Scottrade Reviews | Glassdoor

Scottrade Reviews

Updated October 16, 2017
1,009 reviews

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1,009 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 (20)

    "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.


  2. "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

  3. Helpful (25)

    "The end is near"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Branch Manager in Detroit, MI
    Current Employee - Branch Manager in Detroit, MI
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

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

    Pros

    Legal close is approaching and the uncertainty of the branch associates will finally come to an end. All associates except for the branches know of their fate, is this fair?

    Cons

    MK currently bragged that 25% of the branch network has met target numbers. Could this be the 25% of Scottrade-nation that were paid retention bonuses? The disingenuous messages we receive from executives during our monthly conference calls do nothing but encourage low morale. Customer retention has all been ignored as the focus and pressure for asset gathering and managed accounts have not decreased over the last several months. Continued publishing of the branches sales performance metrics is a clear gauge of employee disengagement. TD will probably use these numbers against associates to fire them for "cause" versus paying them the severance package that was published back in October 2016 when the TD deal was announced.

    Advice to Management

    TD, please take the respectful actions and be open and honest with Scottrade associates once we are your property. We understand that you want a smooth transition for our client base and so do we. But please be swift in communicating your plan for us and the branches after the quiet period is over.


  4. Helpful (1)

    "investment consultant"

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

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

    Pros

    I get paid very well for what I do.

    Cons

    computers and computer systems need a major overhaul


  5. Helpful (1)

    "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


  6. Helpful (1)

    "Great company to work for!"

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

    I have been working at Scottrade full-time

    Pros

    Client focused mission and great culture of helping in the community.

    Cons

    Wish it could have lasted longer.

    Advice to Management

    Thanks for building a great company to work for!


  7. "Financial Service Rep"

    StarStarStarStarStar
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee

    I worked at Scottrade full-time

    Pros

    Great hour, Management, Work Location , Communication, Respectful

    Cons

    If you don't pass your Series 7 Exam then you are let go.

  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 (19)

    "Another discount brokerage firm late to the AUM game and trying to catch up"

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

    I worked at Scottrade full-time

    Pros

    Great local management! The branch manager is fair guy who leads by example and does a great job following up and coaching his consultants, setting them up for success.

    Cons

    Regional sales managers put constant pressure on branch manager's sales quotas. Upper management is constantly changing terms of variable compensation, making bonus money more difficult to get and less abundant. Constant pressure on sales drives consultants to tend to neglect service side of things but clients still walk in for service related inquiries all of the time, which makes it for a difficult balancing act.

    Advice to Management

    Company has been sold out to TD Ameritrade, so my only advice is: make things right with the employees that will be left out in the cold and give them a fair severance package.


  10. Helpful (20)

    "Why is the Hockey rink hot after the game?"

    StarStarStarStarStar
    • 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

    Pros

    Employees get bi-weekly pay checks until February

    Cons

    TD Ameritrade merger, uncertainty, waiting, no control over job function, bonuses reduced, guidance referrals reduced, deal close-conversion delayed. Forcing us to increase calls from repeat call list(s). Terrible morale. Back-stabbing. Investment consultants even managers take your book or business/deposits of new assets. Clients are transferring to competitors at alarming rates. Will be worse until the end. When it does end they'll fire us within two years. Look at TD Ameritrade merger history or talk to former employees. Us former TD employees could be worse off then Roger's born purple (Scottrade) employees.

    Advice to Management

    Punch line...Because all the fans have left!


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