TD Ameritrade Reviews | Glassdoor

TD Ameritrade Reviews

Updated December 19, 2017
119 reviews

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TD Ameritrade CEO & President Tim Hockey
Tim Hockey
7 Ratings

119 Employee Reviews

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Pros
  • Great mid size company with good work life balance (in 59 reviews)

  • This is a solid firm with good benefits and perks (in 45 reviews)

Cons
  • Work/life balance is bad, overtimes and weekend work are normal things (in 15 reviews)

  • Promotional opportunities are limited to other departments in the call center until you have put in a certain amount of time (in 27 reviews)

More Pros and Cons

  1. Helpful (9)

    "Very unorganized right now"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Financial Services Trainee in Saint Louis, MO
    Current Employee - Financial Services Trainee in Saint Louis, MO
    Doesn't Recommend

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

    Pros

    The fact that they pay you to study for the Series 7 and 63 exams, they offer overtime to study, they offer benefits right away, the diversity in new hires is great but there's no diversity in management, cafeteria with vegan options!, the desks are amazing.

    Cons

    I was told that study time was 3 months. It's actually 6 weeks for the Series 7, one week fort the Series 63, and one month of on the job training. Three of my friends did not pass the Series 7 exam and each of them had a different outcome. We were told to wait to hear back from management on the next steps. One girl was called the same day and offered a different position, one girl was called and told that someone would call back about another position, and one girl (who scored higher than the other two and was so close to a retake) was not called at all. She emailed two managers and never heard back. I feel like someone either dropped the ball or the company is just too unorganized. This made me look at the company differently as the one girl who wasn't called back has two daughters, left a really great job at Edward Jones for the opportunity, and was in the process of buying a home. I just wish there was a better procedure in place for those who don't pass the exam. You can't offer some people another position and not everyone. Isn't that form of discrimination? Funny thing is, the last girl has more financial experience than me. I was also told that after passing the exam, I would get a $1,000 sign on bonus. Now no one even knows when we will get it. "Sometime is February", they say.

    Advice to Management

    Get organized. It's understandable that merging two companies together as one is difficult, but trying to hire people and train them in the midst of it is not a good look. The on the job training after testing is terrible. You've got people moving to St. Louis on the TD side, still settling in and people from the Scottrade side who have no idea what's going on. No one seems to know anything and it's frustrating. You're messing up people's lives in the process and it makes me not consider this as a company I want to grow within.

    TD Ameritrade Response

    Jan 12, 2018

    We’re sorry to hear confusion existed regarding the paid study program. TD Ameritrade is committed to providing equal employment opportunity to all Associates, independent contractors, interns and... More


  2. Helpful (11)

    "Formerly Scottrade Investment Management"

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

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

    Pros

    Great network of people to work with. There are several professionals on this team who will go on to build/create great things in our industry. Our team built an RIA from the ground up and soon became one of the fastest growing RIA businesses in the industry. It was a startup feel at an established company.

    Cons

    Leadership of the SIM group was inexperienced and lacked vision. Every time we were on a trajectory to excel, leadership would alter our course by "trying something different". Like they say, "If it's not broke, don't fix it".
    This team, which has done so much in creating long term value for clients, and Scottrade, is being kicked to the curb along with many other employees. Severance packages can't replace the opportunity that has been snatched from good, loyal employees who have endured volatile compensation plans and sketchy compliance oversight.

    Advice to Management

    The culture of TDA needs to be repaired. Years ago, it was one of the best places to work. Between changing compensation plans, decreasing benefits, and lack of leadership/vision, you're on a slippery slope. Compensation needs increase to keep good talent. Clients trust your firm with their life savings, having a new broker/consultant every few months does not offer peace of mind. This is why you are losing share of wallet and will continue to lose to Schwab and Fidelity. The number one focus should be on figuring out how to stop employee turnover. Build long lasting relationships with your employees, just as you strive to do with clients.

  3. Helpful (26)

    "A fair description of the role from someone who has worked in various companies..."

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

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

    Pros

    Work life balance-Our doors are open until 5PM. I am willing to stay late and meet with clients, but it's not a requirement. I am afforded a fair amount of PTO.

    Salary-In comparison to some other firms, the salary offered to me on was very fair.

    Lead flow-You get a book of clients and prospects as well as a fairly consistent lead flow.

    My manager-I am very lucky to have a really good manager. He's very passionate about the job, he cares about his employees and brings a family atmosphere to the office.

    Cons

    I am lucky enough to have been in the industry for a fair amount of time, which has allowed me to work in various companies and in various capacities. So far, TDA is at the bottom of the list(it's not really that close actually).

    I have been with TDA for about 8 months and I have already had some early success as I have exceeded my production goals. So my opinions aren't coming from a bottom producer who has an axe to grind. I am fairly good at my job. That being said, I can't imagine there is a company out there that treats their employees worse. There are many examples of this:

    1. Compensation-The way they handle compensation is egregious. My salary is fair, but the firm will do everything in their power to disqualify you for any and all of the incentive compensation that you are owed. Words(at least words on this website) cannot really describe how bad this is. Besides the blatant attempt to not pay us for work that we do, there are other compensation concerns as well:

    -I have already had 4 compensation plans in 8 months. All of these plans are completely different and have a different set of rules. I give them a pass on 1 of them because of the DOL rulings. So lets call it 3 different compensation plans in 8 months.

    -When I was hired, I was promised a chance to get the new hire year end bonus award. Apparently they got rid of that in the first compensation change after I was employed.

    -In our current plan, part of our compensation is retention. We are required to retain the majority of our books. If you don't, you lose money or you lose the opportunity to earn money. The average SFC has to have 300 clients and 175M AUM. The majority of the client base is not there for you and wants nothing to do with you. A portion don't even have working phone numbers. You get hurt if those people take money out. Whether they are paying for their kids school, taking out their RMD or decide to transfer a portion of their accounts to their nephew who just started in the business, you get hurt if they take out money. This would be fine if you got the same credit for the organic money that comes in, but you don't.

    2. Day to Day-The role itself is a really good role. I basically got a book of business(the way the firm handles this "book" is poor) and my job is to manage that book of business. It would be great if it ended there, but the firm doesn't allow you to do that. The sole focus is on activities and some are meaningless, unproductive activities. If you have a few long client meetings and bring in $4M into managed money, the focus is going to be on why you didn't dial the phone 30 times and why you didn't contact 11 people and why you didn't run any goal plans and so on. Productivity is secondary to activity with this firm.

    3. Employee benefits. Of the companies that I have worked, this one has the worst benefits. They just recently stopped paying for our gym memberships. Really? How much money are saving on that cut?

    4. Direction of the firm. I have major concerns about the future of this firm, but one thing is apparent, its going in the wrong direction.

    Advice to Management

    I consider myself a very loyal employee. I work hard and do things the right way. I know a lot of people in this industry and have made a lot of strong connections over the years. At this point in time, I would not recommend they work for TDA. I know that there were some recent changes to upper management and I pray that they fix this and focus on repairing the major disconnect.

    I really would like this to be my final move, but if things don't change, I won't have a choice.


  4. Helpful (15)

    "Investment Consultant"

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

    I worked at TD Ameritrade (More than 10 years)

    Pros

    Branch was enjoyable and met some good people for the last 10+ years. A long time ago we were charged with doing the right thing for our clients.

    Cons

    IC pay over the last 5-7 has trended downward. Yes TDA management will say that target comp has gone up, but the reality is that sales targets have gone up while payouts have decreased, and that is indisputable. But far worse than that are the inherent conflicts of interest. Once upon a time all advice solutions were considered "one target/one bucket" and thus one payout regardless of solution. Then TDA added the INHERENT CONFLICT OF INTEREST by placing a heavier weighting and payout on proprietary/in house solutions. And that was the end of a great era. From that point on we no longer had conversations amongst colleagues about "what's the singular best solution for the client", but rather "how can I split client asset amongst different solutions to maximize my stack ranking and payout".

    TDA has promoted "people matter" and "client centric" or whatever the catchphrase du jour is today, but in reality it's all about the shareholder at this point.

    Advice to Management

    For the past 2 years you have waffled back and forth on a "relationship/advice model" and are still stuck at ground zero. And part of this is because you are trying to take the company in this direction with the same middle and upper management that has NEVER operated in a "relationship/advice model".


  5. Helpful (8)

    "management destines this company to be a follower"

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

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

    Pros

    Good mix of diverse quality employees.

    Cons

    Talk the talk of putting the client first, but the compensation forces the talented staff to be at conflict with that goal. Middle management full of lifers afraid to push back to stagnating management decisions.

    Advice to Management

    Try to lead rather than pace Schwab, 5 years behind. The call nights are probably illegal and cultivate resentment.


  6. Helpful (15)

    "Senior Financial Consultant"

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

    I worked at TD Ameritrade full-time (More than 8 years)

    Pros

    TD Ameritrade has a complex from being in the shadow of Fidelity and Schwab since their inception. It used to be a fun place to work, but, upon change after change after change in upper management, the job has deteriorated into a bad place to work.

    Cons

    You earn PTO and then are criticized when you use it. Expensive benefits. Management by intimidation. Micro-management. Leads to the branch are manipulated. Favoritism is a heavy function at this employer. This company can't quite decide what it wants to be; it keeps talking about how the Branch role is "Relationship Management" but they only care about stuffing all clients into their very narrow offerings that consistently under-performs the benchmark. Having a designation of CFP (and other designations) doesn't allow you more autonomy. They consistently drive away older employees and they are involved in many lawsuits due to wrongful termination.

    Advice to Management

    Stop managing by fear and intimidation. Get control of the Branch Managers. However, the Branch Managers are out of control due to upper management intimidation.

    TD Ameritrade Response

    Nov 10, 2017

    At TD Ameritrade we offer a competitive PTO package, because we recognize that it is important for our employees to have time away for a healthy work/life balance. Employees are encouraged to us... More


  7. Helpful (3)

    "Financial Consultant"

    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
    No opinion of CEO

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

    Pros

    Platforms, Products and Invesmtent Resources for Clients

    Cons

    Management, Culture, Compensation Program. the entire firm has really lost its way

  8. Helpful (2)

    "Customer service"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Customer Service Representative in Fort Worth, TX
    Former Employee - Customer Service Representative in Fort Worth, TX

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

    Pros

    Insurance benefits and work hours are good

    Cons

    Extreme stress and a lot of outsourcing

    Advice to Management

    none

    TD Ameritrade Response

    Nov 10, 2017

    We agree that the benefits are TD Ameritrade are great! We know it’s important for our employees to feel their best each and every day which is why we offer a variety of benefits in addition to... More


  9. Helpful (15)

    "Monotonous and repetitive job with little chance for promotion"

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

    I worked at TD Ameritrade (More than 5 years)

    Pros

    Great name recognition and lots of advertising that generates lots of referrals for you to call every day.

    Cons

    You aren't allowed to recommend specific investments or give specific advice. You have to talk about general strategies, then hand off the client to somebody else who can recommend a specific investment. As an investment consultant, the company only wants you to gather outside assets. If you don't hit your quarterly goals, they put you on warning and manage you out the door. I saw so many people come and go in the years that I was there. No real job security, and little room for advancement at the branch level.

    Advice to Management

    Place more value on your Human Resources! Good people are hard to find, and they won't stay if you don't show an interest in their development and future.


  10. Helpful (2)

    "Sr. Education counslor"

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

    I have been working at TD Ameritrade full-time

    Pros

    too many chiefs, no communication between those doing the work and those controling the business.

    Cons

    too many chiefs, not really intrested in the employees.

    Advice to Management

    open the highway of communication in both direcitons/.


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