Scottrade Employee Reviews | Glassdoor

Scottrade Reviews

Updated March 20, 2017
923 reviews

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923 Employee Reviews

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Pros
  • Great work/life balance for employees (in 119 reviews)

  • 401k match, weekends off or should I say on parole (in 52 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 (3)

    "Investment consultant"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Investment Consultant
    Current Employee - Investment Consultant
    Approves of CEO

    I have been working at Scottrade full-time

    Pros

    Decent pay, 401k, and they sponsor all licensing.

    Cons

    There are only three things needed to have a good experience with Scottrade. 1) A good manager 2) A nice location, especially with the buyout coming up 3) And to keep your expectations for the technology that you will use very very low.


  2. Helpful (30)

    "Keeping the Boat Afloat"

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

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

    Pros

    Good overall benefits, solid 401K match, good work/life balance, great/talented peer group in the field

    Cons

    Too many to list, will instead highlight a few. Upper management from Regionals and up can't be trusted, words like inept, untrustworthy, underhanded come to mind. They're quick to tell you how transparent they are with communications about the pending TD Ameritrade acquisition, couldn't be further from the truth. Technology is shockingly poor, many programs utilized are simply deficient. Poor implementation of the sales model and not a level playing field for those in sales position.

    Advice to Management

    Do what you have long preached, actually take care of your employees through this transition by treating everyone fairly. To start, be more forthcoming about what's already been clearly determined, which is far cry from what your leading on to currently. Stop picking and choosing who you want to see through the transition with these covert Transitional Retention Bonuses ($20K) and uniformly offer these to everyone, especially to those who helped build this company into what it is today. Take a page from the old days of Scottrade and actually take care of your employees. Lastly, please stop insinuating that it's "business as normal," and start acknowledging the challenging conditions in the field for us. I think your also doing an injustice to your Investment Consultants framing TD Ameritrade's sales culture in such glowing terms. I've worked for them previously, simply not the case, could be a rude awakening for many.


  3. Helpful (12)

    "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.


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  5. Helpful (23)

    "Get your resume ready"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    I have been working at Scottrade full-time

    Pros

    Insurance benefits, generous vacation policy, pleasant co-workers (for the most part). Scottrade management USED to believe that you should hire good people (hard-working, loyal, desire for self-improvement), and help develop and retain those employees. Loyal employees led to loyal customers. Customers felt comfortable doing business with Scottrade when they knew there were honest and intelligent employees helping them.

    Cons

    Instead of investing in upgrading HORRIBLY outdated technology and streamlining operations procedures to simplify client and/or branch procedures, management chose to focus on unrealistic sales quotas and mediocre guidance offerings. With each branch responsible for every single operational task and no support or training from headquarters, it is not surprising that customer satisfaction and asset retention suffered. Honestly ask yourselves, if you were a client would you want to do business at Scottrade?? Everything requires a form, and all of them must be filled out pen and paper by client. Try to uncover GST$ while wading through all of that, and then can't even provide basics like Drips, online check requests or ACH transfers, householding accounts, viewing/changing beneficiary, any sort of decent fixed income platform, and so many more...

    Advice to Management

    Why have so many good employees given up and quit, or been put on a PIP and gotten fired? Branch Admin is desperate to remain relevant and employed post-merger, and are behaving like tyrants by threatening and abusing employees. Is Rodger proud of the legacy he is leaving behind? In a couple of years, clients will have forgotten all about Scottrade, and all of the former employees will have been terminated or moved on to hopefully greener pastures. I am not surprised by the cutthroat behavior and lack of loyalty from so many former Ameritrade employees that grew like cancer in branch admin, but really expected more from Rodger himself. This section is labeled "advice to management", but since that will fall on deaf ears, my "advice to employees" is to polish up those resumes and start looking elsewhere. Good people terminated or quitting left and right. Even if you make it through to the merge, how long until TD management closes your branch or terminates you for missing new, higher quotas?


  6. Helpful (33)

    "Branch Manager"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee
    Doesn't Recommend
    Negative Outlook
    No opinion of CEO

    Pros

    The company use to be a great place to work. A lot of good people, good pay, and family type culture.

    Cons

    It all went out the window a few years ago. The company adopted a sales strategy and failed to implement it properly. The hired a bunch of folks stuck in the 80's with a sell or get fired approach.


  7. Helpful (13)

    "Investment Consultant"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee
    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

    I have been working at Scottrade full-time

    Pros

    The company use to be a great place to grow and potential move around to different branches or home office. The people that work are fun to work with.

    Cons

    The management team really doesn't have a sale process or template in place so if your branch isn't busy with walk-ins then it can be tough to gather assets. I have been in many different sales roles in the past and if the leaders have a prvoen method it helps everyone.

    Advice to Management

    Fix the pay model. There is no incentive to keep assets, only to bring in new assets. A small retention bonus is not a good incentive nor does the single bonus for landing new business help create lasting relationships.


  8. Helpful (40)

    "$20K to stay or they all go away"

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

    Pros

    Small company family feel. Great repoire with clients. Great relationship. Pleasure to always come to work. It never felt like work. Exciting keeping up on the world financial markets. Very competitive generous benefits. Overall stress-free. Vacation.

    Cons

    The "Pros" all went away in quickly. The place ran into the ground by inept middle management and executives lacking the experience. They tried to compete with truly national and global firms who quickly squashed them out like bugs.

    Advice to Management

    Be fair...give the retention bonuses to everyone...start severancing employees.


  9. Helpful (33)

    "California Regional Manager Ran'em Out"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

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

    Pros

    People - coworkers and customers.
    Regular paycheck.
    Benefits.
    Slightly generous 401k.
    Reimburse gym membership.
    Merger.

    Cons

    I watch the regionals in California run people out. They threatened, harassed, micromanages, and fired. It was done on the job with company resources and offsite on private cell phones. I saw manager push out employees and then be pushed out themselves. Many managers have fired people their first day on the job. There was one specific regional who was underperforming, with the permission of the firm (divisional, HR, executives) fired tons of great people, irritated the rest to the point of many voluntarily leaving, then he left. How do the divisional managers, execs, and HR EVER let a guy wipe out 25%-35% of a region in such a short time and then walk off to get hired by a vendor. Why does that ever happen?! If you're giving $20,000 retention bonuses you've lost the company. I know people on the Pacific and Atlantic coast who got the retention bonus. Everyone should ask for it. Of course they'll have you sign a contract.

    Advice to Management

    Enjoy the end before TD takes you to the cleaners and eats your lunch. Quite the pipe dreams that this is a synergy. You got bought because you'd go out of business shortly. Be honest that most of us will be gone by firing, because very few will obtain severance. Be honest to employees and clients that the merger is happening ASAP instead of lying about the timeframe.


  10. "Good Company"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Senior Brokerage Strategy Analyst in Saint Louis, MO
    Current Employee - Senior Brokerage Strategy Analyst in Saint Louis, MO
    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO

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

    Pros

    Great work/life balance for employees

    Cons

    Not much accountability. Lack of leadership


  11. Helpful (48)

    "Save yourself, Don't get trapped working here"

    Star Star Star Star Star
    • 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 8 years)

    Pros

    -It use to be a decent place to work, although it was pretty much a dead end career with the peak being a Branch Manager
    -They are offering retention bonuses if you stick it out - you may have to threaten to quit or have one of your coworkers canned (~20k)

    Cons

    Years down the road, there will be case studies for business schools on what happened to Scottrade (and no, not in a good way - it will be about what NOT to do). The company grew too fast, and management was trying to play grown ups for positions that required outside expertise. IT is terrible at Scottrade, clients were being hemorrhaged post TD merger announcement, and plus on top of this - sales targets are expected to be achieved. If you miss two quarters of sales targets, you're getting canned. It is a dead end career, with recruiters painting a picture of you are helping clients with their finances. In reality, your relationships are meant to suck the clients dry out of all the money they have, and put them into cookie cutter ETF managed portfolios (which we claim they are not). Then you move onto the next client. This is your job at Scottrade. There is no real helping, as you are not advising them how they should invest, or what to invest in, or really care for their performance post managed account. It's a pure sales job at this point, that requires very little finance background at this point. While I worked there, there was not one person I know that was actually happy with their career at Scottrade, or saw themselves staying at Scottrade longer then the foreseeable future. And no, I am not a disgruntled employee. I am happy I left Scottrade. It was the best day of my life.

    Advice to Management

    Management (Branch Admin and up) is incompetent and in way over their heads. Selling was the best decision they did, but good luck finding careers outside of Scottrade.



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