Scottrade Reviews | Glassdoor

Scottrade Reviews

Updated April 25, 2017
942 reviews

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Full-time Part-time

2.6
Star Star Star Star Star
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Scottrade Founder, President, and CEO Rodger O. Riney
Rodger O. Riney
684 Ratings

942 Employee Reviews

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Pros
  • Great work/life balance for employees (in 124 reviews)

  • 401k match, weekends off or should I say on parole (in 57 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. Featured Review

    Helpful (41)

    "A Rewarding Career"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Branch Manager in Traverse City, MI
    Current Employee - Branch Manager in Traverse City, MI
    Recommends
    Positive Outlook
    Approves of CEO

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

    Pros

    I honestly and truly believe that we have the best owner, best employees and best clients of any firm. Scottrade is like a family in how they treat their employees and how they treat their customers. Being able to interact with clients on a daily basis allows you to quickly develop long lasting relationships with outstanding people. So many are in need of help with their investments and look to you as a partner as they know that you have their best interests in mind. It is truly enjoyable and rewarding to be able to work at a firm that has so many ways to help clients reach their financial goals. We are not pressured to sell any proprietary products and do not have compensation tied to our investment offerings, i.e., you are not pressured to sell a certain line of investments or ram commission-based load funds down people’s throats. Our managed solutions are fiduciaries that are independent and unbiased. Therefore, you can feel good knowing that you are truly working in the best interest of the client. At the same time, you are able to make a lot of money while putting people in a better place financially. It simply doesn’t get any better.

    Cons

    No firm is perfect. There certainly are technology issues. However, we now have a SOLID and experienced leadership team in place heading up both brokerage and banking operations. In the very short time they have been on board, improvements have already been made. Additionally, the transition to sales has been difficult for many including myself. I honestly didn’t think I would care for it. However, I found that by simply focusing on helping and educating clients about high fees and conflicts of interest that are so prevalent in our industry, our offerings sold themselves. So many people have been burned by shady advisors that this message resonates with clients and you quickly gain their trust. I am having a blast making more money than I ever imagined possible at Scottrade. My advice for people complaining is to focus on what you can control and the positive impact you can have on people’s lives.

    Advice to Management

    Rodger is the most honest and decent CEO you will find. He truly cares about his employees and is a big reason I have stuck around here for 16 years. I care not to work for weasels and there are plenty of them in this industry. He has recently brought aboard a great leadership team with outstanding, experienced people. Even better things are on the horizon as we begin to roll out guidance to the branches. Keep up the good work!

    Scottrade Response

    Jun 22, 2016 – Social Recruiting Team

    Thank you for taking the time to share your thoughts with us! We appreciate your constructive feedback and hope you continue to find success at Scottrade.


  2. Helpful (11)

    "A great place to start out and build some experience, but not somewhere I would spend a career."

    Star Star Star Star Star
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee in Saint Louis, MO
    Current Employee - Anonymous Employee in Saint Louis, MO
    Disapproves of CEO

    Pros

    Scottrade is a growing company with a need for many new employees. This creates opportunities to move within the company to different departments that you might want to work for. Lateral movement is fairly easy in this company. Management has been very helpful in achieving a good work/life balance for myself. They understand that this is a job and not a lifestyle.

    Cons

    Management is not very helpful in terms of communication. It feels as though projects are sometimes thrown together without everyone at the top knowing what is going on. This might have worked 15 years ago when the company was much smaller, but for a discount brokerage that is focused on technology it is unacceptable.

    There is definitely a feeling of nepotism at the company right now. Those that have been with the company for a decade or more are being thrust into positions that they might not necessarily be the best candidates for. This leads to poor management in some departments, and ultimately it affects newer employees. Upward mobility is very difficult at this company.

    Advice to Management

    Open lines of communication between management and employees. There is a big disconnect between senior management and employees. Stop promoting from within. Some of the best hires that the company has had have come from outside the company. Just because a person has been with Scottrade for many years does not qualify them for a senior position. The company is young and has potential, but only if better management can be found.


  3. Helpful (2)

    "Fun atmosphere, but not so much fun for interns"

    Star Star Star Star Star
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Intern
    Current Employee - Intern
    Recommends
    Approves of CEO

    Pros

    Scottrade has a fun, laid back atmosphere. HR really cares about making the employees happy, and generally, those who work at Scottrade are pretty content. Because it's a customer-orientated business, it does make for some interesting days and funny stories.

    Customers like the low commissions and good service, though, and since I was a customer myself, it made it easy to pitch the product to new customers. Rodger Riney, the CEO, definitely knows what he's doing with the company.

    Cons

    Interns are not properly trained. Because of the way the business operates (managers and brokers must be ready for customers when they arrive), there is not much time to train interns on what's working/not working. Intern reviews are few and far between. Intern training consists mostly of online slideshows/presentations and self-teaching. There's also very little an intern can do to go "above and beyond" during their time there. They're stuck doing the same thing day after day with very little chance for anything new.

    There is definitely a sense of "once 5:00pm hits, it's time to leave immediately" rather than working extra to get additional work done, but this is likely because the discount brokerage business is a B2C, not B2B.

    Customers can be a pain sometimes, too, mostly because of the nature of the business. Discount brokerages survive on low commissions, and that brings in the bottom of the barrel customers - those with little money and lots of complaints.

    Advice to Management

    Think about the interns! Sure, management cares deeply about the new brokers and managers, but interns are given almost no actual in-person training at all, other than during the first few days. All phone calls are recorded anyways, so why aren't there more call reviews and reviews in general?


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  5. Helpful (1)

    "Good Intro job"

    Star Star Star Star Star
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Intern in Orlando, FL
    Former Employee - Intern in Orlando, FL
    Approves of CEO

    Pros

    9-5 every day. Never having to work late. Nice employee technology. There is a very positive work environment. Most of the branches are small (4-5 employees) so you get to know your co-workers very well. Branch management was always open for questions and to help you learn.

    Cons

    Salary, Basically an inbound call center at the branch. You play a large customer service role. The branch managers do not like to take phone calls and that syste flows right down the seniority chain. Therefore, the interns and the junior brokers end up taking a majority of the phone calls.

    The internet is strictly monitered and restricted. No sports websites can be accessed.

    Advice to Management

    Slow down on the branches. I know that the more branches that are open, the more recognition the company receives, but there were quite a few days when we barely had any phone calls. That makes the day tough when you are just sitting around all day.


  6. Helpful (1)

    "Great company to work for and gain valuable experience and information."

    Star Star Star Star Star
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Stockbroker in San Francisco, CA
    Current Employee - Stockbroker in San Francisco, CA
    Recommends
    Approves of CEO

    Pros

    It is a great place to gain experience and learn about the industry as a whole. It is also a place where communication is key, and workers from all levels of the company can communiate pretty freely with one another (suggestions, information, conversations, etc.).

    Cons

    The compensation ranks among the lower end in the industry.

    Advice to Management

    To review the compensation given to employees. Also, when it comes to upgrades or getting current technology, the small things matter just as much as the big things (i.e. branch technology compared to customer technology).


  7. Helpful (1)

    "Good place to gain experience, not a place to build a career"

    Star Star Star Star Star
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Intern in New York, NY
    Current Employee - Intern in New York, NY
    Recommends
    Approves of CEO

    Pros

    Belief in developing their associate to be more productive in their role at the company and as an individual. They truely do believe in placing customer service on top of their agenda and making sure all associates follow this. Great emphasis on it innovation, and innovation in general. Work is over at five pm, no need to stay over time. Everyone is pretty low key. Work with a lot of diverse individuals with different backgrounds in the industry. Everyone always has a different perspective and advice to give to others, helpful in general. Communication is very open through all departments.

    Cons

    Non competitive compensation for all levels of associates. Very low morale due to this factor- a number of associates work two jobs to substain a family. This is the number one complaint heard at all branches. There is a lot of stress, a lot of stockbrokers do pick up the smoking habit. Mainly due to customers. A lot, and I emphasis a lot, of paper work. A lot of promotions (a huge plus) and also a lot of people leaving that leaves with a lot of transfers, many branches do not have a permanent branch manager, which is frustrating to stay the least.

    Advice to Management

    Better management skills in relation with the internship program.


  8. "Good place to work if you're over 40."

    Star Star Star Star Star
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Stockbroker in Lancaster, OH
    Current Employee - Stockbroker in Lancaster, OH
    Approves of CEO

    Pros

    Very strong culture among employees. You really feel like Scottrade cares about you, and they give you a lot of perks (free lunches, toys, gift cards, etc). You work in a small branch so you know everyone you work with and you are all typically very good friends. Also the customers are rather consistent as well so you get to develope relationships with your customer and it becomes fun.

    Cons

    You won't gain experience to work anywhere else in other financial companies. The ability to learn is capped really early, and you are really only learning about customer service. Also the job is very tedious and repetitive. Nothing ever interesting happens unless the market crashes and you get to tell customers all sorts of crazy news.

    Advice to Management

    They are all great.


  9. "Scottrade offers good pay, good benefits and room for growth."

    Star Star Star Star Star
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Stock Broker
    Current Employee - Stock Broker
    Recommends
    Approves of CEO

    Pros

    Scottrade offers good pay and good benefits. They are known for promoting from within and are always looking to advance their current employees careers.

    They have some very unique benefits. They will pay part of a gym membership, match charitable donations up to $10,000 and have many contests throughout the year.

    In addition you get generous vacation time starting your first year. Also, Stock Brokers get paid time and half for any time worked over 40 hours.

    Cons

    One of the biggest downsides is that the offices are small (normally two to four people per office). It can make it more difficult to have time off around the holidays.

    Advice to Management

    Keep up the good work.


  10. "Good job, not great pay"

    Star Star Star Star Star
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Stock Broker
    Current Employee - Stock Broker
    Recommends
    Approves of CEO

    Pros

    as a stepping stone or if you want to become a manager without waiting 10 years

    Cons

    The pay is not as competitve as it is with other firms

    Advice to Management

    Pay us a little more. change the bonus structure so that it is factored into our pay rather than as a bonus.


  11. Helpful (6)

    "Scottrade-A Good 9-5"

    Star Star Star Star Star
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Stock Broker
    Current Employee - Stock Broker
    Recommends
    No opinion of CEO

    Pros

    Scottrade provides an excellent work environment. Branches are manned by a small staff and it is easy to build decent working and personal relationships with co-workers. The best part of the job is the people with whome I work. Scottrade is a good stepping stone for career starters. Over the years, we have had 33% of our college interns go on to full-time positions with Scottrade. There are opportunities for advancement from inter to branch manager. There are many positions availabl in the corporate headquaters. Scottrade provides many unexpected perk, like gifts during Christmas. Management is especially generous when we receive the JD Power Award for Excellence which we have several times now.

    Cons

    There are opportunites for advancement it is quite likely that you will have to relocate to take advantage of these. If you want to advance in Corporate you must relocate to St. Louis, MO, enough said. Upper management makes an attempt to micro-manage local branches, it is an annoyance. It also leads to the us and them syndrome and is very 1984. Currently, I am review by my manager nine times per year. Yes, you heard me nine times. This creates a very Orwellian atmosphere. Compensation and benefits are okay. They could be better. Especially benefits like dental which is not a benefit at all but a discout program. Oh, by the way, some genius in human resources though it be a boost to morale if Scottrade would send an annual report to every employee about hom much cost we are to Scottrade to make us all feel better about the meager compensation.

    Advice to Management

    I think a focus on attracting and retaining talent would be in order. It seems that the company focus more on the cheapest labor for the buck and not on staff that can effectively do the job. Many new intiatives for customers are not implement in a thoughtful way. It would pay if we spent a little less on opening branches and more on compensation and benefits. We'll get what we pay for and right now it's not much.


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