E*TRADE Financial Reviews | Glassdoor.com.au

E*TRADE Financial Reviews

Updated 11 May 2017
142 reviews

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E*TRADE Financial CEO Karl A. Roessner
Karl A. Roessner
3 Ratings

142 Employee Reviews

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Pros
  • The work/life balance is the best I've experienced in my career (in 42 reviews)

  • This is a decent place to get the 7 and 63 (in 26 reviews)

Cons
  • Work/life balance is not desirable (in 18 reviews)

  • Inbound call center, so performance metrics are highly monitored (in 35 reviews)

More Pros and Cons

  1. Helpful (4)

    "Good place to get training, no career option"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Senior Financial Services Representative in Alpharetta, GA (US)
    Former Employee - Senior Financial Services Representative in Alpharetta, GA (US)
    Doesn't Recommend
    Negative Outlook
    No opinion of CEO

    I worked at E*TRADE Financial full-time (More than 3 years)

    Pros

    Easy introduction to the industry. training for securities licenses. extensive overtime opportunities. if you play your cards right, you can be manager in 2-3 years (i did not, nor want to)

    Cons

    overworked constantly. no recognition of performance or ingenuity. each individual works for themselves, passing off the buck to someone else as needed. below average intelligence and way outdated systems. systems break at least twice a week.

    Advice to Management

    don't work your service staff so hard. fix the issues with software and performance. stop working off a decade old business model.


  2. Helpful (2)

    "Tax Operations"

    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 E*TRADE Financial full-time

    Pros

    Good people to work for.

    Cons

    No room for advancement. Favoritism determines advancement.


  3. Helpful (2)

    "The Honest Truth"

    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
    Disapproves of CEO

    I have been working at E*TRADE Financial full-time (Less than a year)

    Pros

    1.) There are some really great people that work at Etrade.
    2.) Paid Training for Series 7 and Series 63.
    3.) Tries to do right by their customers.
    4.) You don't have to take your work home with you.
    5.) No contract: you're free to leave whenever (the caveat is they can fire with just as quickly as they hire you.
    6.) Relaxed for a corporate environment (ie: Dress Code is pretty casual, upper management frequently interacts with reps and everyone in between).

    My advice for those new to Etrade is to be a little selfish. Get what you can and move on. There are plenty of people waiting in line to get "opportunities." Don't cheat yourself out of getting better opportunities. Get your licenses, a little experience, maybe even trader certification, and then go get something better. Etrade will pass over qualified people internally to hire someone from the outside. It's a mediocre financial tech firm at best. It's tough being passionate about call center work. So make Etrade a stop on the way to something better. It can be high stress at times, but if you can make it here, your can make it anywhere. Getting your licences is the hard part. The rest is up to you. To be quite honest, I don't think even Etrade expects you to stay.

    Cons

    1.) Pay is below industry standard.
    2.) Career "advancement" is really just a lateral move. Same pay for more specialized work. Not worth it. And they don't pay more for multilingual reps (their loss).
    3.) Micromanagement: It's a call center first. That means scheduled bathroom breaks, clocking in over 4 times a day on about 5 different systems (20 total) and crazy schedules.
    4.) While there are some great people, a lot of people at Etrade have a bad attitude. The Financial Consultants are rude. Other departments are understaffed which makes the work harder if you need to reach out for complex problems.
    5.) Upper Management are salespeople, always trying to sell Etrade to employees as having opportunities that don't really exist. It undermines their credibility.
    6.) You're on your own. They claim to support you but in truth, you will be self- studying for the Series 7 and 63. (Self study on Etrade computer 40 hours a week for 6 weeks rather than real guided instruction). When you get on the phones, you're on your own, dealing with belligerent customers and being expected to take "ownership" when management doesn't want to.
    7.) Outdated system. The company is trying to modernize, but they rely on customers faxing everything in thus making it harder for customers to access their own accounts. It makes it a lot harder for reps who are really just trying to help.

    Advice to Management

    1.) Increase pay significantly and opportunities to actually move up in the company or you will continue to have a high attrition rate. Fidelity, JP Morgan Chase, Morgan Stanley etc will continue to poach competent and highly skilled employees from Etrade b/c they pay more. Nobody is passionate about working at a call center so you better make it worth their while or else be prepared to keep hiring folks (which I imagine is costly for you).

    2.) Make your site work for your customers. There is no reason why customer should have to fax in everything when they should be able to just upload documents securely on the website. It would save like 80% of the headaches Reps go through searching for documents. You're a tech/ financial firm. Get with the times or get left behind. No one like inefficient technology. And treat your tech teams better. They always look so stressed and unhappy.

    3.) Be consistent. One moment they emphasize quality customer service, but then they give people the run around for silly things. Another moment they emphasize selling useless financial consultant products, and then they want reps to maintain stats. It's a mixed message that leaves reps baffled.


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  5. Helpful (5)

    "Great people, good company, horrific work"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Financial Services Representative in Alpharetta, GA (US)
    Former Employee - Financial Services Representative in Alpharetta, GA (US)
    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

    I worked at E*TRADE Financial full-time (More than 3 years)

    Pros

    -Most managers are knowledgeable.
    -Company pays for your tests and licenses.
    -Overtime work available to bolster your paycheck.
    -Good chance for advancement eventually.
    -Overall company is run well

    Cons

    Specifically Customer Service:
    -Monotonous call center customer service work that will crush your soul; have to become a mindless drone to work here for longer than 6 months.
    -Once you are a customer service employee you will never be able to move anywhere else in the company; other hiring managers will never consider you.
    -Every minute of the day is tracked and measured; you are not an adult who is trusted to do their work, you are a shift worker with exact times given to you every day for breaks and a short lunch.
    -You will be compared to your peers based on generating sales leads from existing customers; team managers will hound you endlessly about bugging existing customers to speak to salesmen.
    -Training has gone downhill and become simply watching videos on a computer; your on the phone training will be done by helpers who are also less than knowledgeable so you will not be fully ready to start the job when you join a team.
    -It's a job. It pays. If you are looking to make a difference, learn, or matter at all then this isn't for you. If you can handle the above and get paid doing it then go for it. There are definitely worse companies to do this work for.


  6. "licensed service rep"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Financial Services Representative in New York, NY (US)
    Former Employee - Financial Services Representative in New York, NY (US)
    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

    I worked at E*TRADE Financial full-time (Less than a year)

    Pros

    it was close to home

    Cons

    The employer is not willing to pay employees what they are worth

    Advice to Management

    pay more


  7. Helpful (1)

    "All Politics"

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

    I have been working at E*TRADE Financial full-time (More than 3 years)

    Pros

    High pay for low work performance. Steady paycheck and health insurance.

    Cons

    I have worked at many places over the last decade and ETRADE stands as the most political and bureaucratic environment in the tech space. They act like they're a cutting edge tech company, but they are an old-school boy's club brokerage. There is zero trust in their employees and zero motivation for employees to perform. ETRADE doesn't motivate hard work, it encourages political play. They are in survivor mode and buying time until a younger and more innovative competitor completely disrupts the industry.

    Advice to Management

    Be an actual tech company. Stop the politics, you're losing great talent that will find work elsewhere.


  8. "Phone job"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Senior Financial Services Representative in Sandy, UT (US)
    Former Employee - Senior Financial Services Representative in Sandy, UT (US)
    Doesn't Recommend
    Negative Outlook
    No opinion of CEO

    I worked at E*TRADE Financial full-time (More than a year)

    Pros

    Great if you love getting yelled at by customers

    Cons

    Micromanagement. Little room for growth/raises, required overtime regardless of your personal schedule


  9. Helpful (2)

    "Branch operations"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Branch Service Representative in Washington, DC (US)
    Former Employee - Branch Service Representative in Washington, DC (US)
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    I worked at E*TRADE Financial full-time (Less than a year)

    Pros

    Ability to learn more about the finance industry through branch operations. Position allows employee to interact with clients on a daily basis.

    Cons

    Not too much training at all. Management is present but when an issue arises they tell you to do research on your own which can lead to to a sink or swim work environment.

    Advice to Management

    Provide more training and be more involved in coaching and mentoring employees.


  10. Helpful (4)

    "Get your experience and run"

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

    I worked at E*TRADE Financial full-time (More than 10 years)

    Pros

    Great people below director level.

    Cons

    Failures can never be exceeded by achievements. Working off of a report is more important than working with the people. Restricted from being able to make a decision. Every action that isn't a day to day established function requires meetings and conversations to determine a correct path. Each mistake is looked at as if it is the end of the world. Doesn't management have better things to do? Manage your people and not the process. If they feel you genuinely care then they will work for the process you implement.


  11. Helpful (6)

    "Dated Financial Firm"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Senior Analyst in New York, NY (US)
    Former Employee - Senior Analyst in New York, NY (US)
    Doesn't Recommend
    Negative Outlook
    No opinion of CEO

    I worked at E*TRADE Financial full-time (More than a year)

    Pros

    Good benefits package (healthcare, dental)

    Cons

    The company is a shell of what it used to be, and has failed to keep up with the technology and product offerings in the brokerage space. Numerous turnovers, layoffs, and team changes have only added to the confusion and lack of focus. Acquisition of OptionsHouse have led to additional senior management changes, which has made the company more of a political battlefield instead of a business.


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