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TD Ameritrade

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TD Ameritrade

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TD Ameritrade Employee Reviews about "scottrade"

Updated Jan 6, 2021

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Found 56 of over 2,240 reviews

4.2
80%
Recommend to a Friend
89%
Approve of CEO
TD Ameritrade CEO Walt Bettinger
Walt Bettinger
127 Ratings
Pros
  • "Value employees and great work life balance(in 123 reviews)

  • "Good benefits and working environment(in 88 reviews)

  • Cons
  • "TDA is being acquired by Schwab(in 42 reviews)

  • "got larger after scottrade merger(in 40 reviews)

  • More Pros and Cons
    Pros & Cons are excerpts from user reviews. They are not authored by Glassdoor.

    Ratings by Demographics

    This rating reflects the overall rating of TD Ameritrade and is not affected by filters.

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    Reviews about "scottrade"

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    1. 5.0
      Former Employee

      good place

      Jan 6, 2021 - Branch Manager in Los Angeles, CA
      Recommend
      CEO Approval
      Business Outlook

      Pros

      small nimble and very entrepreneurial

      Cons

      got larger after scottrade merger

      Be the first to find this review helpful
    2. 3.0
      Current Employee, more than 5 years

      Great Products and Great people, But Company Owners are Cowards

      Aug 21, 2020 - Senior Financial Consultant 
      Recommend
      CEO Approval
      Business Outlook

      Pros

      I've worked for this company for a long time and have seen our the company and the industry evolve over the years. TD Ameritrade has some amazing products and services, and it is absolutely a pleasure to come to work everyday. The technology offerings for the clients are second to none and we blow our competitors away with our retail trading offering. Decent benefits including good amount of vacation days and opportunity to grow within the company if you are willing to move. Front office and branches recruit some bright people and it has been a privilege to call them my Co-workers. Bc of covid 19, and to ensure employee safety, the company has been offering most client facing roles an option to work from home which is very big of the company.

      Cons

      No company is perfect, especially a large one. In the back office, corporate politics plays a big role which is expected. Working in the front office, your overall experience will be heavily depended on who your direct manager is. Like every company, there are good managers and bad and you can confirm this by hundreds of negative reviews which usually involves a bad manager. The worst con right now is uncertainty in the company since we are about to be acquired by Schwab and at the same time faced by historically low interest rates which greatly impacts our industry in a negative way. Now, if you are new here or work in a room in the basement of the company with no windows, let me give you a background of what happened which is all public information. We as a company, were doing great after acquiring Scottrade and focusing our business in growing our asset management products and institutional offerings. Despite what you have heard, it was the right direction under Tim Hockey before he got kicked out and we had record profits and earnings. And then, strategically, Schwab suddenly dropped their equity commissions to $0 which caught the owners of our company and upper management with their pants down. Our stock price overnight dropped to an obscene level along with the rest of the industry and immediately Schwab offered to buy us out at that low price via all stock deal. Kudos to Schwab for the well planned execution, very well played.... The next step angers me; instead of telling Schwab to go pound sand, the owners of the company who don't have spines got on their knees like the cowards they are and just surrendered. After we fell, our fellow peers at etrade got gobbled up by Morgan Stanley (Who also took advantage of Schwab's commission drop to $0) resulting in less options in the market for retail and institutional clients. This really bothers me not just from an employee standpoint but also from a retail investor perspective myself. I was surprised when the acquisitions cleared DOJ. When has less competition and choices in a space ever benefited the average consumer?

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      9 people found this review helpful

      TD Ameritrade Response

      Thank you for your feedback. We are all proud of the TD Ameritrade organization and culture. Uncertainty and change is difficult for most of us but we are optimistic of what the future holds and look forward to the next chapter.

    3. 3.0
      Former Employee

      call center

      Nov 3, 2020 - Financial Services Representative in Saint Louis, MO
      Recommend
      CEO Approval
      Business Outlook

      Pros

      actually worked at Scottrade in 2014, got my licenses

      Cons

      working in a call center is tough

      Be the first to find this review helpful
    4. 1.0
      Former Employee, more than 3 years

      Steer clear. Worst place, poor management, can't pick a lane

      Sep 4, 2019 - Senior Financial Consultant in New York, NY
      Recommend
      CEO Approval
      Business Outlook

      Pros

      None except okay benefits. Not Millennial friendly.

      Cons

      Mid-western values -they use this as a selling point to claim they are a clean shop, Ha, they are constantly getting notices for lawsuits. Clients are constantly taking action against TDA. They are constantly changing the comp plan and cannot decide to pull the trigger on being a relationship model or a transaction based one. They punish the SFC and FC's for the firms failure to hold onto assets. They bought Scottrade, then hired the sales management that drove that firm into the ground, they are driving TDA into the ground. Managers are weak at best, they have no clue how to manage sales teams, they never fight to get obstacles out of the way, they are too busy trying to save their own jobs. Most managers are producing managers who control the leads, conflict of interest anyone? Stay far far away unless you want to diminish your brand. No flexibility for hours, managers tap their toes if someone comes in at 8:31, half hour lunch break. No real culture to speak of.

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      18 people found this review helpful

      TD Ameritrade Response

      Thank you for feedback. We appreciate all perspectives. We understand that acquisitions and times of change can be difficult and don’t always happen exactly as planned. Everything we do is guided by our commitment to helping our clients achieve their financial goals and ensuring a positive work environment for our employees that includes rewarding innovation, collaboration, best practice sharing and offering a career development path. With much of the change behind us, we have learned a lot from our journey thus far and are excited about what the future holds for all of our branch employees.

    5. 1.0
      Current Employee

      Terrible place to work

      Feb 9, 2020 - Financial Consultant 
      Recommend
      CEO Approval
      Business Outlook

      Pros

      Not many. I get a paycheck and benefits

      Cons

      This firm doesn’t have a clue how to operate in the wealth management sector. They run the branch network like a call center and have zero relationship manager support. At TD you are the producer, customer service jockey, and call center rep all in one and for much lower pay than other firms. The back office is disorganized and slow. I can’t say it enough— this place is a joke and has been a bad career move. So many battlefield promotions happened during the Scottrade Merger that everyone I’ve met in management has no business being in management. It’s just really bad.

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      7 people found this review helpful
    6. 2.0
      Former Employee, more than 5 years

      Going downhill fast

      Apr 24, 2019 - Senior Financial Consultant 
      Recommend
      CEO Approval
      Business Outlook

      Pros

      Quality PTO and that is about it anymore.

      Cons

      Ever since the Scottrade/TD Ameritrade merger everything has went downhill and continues too. TD purchased Scottrade but Scottrade execs now run TD. The culture has shifted drastically. Compensation plan for bonuses will change every quarter to make it harder and harder to even earn a bonus. Clients you build great relationships with will be automatically reassigned to other FC’s making it impossible to accomplish anything. Enjoy doing nothing but customer service work and force feeding any and all clients a goal plan or you’ll be low man on the Totem pole and constantly overlooked. You’re unable to give any advice or help to clients and you will quickly lose all industry knowledge and your quality of conversations with clients will decline quickly. If you’re looking for a service gig, this will be perfect for you but if you want to truly help clients I suggest you steer clear.

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      19 people found this review helpful
    7. 4.0
      Former Employee, more than 1 year

      Not for Everyone

      Aug 20, 2019 - N/A 
      Recommend
      CEO Approval
      Business Outlook

      Pros

      Good benefits, Good Pay,

      Cons

      Focus on the answer to "How likely are you to recommend TDA to friends and family?" is the primary goal. This is a corporate bandaid due to the massive bleeding out of clients because of high commission prices and poor satisfaction after the Scottrade TDA Acquisition in Feb 2018. TOS trading platform is great and should just break off from TDA again because its practically a separate company still. TDA though, no future unless it seriously pivots its business model or raises Bank Deposit Program rates or Margin rates(Again). Short and sweet, clients are getting more and more upset with TD. Eventually commissions will be zero, and education will be free. Then what will keep the lights on? Managed accounts? TD is stuck between a rock($0 commissions) and a hard place (established management firms).

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      1 person found this review helpful

      TD Ameritrade Response

      We agree that TD Ameritrade provides its associates with great benefits and we strive to keep our wages competitive to help keep our associates happy. We understand that the acquisition was difficult, however client satisfaction scores have been on the rise over the past year. It is always our priority to be client driven, and strive to go a step beyond to create the best possible experience. While we recognize that there is always room for improvement we want to stay competitive in the market. Thank you for your review.

    8. 5.0
      Former Employee, more than 8 years

      TD Ameritrade is good but hasn't achieved Scottrade level

      Jul 6, 2019 - IT Supervisor in Saint Louis, MO
      Recommend
      CEO Approval
      Business Outlook

      Pros

      Good IT culture, can't speak to brokerage/sales, IT department striving to be as good as the Scottrade IT culture was. Good benefits. Listens and takes actions on suggestions from associates. Offers challenging projects and work for IT associates.

      Cons

      Scottrade (private) never had to think of the stock impact that TD Ameritrade (publicly traded) constantly mentioned. Not as fun environment as they promote, not as fun as Scottrade IT Mergers with TDA not fun if you are the merged party, get ready to sit on your hands for a while.

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      2 people found this review helpful
    9. 1.0
      Former Employee

      Horrible Experience

      Sep 2, 2019 -  
      Recommend
      CEO Approval
      Business Outlook

      Pros

      A paycheck and standard benefits.

      Cons

      I could list the cons for you but it would be a three page dissertation. I worked as an Investment Consultant for Scottrade as a stepping stone to the independent advisor space for 3 years before they were bought out. It was a friendly company to work for. TD Ameritrade is pretty much the definition of an evil corporation in my opinion. I don’t have a single positive memory about working for them. I’m pretty sure the company is actually run by Mr. Burns from The Simpsons. At least that’s what I picture up at corporate. From one human being to another, look elsewhere for work.

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      10 people found this review helpful
    10. 4.0
      Former Employee, more than 5 years

      I was acquired as a part of Scottrade

      Dec 2, 2018 - Technical Support 
      Recommend
      CEO Approval
      Business Outlook

      Pros

      I was a "legacy" Scottrade employee and became part of the TD Ameritrade family when Scottrade was sold to TD Ameritrade. Pay, benefits, and bonuses are very good. Communication is very good - top leadership and department leadership hold regular "town-halls" to communicate status. As a Scottrade "legacy "employee, I didn't have much interaction with the TD Ameritrade folks. I knew for two years I would be laid off. During the transition, the Scottrade people were treated very fairly. We received all the benefits, bonuses, and merit increases as everyone else. TD Ameritrade a good company to work for.

      Cons

      As a former Scottrade employee, I knew I would be laid off. There was no future for me with the new company. Part of that was because TD Ameritrade is a national company. In most cases, remote work is discouraged. I may have had a future with the company but only if I was willing to relocate.

      Continue reading
      4 people found this review helpful
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