Scottrade Sucks Customer Reviews and Feedback
Scottrade was a stockbrokerage firm that operated both online and at branches. In 2017, the company was acquired by TD Ameritrade and Toronto-Dominion Bank.
Roxane mentioned, "Scottrade effectively stole thousands of dollars from me as a result of fraudulent activity that may or may not have been an inside job. Scottrade kicked me around and harassed me for 4 months before finally denying my fraud claims.
You can learn more at http://scottradeworstbroker.com it will be updated as the story continues. You can also read about the other horrible reports at http://www.consumeraffairs.com/finance/scottrade.html
Think twice before you use Scottrade, they have no fraudulent activity insurance despite the mis represented fraudulent activity and security guarantee.
They stole thousands of dollars of medical money from my Scottrade bank account as well."
Investment Consultant (Former Employee) says"Maybe you enjoy being berated while they call it "coaching" but I for one did not. I do not have good things to say about the company or the people that worked there.Getting a check from a class action lawsuit 2 years after i stoppef working thereLotta d-bags."
Computer Operator, Trainer, and Supervisor (Former Employee) says"Why - nope - not doing this. This does nothing, the company is bought out and it is not owned or ran by the same people or have the same people in the org anymore?"
Investment Consultant (Former Employee) says"I did not enjoy the decentralized business model of Scottrade and thought the branch was run as a fiefdom of the branch manager. I guess that is why they were bought by another company.Free Lunches"
Computer Technician (Former Employee) says"Company sold out everyone lost their jobs, management had no idea what they were doing with the exception of the tech manager and they constantly pit the tech team against the broker team. The entire tech team left after we had to take our lunches and hour after getting into work."
Quality Assurance Engineer (Former Employee) says"Scottrade didn't make any software that anyone would use. All the software I worked on as a tester, it was all 3rd party products already tested and ready to go. There was NO work to do at Scottrade, yet they just kept hiring people.NoneEverything"
Senior Data Scientist (Current Employee) says"The company reached its peak and now is declining. Management micromanages on daily basis. The company also doesn't respect contract. In offer letter, it offed a manager position. When I moved to St Louis, I found out that the position was an Analyst."
Account Transfer Outgoing Processor (Former Employee) says"Scottrade is a good place to work and nice co-workers. I really enjoyed supporting the branches throughout the 150 branches that I covered in the incoming and outgoing ACAT department handling transfers of brokerage accounts, annuity liquidations and mutual fund transfers."
Associate (Former Employee) says"Sr. Leadership was primarily formed years ago by people who were promoted far beyond their skill sets. Common sense, knowledge and a drive to achieve results are not valued here. Those unqualified leaders do not practice the honesty and integrity that they preach. The communication surrounding change has been less than effective and has ultimately had a negative impact on productivity and profitability. This is a great place for those that choose to work for the sake of having a job, but not for those who wish to progress in their careers.community involvement and eventslack of leadership and direction"
NA (Former Employee) says"The culture is clearing changing! Management is driving everyything and you will only go places if you are liked and do not complain. Management does not support you or ensure a positive and healthy working environment. They are implementing change so that the business can continue to grow however its at the expense of the employees. Change is good if rolled out correctly. They are rolling out too much, too quick which is decreasing morale tremendously! The days of work/life balance and management support are gone. They are hardcore and all about the bottom dollar. Not a healthy environment!! I would truly consider working there!coworkers!!management does not care about you, only the business and the people "they" like!"
branch stockbroker (Former Employee) says"Scottrade has changed dramatically through the years and unfortunately it is not for the best. This used to be a company that did not have the corporate politics or cut throat environment that you would find at other firms. Promotions are now based on popularity and other influences. You will find that corporate middle management and branch management have managers in roles they have no business being in. So many managers lack key managerial skills and this has hurt a great company that prided itself on hiring the best and creating a client first environment. A culture shift toward a sales environment at Scottrade has resulted in a disaster as the company struggles to train an entire organization on a new concept of doing business. If you're looking to get licensed and start a career in financial serives I would consider other firms before choosing Scottrade.branch co-workerslower than average industry salary, lack of advancement, incompetent corporate middle management, no vision or guidance from corporate team."
Investment Consultant (Former Employee) says"There are resources online enabling clients to make informed investment decisions. There is a free Select etf list ($7.00 trades) & mutual funds list (lots of free funds selected, saves clients). Great value for the client.Great Client to work withUnderstaffing in all departments"
Analyst (Former Employee) says"If your looking to climb the corporate ladder, I would stay away from this company. The previous review was right on target. Most of Management was here at Scottrade over the years and have little or no experience working anywhere else nor really have a solid overall understanding of technology or corporate best practices. They hardly ever promote anyone to Management. If you are hired in as a worker-be then your future is limited. While I was here, no one was promoted into management - they're hired from outside if at all.The other interesting part about this company is that there business practices are certainly outdated. Although they tend to use standard methodologies - they are tweaked/bastardized to reflect what they believe and know not what is industry standard or best practice. They have so many different islands of outdated solutions/technologies that it is difficult to learn their environment, culture and methodologies.The one other interesting aspect of this company is that they consistently make their worker-bees put in 10-12 hour days with no overtime or comp time and are suffering from widespread burnout and a high turnover in the IT department. The best places to work survey awards are misleading - they threaten their employees with layoffs if they don't comply with their culture and rate them above average.One last item you should be aware of is that a great deal of their day-to-day work is very manual. The ones who designed their culture and business processes (current mgt) have not really worked anywhere else or have a solid background in more currentfellow analysts/engineersmanagement/processes/leadership/tools"
PM (Former Employee) says"I have worked for many institutions in the St. Louis area and to-date this was the worst experience working as a manager, employee, visionary, and subordinate. Don't let me be your judge but take a look at the employment durations of the recent hires within the past 5 years. Most of them (80%) have left the company after only serving for 2-3 years. It has a good-old-boy mentality and when it comes to meeting or living up to the standards in the company's 5 stated mission objectives - they deserve a rating of "poor". I.E., I worked for the PMO for 2 years and brought new ideas and tried-and-true industry standard approaches to managing projects, but almost each and every one was stifled because management did not understand project management and best practices/measuring project status in regards to the facilitation of the corporate enterprise. The other thing I noticed and was the primary reason I left was because management would favor the co-workers who have been there from the beginning (for example - when their servers were running underneath their desks rather than in a data center). This does not meet the rules defined by their "HR" simply because "HR" runs off this same mentality and protects those "long-term" employees. All-in-all, most of the folks that were hired during the "hiring boom" around 2012-2013 are now gone and most left within 2-3 years of being hired. Most of the managers in my belief do not have the qualifications to manage people effectively. And finally, if you like working in a box and saying "yes maam" all the time, then great but if you wish to learnLocationStifles Innovation, "Yes Maam" mentality, Scrupulous HR and management"
Scottrade IT Employee (Former Employee) says"There is still the myth going around that Scottrade has never had a layoff. Well when multiple people have had there manager come to them and say your job is being eliminated and you have a month to find a new position in the company, this is a layoff no matter what they call it. The CIO is arrogant, when you encounter him in the always, and you say hi, at best he give you a mumbled Hi back but never looks at you. Desk are half cubes - if you are luck, some next to high traffic pathways going to the elevator / break rooms. some desk are just that, desk and people have to walk around to go to the elevator. When the COO was addressed about this, her reply was, the employees are replaceable. Maybe the business side is better, but the IT department has steadily gone down hill. recently an AVP left and one was walked out as well as several others that worked there way up in the company.Roger (CEO) seems like he caresRoger has lost touch with what is really going on in the company."
Marketing (Former Employee) says"This company is extremely young and some of the managers have been promoted way beyond their skillsets.There is a lack of solid leadership here. That being said, I think the CEO is a great guy, but unfortunately he is unaware that some of the managers go so far as to "bully" their employees. I had a manager call in my colleagues and encourage them to give negative feedback about me behind closed doors. I was also told not to speak unless spoken to. It's a shame that this kind of behavior still goes on and Human Resources chooses to look the other way.Community InvolvementWorking Lunch Hour"
Investment Consultant (Current Employee) says"Company is merging. No One at the top knows what are they are doing You may not have a job after merger, They are forcing some of the current people out with unrealistic sales goals and methods. No real training. You will be just a number or a casualty. They don't care. The company is career suicide in the branch. Run Don't do it to yourself. Find a larger company that gets it Look deep at the reason they are merging. The company was a sinking shipMight be able to last long enough to get a 66Merger, no growth opportunity, no real training, the culture and morale is very low. You will expereince it quick."
Investment Consultant (Former Employee) says"We new it was coming to an end about 5 years ago when they hired a "consulting firm" to tell them how to move forward with the company. We figured they were getting ready for a sale. They are now part of TD."
Quality Assurance Analyst (Former Employee) says"Their IT shop is in Westminster, CO. They bought a company called CRI, cut everyone's salaries, and ruined it by being revoltingly corporate. The managers in QA are incompetent and cruel. One recent hire is referred to behind his back as "Grandpa" 'cause of his age by the blond female mgr (who was promoted 'cause she was friends with the drunk guy who was later demoted). I hope he sues them for age discrimination. The work is boring and bureaucratic; waterfall SDLC at it's worst. Technology platform is old obsolete crud. Oh, and pay is insulting.nice views out the west windowlow pay, horrible qa managers"
Investment Consultant (Former Employee) says"The company finally sold to TDA. About time! The business model failed, from top to bottom. Great place to get your 7 if you are interested in being an advisor. You are paid and evaluated as if you are doing telemarketing all day, yet you are also responsible for all branch operations. If you like sales it might be a good fit for you, but unlike most other firms, you will have to do all the admin work w/o support from the company.Great benefitsBroken business model"
Client Service Representative (Former Employee) says"Management and leadership is needed. Micro managed to often and not enough direction or help."
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In The News
Riverfront Times reports"City's $64 Million Scottrade Renovation Deal Is Illegal, Lawsuit Argues"
Atlanta Business Chronicle reports"Scottrade founder Rodger Riney gives Emory University's Winship Cancer Institute $7.8M"
STLtoday.com reports"Dead & Company's summer tour is canceled: 'We will return...We will survive'"
The Pantagraph reports"Jim Benson's top five games: No. 3, ISU crushes Creighton in 2009 MVC Tournament semifinals"