Scottrade Reviews | Glassdoor

Scottrade Reviews

Updated July 26, 2017
976 reviews

Filter

Filter

Full-timePart-time

976 Employee Reviews

Sort: PopularRatingDate

Pros
  • Work/Life Balance is a great perk (in 134 reviews)

  • Good people, 401k match is amazing (in 58 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)

    "Manager"

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

    I worked at Scottrade full-time

    Pros

    Good work/life balance, 401k, benefits

    Cons

    Not efficient. Bogged down by process, process, and more process. Lacks logic.

    Advice to Management

    Know what's going on.


  2. Helpful (47)

    "Misery!!!!!!"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee in New York, NY
    Current Employee - Anonymous Employee in New York, NY
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

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

    Pros

    Air conditioning and heat is provided. Weekends off. Tv is on during work hours. Your allowed to take a lunch break

    Cons

    I am, along with thousands of other employees sitting in misery not knowing my fate. Not knowing if I will have a position with TD or knowing I won't be able to provide for my family anymore. Complete torture!!!! One new lead a day for the entire Branch, yet we still have minimum quotas !!! In the meantime some senior executives will walk away millionaires and some Billionaires. What about the people who helped build this business??? We get a nothing!! Don't have the desire to pick up the phone anymore. They are going to let TD be the bad guys to lay us off and they will walk away looking like they tried to help us

    Advice to Management

    TD isn't a great company to work for! Instead of allowing the ship to sink you could of turned this company around!!!

  3. Helpful (18)

    "Nice benefits, but frustrating work environment"

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

    I worked at Scottrade full-time (More than 10 years)

    Pros

    Good work-life balance, 8-5 MF schedule, good benefits including vacation, 401k match, and health insurance

    Cons

    Micro-management of duties, too many responsibilities and multi-tasking involved, lack of solid sales process, conflicting communication from upper management and middle management, poor long-term planning. continually changing incentive policies and sales goals, decreased focus on client satisfaction, employee morale, and greater emphasis on the bottom line and trying to patch too many holes on a sinking ship


  4. "Good Company"

    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 (More than 8 years)

    Pros

    Great team work in branch

    Cons

    Lots of unknowns with merger


  5. "Great Company"

    StarStarStarStarStar
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee
    Positive Outlook

    I have been working at Scottrade full-time

    Pros

    Friendly Environment, Great movement opportunies

    Cons

    There can be a lot of miscommunication at times.


  6. Helpful (29)

    "Sinking ship! Don't do it!"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Service Center Associate in Saint Louis, MO
    Current Employee - Service Center Associate in Saint Louis, MO
    Doesn't Recommend
    Negative Outlook
    No opinion of CEO

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

    Pros

    Pay is decent in the service center and PTO is excellent.

    Cons

    Morale is low on this sinking ship. Pending takeover by TD Ameritrade means very little job security. Brokers are in competition for best asset gatherers, but many are jumping ship. Bank support is toast. Technical support will likely be expected to get a broker's license for a chance to transition after the sale.
    The place is a disaster. Good, caring people on the phones in the inbound call center, but management is hideous. Very disappointed at how they're managing their people when they say they're trying to keep them in their chairs as the due date for TD Ameritrade's purchase draws near. It's a shame. If associates complain about management behavior, or express concern over low morale there's payback in their bi-annual reviews. Just don't do it.

    Advice to Management

    Treat your people like you value them and want to keep them. Show some appreciation for those sticking around and not bailing as soon as they heard about the buyout from TD Ameritrade. Have extra perks, prizes & food more often to keep up morale while everyone fears layoffs. Department Managers' behavior should be more closely monitered. Associates are experiencing payback in their bi-annual reviews when they complain about management behavior and low morale.


  7. Helpful (22)

    "Slow motion train wreck"

    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
    No opinion of CEO

    I worked at Scottrade full-time

    Pros

    The only positive side of working at Scottrade were the individuals I worked with in my branch. Our friendships were the only thing that kept Scottrade tolerable for way longer than what it should have been.

    Cons

    This list is unfortunately long for a company that was once highly regarded not only in the financial industry, but all industries. For the sake of not repeating lists in previous posts, I'll focus on the major topics to hopefully save someone who is considering a role with Scottrade.
    As soon as you get past the branch level, it goes south in a hurry. Don't get me wrong, there are some individuals in St. Louis that are great at their job and their even good managers. But those individuals are a very very small minority at Scottrade. A large amount of undeserving people have made it frighteningly high up Scottrade's corporate ladder. You will be coached on sales techniques by individuals who has never held a sales job. You will be micromanaged from afar according to exact goals given to every branch, regardless of location, demographics, average household income, etc. You compete inside an industry where your employer gives you zero advantages.

    None of which matters for much longer, with TD taking over.

    Jobs will be lost, plain and simple.

    Advice to Management

    I genuinely think Rodger is a good guy who decided to cash in at a great time. It's hard to deny that once you work in a branch and experience this log jam of a company first-hand.

    On the other hand, you have to take care of the people who dedicated a good chunk of their professional life to hold Scottrade together this long. It's important to note that clients don't hold any allegiance to Scottrade as a firm or broker, they are loyal to the tenured branch employees. Scottrade may have held their accounts, but branch employees held the relationship. The relationship is the most valuable part of the business, when you start treating branch employees like numbers and metrics, don't be surprised when the clients return the favor and leave.

    One last thing - of all the programs and systems you decide to shut down you choose Google Chrome?!?!

  8. Helpful (13)

    "Ok."

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

    I worked at Scottrade full-time (More than 10 years)

    Pros

    Autonomy to work.
    Good people.
    Team atmosphere.
    Good work/ life balance.

    Cons

    Unqualified/ Uninterested and not real knowledgeable leadership.

    Advice to Management

    Better recognition of talent.


  9. Helpful (24)

    "No Room to Advance Internally"

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

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

    Pros

    Time off - which is about to get shorted for over 10 yr employees after the merger.
    Some of the benefits, although the medical plan has changed and more charges are passed to employees.

    Cons

    Micromanagement by Regionals without a clue.
    Management positions are given to outsiders instead of long time employees who have bled for the company. There are certain individuals in the leadership team that discriminate against women being moved into power positions.
    Branch associates being hung out to dry in offices without any relief in sight.
    Paperwork bombards employees that try to make outbound sales calls and there is no mercy by the regional manager or anyone above them.
    Clients are given anything they want even if they don't bring value to the table.
    ICs are given the option to volunteer to take their 66 but are hounded to finish it in a hurry even though they are working as hard as possible during the day and may be tired at night.
    Retention bonuses are offered and then god forbid someone tries to get promoted they will take it away.
    Employees that have built the company have been shafted and will continue to be shafted before this merger is through and Rodger and the uppity ups could care less because they are getting a huge pay day.
    Everyone is scared to say anything for fear that they will lose their job and Scottrade will cream them on their U4 and then all of the hard work they have done to become licensed would be wasted.

    Advice to Management

    Rodger should be ashamed of himself and how he has treated some of his long term employees.
    Provide better salaries for people and give people a chance to succeed. My hopes that when TD takes over are they they are more transparent to employees and are willing to provide the necessary training and leadership team to get the job done right rather than all of the incompetent VPs in the organization.
    If you have ever heard of the saying "too many chiefs and not enough Indians" Scottrade has done exactly that. Too top heavy in management and not enough people to get the job done right. Also the pay is so minimal for the amount of garbage that branch employees have to deal with. Under appreciated and under valued branch employees who have built this company should be taken care of and not treated poorly. Shame on you Scottrade and all of the management above the branch level.


  10. Helpful (32)

    "Amateur hour"

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

    I worked at Scottrade (Less than a year)

    Pros

    candy and toilet paper provided at not cost

    Cons

    Regional managers and divisional managers droning on and on about your big G. Showing clips from Glengarry Glen Ross and calling it motivation. RM's and DVP's telling all they will be "fine" as they scheme and collude with other to fire and replace. Rodger and management looking everyone in the face telling them they will be treated fairly then thrown out like garbage. Nice legacy you are leaving Rodger Mary and Peter. Enjoy your peaceful retirement.

    Advice to Management

    Please more talk of my big G maybe even my little g.


Showing 976 of 1,089 reviews
Reset Filters