Intern in Colorado Springs, CO
    Current Employee - Branch Intern in Colorado Springs, CO
    Recommends

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

    Pros

    -Comfortable environment
    -Customer service oriented
    -Opportunity for career and education advancement

    Cons

    -Technology is archaic. Processing methods and platforms are outdated which inhibits timeliness.


  5. "Great Place to work"

    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
    Neutral Outlook
    Approves of CEO

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

    Pros

    The people at Scottrade were awesome. The work environment was laid back and very family oriented.

    Cons

    Scottrade's communication during the transition to TD Ameritrade was not great.

    Advice to Management

    Communicate more


  6. Helpful (1)

    "Headquarters"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Customer Service Specialist in Westminster, CO
    Current Employee - Customer Service Specialist in Westminster, CO
    Recommends
    Neutral Outlook
    Approves of CEO

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

    Pros

    The CEO is incredibly generous. We have great facilities and HR/company usually do some sort of event/catered lunch once per month. We have company wide giveaways several times per year.
    The company seems to care about the associates and show their appreciation.

    Cons

    Seems to be some favoritism to certain locations, but really haven't seen any major cons.

    Advice to Management

    Make sure that peoples work is being reviewed fully to make sure training issues can be addressed early.


  7. Helpful (14)

    "Saw the writing on the wall after a year, bounced thankfully"

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

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

    Pros

    -Decent pay and opportunity to make good quarterly bonuses but you had to be aggressive. To make money you had to sell people on do it yourself for less. But you had to sacrifice customer service and then you got criticized for it
    -less than 8 our day, work didn't go home
    -good benefits but 401k annual lump sum is a joke
    -easy to predict and if you'd been in the business long enough you could tell something was in the works. Luckily left shortly before the merger was announced

    Cons

    SO many to mention. I was there over a year and had held other advisor/consultant jobs. I was laid off so took this as sort of desperation, but made it work.
    -Management really is/was clueless (serious look at all the posts); this is top down. Owner cashed in big time. DVP's, RM's etc mostly had no business being in their roles. I had more experience than anyone I work under other than my BOM (who was good btw)
    -Preach bringing in assets, but give you NOTHING in order to help with that other than a phone and at the time one of lowest fee structures
    -Preach sales and service, sell our offerings... only thing is Scottrade has NOTHING to sell. That's the point you have none of your own products. The Guidance team is a joke and the model are. Any decent advisor can do that. The Guidance consultants knew jack. Most had no experience before starting. The outside RIA's they used were horrible. Just put together a expensive mutual fund portfolio.
    -Constant talk about hitting numbers which was done by less than 10% of IC's BOM's; only branches that did were in ultra high net worth areas. LA, OC, Palm Beach, Miami , NY, AZ. Very easy to see by the reports
    -Customers expect all the hand holding in the world, HQ expects you to do it yet they expect you to ht these unattainable metrics. Nothing like a good morale booster to see that more than 3/4's of your network can't hit the "minimums"
    -Many one man offices, so hard to get time off or get personal time

    Advice to Management

    -You sunk yourself by riding the gravy train for so long
    -the answers were out there given to you for many, many years
    -a word.... technology.... look it up
    -roll out plans that you yourself believe in, Peter the new Prez even laughed at the metrics when he first started
    -good luck finding a "real" job now
    -when others are successful at something, maybe emulate what they do

  8. "Scottrade"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Investment Consultant in Cupertino, CA
    Current Employee - Investment Consultant in Cupertino, CA
    Recommends
    Negative Outlook
    Approves of CEO

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

    Pros

    Great work/life. No micro management

    Cons

    Too many departments. Hold times are long.


  9. Helpful (1)

    "Salaries was decent. Not too many opportunities to grow within the firm."

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Investment Consultant in Calif City, CA
    Former Employee - Investment Consultant in Calif City, CA
    Recommends
    Neutral Outlook
    No opinion of CEO

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

    Pros

    We could make extra money if we were good at sales. People were nice . Overall I was happy with Scottrade. Good experience.

    Cons

    Very stressful sometimes. Not easy to refer clients to FA with limited information we could provide to clients. People should get more training.


  10. Helpful (3)

    "Mission Fulfilled"

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

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

    Pros

    Talented people, valued customers, strong sense of purpose.

    Cons

    Peter principle. Reactionary leadership fostered fear of failure and subsequent stifling of creativity. As a result, unprepared to deliver solutions to meet and exceed future market expectations.

    Advice to Management

    Trust and empower your teams, and ensure that they do the same. Or, enjoy your retirement. You did a lot of good for a lot of customers, but kept your employees from doing more. Work on letting go of the fear and instead focus on what you can do today to help your team succeed. Continue to embrace the culture that made Scottrade so strong and the mission that gave such purpose to its associates.


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