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|Industry||Financial services, discount brokerage, self-directed investing|
|Founded||Scottsdale, Arizona (1980)|
|Headquarters||Town and Country, Missouri, United States|
|Rodger O. Riney
|Products||Stock broker, investing online: Stocks, Options, Mutual Funds, IRAs, CDs, Fixed Income, Etc.|
Number of employees
Scottrade is a privately owned American financial firm headquartered in Town and Country, Missouri. Its founder, former President and the current CEO is Rodger O. Riney. Scottrade has 503 branch offices around the U.S. It also offers services to Asian-Pacific customers with a service center staffing Chinese-speaking stockbrokers.
In 1981, Riney returned to St. Louis to open a second branch, but ultimately split apart from his partner in the year 1985 due to conflicting business models. Riney kept the company name, Scottsdale Securities, and lowered the price of commissions to attract more clients. Riney's approach was successful and by 1991 Scottsdale Securities had a total of 15 branches throughout the US.
By 1998, Scottrade.com commissions were as low as $7 per trade (the same price as of November 2011) increasing their customer base.
In 2000, Scottsdale Securities officially renamed to Scottrade due to the success of their online firm.
In 2003, Scottrade launched their Chinese trading site, Chinese.scottrade.com.
In 2004, Scottrade's corporate headquarters were relocated to a new building called Corporate Hill in West St. Louis County.
Scottrade saw substantial growth throughout the 2000s, expanding from 200 branch offices in 2004 to 500 by 2010.
Scottrade has won numerous awards, most prominently those of J.D. Power and Associates. See awards section below.
On December 18, 2013, Scottrade announced to its customers that Scottrade (Hong Kong) Limited will cease operations by December 31, 2013, and that customers have the options of transferring to another brokerage at no cost or Scottrade US will liquidate the accounts and refund its customers by January 31, 2014 by check or wire transfer at no cost to the customers.
Scottrade renders both online and branch office services including brokerage services, banking services, investment education, and it offers online trading platforms, including the Scottrade Trading Web Site, ScottradeELITE Advanced Trading Platform, Scottrader Streaming Quotes, Scottrade OptionsFirst, Scottrade Mobile Application, and Scottrade Mobile Website.
In 2013, Scottrade was ranked No. 53 on Fortune's annual "100 Best Companies to Work For" List, a drop of 22 from the previous year. This was the firm's sixth consecutive appearance on the list.
In 2012, Scottrade was ranked No. 31 on Fortune's annual "100 Best Companies to Work For" List, a drop of 19 from the previous year. This was the firm’s fifth consecutive appearance on the list.
In 2011, the firm was ranked No. 12 on Fortune's 14th annual "100 Best Companies to Work For" List, a jump of 15 from 2010. This was the firm’s fourth consecutive appearance on the list. "[Scottrade] thrives by going against the grain: Its brokers offer no advice to customers and do not work on commission. Its workplace bucks trends too — no one has ever been laid off, and no office has ever been closed.”
In 2010, the firm was ranked No. 27 on Fortune's 13th annual "100 Best Companies to Work For" List. This was the firm’s third consecutive appearance on the list. "Almost all managers are promoted from the lower ranks, bucked the recession, laying off no one, hiring more than 1,000 new associates, and opening 58 new branches. Benefits include an onsite fitness center and subsidized gym memberships.”
In 2009, Scottrade placed 60th in Fortune's Top "100 Best Companies to Work For" List. According to Fortune, the major contributor to making the 2009 list was Scottrade's ability to shake the turmoil on Wall Street and achieve its 20-year milestone on October 10 of paying quarterly bonuses and never having a layoff. Other factors were a 25% job growth (390 new jobs) and zero employees outside of the U.S.
In 2008–2009, "Scottrade was ranked No. 1 in investor satisfaction with online investing services for the eighth time since 2001, according to J. D. Power and Associates' 2008 Online Investor Satisfaction Study."
In 2008, Fortune announced "that Scottrade, a leading online investment firm, has been ranked 58th on the 11th annual '100 Best Companies to Work For' list." One of the primary reasons for the ranking, according to the Business Wire article, was job growth. Scottrade hired 46% more people in 2007 than 2006, promoted over 500 employees in 2007, and disclosed that over 20% of Scottrade branch managers "began their Scottrade careers as interns."
Recently Scottrade was also selected by Computerworld magazine's 2008 16th best place to work in IT. Many things were considered when rating the work environment for technology professionals such as benefits, diversity, career development, training and retention. In addition to a comprehensive questionnaire regarding company offerings, Computerworld conducted an extensive survey of Scottrade’s IT workers.
SEC complaint and settlement
Cybertheft of personal records
In October 2015 Scottrade revealed that hackers breached a database that contained more than 4.6 million personal records of their clients, including names, Social Security numbers, email and street addresses, as well as account numbers in late 2013 and early 2014. The company believes that the focus of the breach was contact information.
- "Top 150 - 27. Scottrade Financial Services Inc.". St. Louis Business Journal. March 29, 2013. Retrieved August 3, 2013.
- About Scottrade | Company History & Timeline Scottrade.com. Retrieved January 10, 2011.
- Scottrade Center: Guide to the Scottrade Center - History Scottradecenter.com. Retrieved January 10, 2011.
- Scottrade Today Opens Milestone 500th Branch Office Scottrade.com. Retrieved January 10, 2011.
- About Scottrade | Company Fact Sheets Scottrade.com. Retrieved January 10, 2011.
- "100 Best Companies to Work For". Fortune. Retrieved August 3, 2013.
- Scottrade - Best Companies to Work For 2012 - Fortune. Money.cnn.com (2012-02-06). Retrieved on 2014-01-21.
- 100 Best Companies to Work For 2011: Scottrade - from FORTUNE. Money.cnn.com (2011-02-07). Retrieved on 2014-01-21.
- 100 Best Companies to Work For 2010: Scottrade - from FORTUNE. Money.cnn.com. Retrieved on 2014-01-21.
- "100 Best Companies to Work For 2009: Scottrade". CNN. Fortune 2 FEB 2009.
- "J.D. Power ranks Scottrade No. 1 in investor satisfaction." St. Louis Business Journal 25 OCT 2007
- "Scottrade Named to Fortune's``100 Best Companies to Work For List for the First Time" Forbes.com Business Wire - Press Release 22 JAN 2008
- "Scottrade named 16th Best Place to Work in IT by Computerworld" Business Wire. June 26, 2008
- "Scottrade ranks highest in J.D. Power's 2013 U.S. Self-Directed Investor Satisfaction Study". Scottrade.com. June 17, 2013.
- "SEC Charges Scottrade for Misrepresentations to Customers", U.S. Securities and Exchange Commission. June 24, 2008. Accessed September 8, 2010.
- Huang, Daniel (2015-10-02). "Scottrade Discloses Data Breach Potentially Targeting 4.6 Million Clients". Wall Street Journal. ISSN 0099-9660. Retrieved 2016-05-27.
- Scottrade hackers had access to brokerage account numbers, company reveals MarketWatch. Retrieved October 9, 2015.