Scottrade was a privately held discount brokerage firm which operates out of St. Louis, Missouri. It has been well known for giving online trading to customers at the lowest rates through the firms trading site, Scottrade.com. The company has been handling almost 1.7 million accounts and executing nearly 60,000 trades per day.  The firm has a low cost structure which enables it to charge among the lowest commissions for a trade - a flat US$7 for an unlimited number of transactions online. Moreover, despite being a discount broker, it provides excellent customer service through a local branch network spread all over the United States.  As of August 2010, the firm had more than 450 branches that had nearly 3,200 empoyees.  According to Jane Wulf (Wulf), Scottrade's Chief Administrative Officer, the firm was in an expansion mode and plans to hire more associates in 2010. 
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Rodger Riney (Riney) was the founder and Chief Executive Officer of Scottrade, Inc. The firm charged low commissions, which attracted investors and the firm began to rapidly grow.  Scottrade offers a range of services that includes market research, trading tools and financial analysis. Though these services are offered by other discount brokers as well, Scottrade stands out for offering a good number of these services at US$7 per trade, while staying attentive to the needs of its customers. There are various methods of trade available at Scottrade, that include everything from phone, wireless trading or broker-assisted trades.  However, being a discount broker, Scottrade does not give investment advice  . The lower commissions attract traders and hobby investors who frequently trade.
Scottrade ensures a fast execution of trades along with a quick update of balances and positions. The firm offers a choice of three platforms for trading - the Scottrade Trading website, Scottrade Mobile and Scottrade ELITE.  The most advanced of the three - Scottrade ELITE - offers NASDAQ TotalView which shows every bid being made, enabling better trading decisions.  According to some experts, the firm offers exceptional customer service and a flat-fee structure that is perfect for low balance investors and active traders.  13
THE ORIGIN OF SCOTTRADE
Riney graduated in Civil Engineering in 1968 and subsequently did an M.B.A. in 1969, both from the University of Missouri-Columbia.  He then joined Edward D. Jones, a firm known for its personal approach to clients, in 1969.  16He began in the role of an unpaid intern.  He was among the firms first manager trainees.  Riney did a variety of things while at Edward Jones - from revamping branch offices to conceiving the HR department.  Riney progressed in his career and became the firms General Partner by 1975.  He learnt various aspects of the brokerage business while working under the personal guidance of Mr. Ted Jones,  who was the son of Mr. Edward D. Jones Sr.  Ted Jones was a man of strong convictions: First, he had a belief that investors would prefer working face to face with a trusted professional. This made Ted build a network of small offices throughout the United States. Each office had a Financial Advisor assisted by a full-time support person to give personal service to individual investors in the local community. Second, the firm resisted the temptation to go public unlike other investment firms of the day.  Third, Ted believed that the firm should only be owned by its workers; this would give them a personal stake in the firms success, which would ensure a commitment to customer service. Fourth, Ted shared the rewards with the employees at the firm and had a commitment to their development  Fifth, Ted gave strong emphasis on controlling costs at all levels of operations of the firm.
Always on Time
Marked to Standard
By the late 1970s, Riney was convinced of the business potential of a discount brokerage. This idea led him to put his savings along with a former colleague to establish Scottsdale Securities in 1980  . The brokerage market of the time consisted of large players that focused on advertising to attract and retain market share, Riney thought of competing against the established players with his low commission rates. At the same time, he would ensure an easily accessible local branch office network. He worked along with employees to ensure customer service and support.  Within two years, the firm had relocated from Arizona to St. Louis, Missouri. Scottsdale initiated brokerage services over the phone in 1982 and was among the first to offer online trading on its website in 1996.  To emphasize its online trading focus, Scottsdale Securities changed its name to 'Scottrade' in the year 2000. 
Riney remarks, "We're not going to be bought out, and we're not going to buy anybody outâ€¦we are going to continue to open accounts one at a time, growing our company organically, the slow and hard way."  Since Riney's family owns 80% shares of the company, it enables them to focus on long term growth and ensuring care of employees.  For instance, during the 1990s when the dotcom bubble burst, Riney steered the business out of a tough time. According to some experts, it also gives a clue into the integrity of Riney and the growth strategy of the firm. Riney says, "As business dropped off, the value of our branch offices to our customers didn't seem to vary. We continued to open offices, and continued to grow where those offices opened. We never really let up on expansion, even though we weren't making as much money in '99 and early 2000. We just kept going and adjusting to smaller profit marginsâ€¦. but we didn't lay anyone off, and we didn't close any offices. It turned out to be, in retrospect, the right thing to do. Others took a different approach."  This shows that the firm continued to retain its employees during the economic downturn, when lay-offs almost became a norm. The firm also continued to expand its branches. In 2005, Riney's employees restored his vintage Corvette, paying ten thousand Dollars out of their own pocket for their beloved leader! 
The firm also had a strong focus on cost control that enabled the firm to save resources and provide trades at rates that could not be matched by its rivals.  According to some experts, Riney had deep knowledge in financial technology and has been instrumental in steering Scottrade's entry and continued growth as an online brokerage.  By 2005, the firm had garnered 11.5% of the marketshare, at the expense of its rivals.  Rodger was a finalist for the Ernst and Young Entrepreneur of The Year award in 2008. 
HUMAN RESOURCE POLICIES
Scottrade was a special place to work, for many reasons. Perhaps the most significant accomplishment of the firm was never having a layoff since its inception! This human face of business at Scottrade prompted the following remark from a thankful employee: "Job security is priceless, not just for your pocket book, but also for your peace of mind."  The firm operates like one big family: there are personalized thank-you's and recognition of the efforts made by others. In fact, these small things are considered very important in Scottrade culture. As Wulf remarks, " We've always been a company with a lot of passion for our customers and our employeesâ€¦ as we grow, we want to make sure we keep that small-company feeling. We want our people to continue to take the time to say 'thank you' and recognize others. And we want to make it fun and easy."  According to other senior officers at the firm, the employees are encouraged to come forward and give helpful insights into any ongoing project. As Kim Wells (Wells), director of branding and Web Site marketing at Scottrade remarks, "People are not territorial hereâ€¦when you get comments or suggestions, they are genuinely aimed at bettering the project." 
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The employees work in lean teams.  The CIO Ian Patterson (Patterson) credits his team for its twelve month data center construction and migration effort. Patterson had contracted the vendors, particularly Cisco Systems Inc. and EMC Corp, to spend a few months in trying to learn the business. As Patterson says, "these guys lived and breathed this with us."  Employees are given flexibility in work timings - for instance, an employee has the option of starting his day early. A senior manager of the firm and a father of four boys remarks "You are asked to work hard, but not work unnecessarilyâ€¦ last year, I was at something like 60 baseball games, and my schedule at Scottrade makes that possible. I can start at 7 a.m. and finish my day by 3 or 3:30 p.m. when the kids get out of school." 
Scottrade was a lean firm: a branch on an average would comprise of three to five people. Of these, there would be a licensed branch manager along with brokers and other assistants  44. The furniture used in the branch offices is basic - even the headquarters of the firm at Des Peres, St. Louis are adorned with posters of cities where the firm has its offices!  Riney strives to keep the overhead costs low as possible, so that the firm can be a low cost provider that offers cheap trades. Riney does not talk of profit goals; he wants to take care of his employees and serve his clients. He remarks,"I've always striven to keep overhead as low as possible to be a low-cost providerâ€¦ I also feel it's important to be generous to our employees and customers by giving them more than they expect."  The firm gave bonuses even in 2001 and 2002 when sales sank.  Some experts are of the opinion that Scottrade could stand the recession due to its commitment to lean teams and internal development.  The steady organic growth in the firm meant that it could give above average salary increases as well as bonuses linked to performance for its employees. The firm recognizes that it is employee passion for service which contributes to its success. As Wulf remarks, "Our associates' dedication to customer service has been the foundation of our success for 30 years, and their passion for what we do has made Scottrade a great place to work." 
The performance management process at Scottrade begins at the top of the organization, with the senior executives and directors setting the strategy of the company for a five - year period. Next, the goals are set on a yearly basis for the entire organization. After the organizational objectives have been set by the senior staff, every department and branch has to decide what it needs to do to enable the firm to reach those objectives. After the exercise is over at the branch level, each individual decides what are the goals he should set in order to enable his department reach the desired goals. This exercise ensures that the entire organization marches in one direction in order to achieve the strategic goals of the organization. 
The performance management services at Scottrade are provided through NICE SmartCenter.  The system enables the firm to better its customer service, create operational efficiencies, better the level of employee performance - while ensuring improvements in customer satisfaction and loyalty. All of these lead to a greater revenue and profitability. The system allows the organization to handle the growing complexities on the job. It also enables it to address performance management issues and then resolve them through targeted coaching and training. The analytics component of the suite gives an insight into the customer service experience of the firm by giving reports with a unified view of the business. 
TRAINING AND DEVELOPMENT
According to Wulf, the firm has identified individual development as one of its core values. As such, the firm runs various programs to train employees at all levels of the organization. The programs typically begin with on-boarding, exposing new employees to the culture at the firm, the firm's belief in development of its employees and how they can grow with the organization. The learning continues for the entire life cycle of the employee with the company  .
Scottrade has a substantial number of interns in its workforce. The internship program has a unique long term perspective, since it allows a collegian to continue as an intern with Scottrade as long as he / she is in college and continues to deliver results. This is in contrast to other companies, that give a mere twelve week internship. Additionally, as the tasks resemble that of the full-time associates, the intern has a good chance of picking up the right skills. The fact that nearly a quarter of the managers at Scottrade were derived from interns highlights the unique nature of the program. 
New staffers at the firm are given a two-day orientation to the company. Subsequently, they spend a month on the job. This is followed by a weeklong training program called 'On-boarding' that exposes them to the role of the particular department as well and its culture. The various avenues of growth are shown to the employee. After this, they are assigned classes to learn about the industry. To ensure a consistent interest among the employees for learning activities, varied learning media are used, from classroom, online training, webinars and simulations. The use of the varied learning media ensures that the firm delivers consistency in training that meets everyone's requirements. It also ensures that employees are interested in developing themselves  . For example, the company runs an internal training program for its IT employees under the label of 'Scottrade University'. This program delivers content on several industry-specific topics. 
There are various branch associate training programs for improving employee skills in business-critical operational areas. For instance, for improving the interaction skills of the branch associates with its clients, Scottrade has audited hundreds of associate phone calls. Moreover, the firm used the services of consulting firms in order to audit its workings through 'secret shopper' interactions. Through these audits, the firm determined that simulations would be the best way to address training needs. Moreover, simulations have the advantage of being deployed online as well as reaching the desired level of fun and interaction. They also allow learner to practice skills without compromising on prospective and existing customer relationships. Scottrade hired consultants in order to create realistic simulations of a variety of scenarios - everything from incoming and outbound prospect calls, customer enquiry, follow-up calls and consumer complains. After a round of simulation based training was over, the branch managers were given the responsibility of using and reinforcing the program. The existence of specific goals allowed the use of key performance indicators like lead conversions and new account openings to gauge the success of the training effort. 
Scottrade manages talent in the organization through various means. There are quarterly reviews done with employees. Moreover, there are various types of reviews that are designed for specific job and to job categories. This means that employees are viewed on things that are pertinent to their jobs as well as competencies. Hence, in some cases, nearly 20% of a manager's review depends on how well they are able to manage and develop people. In order to decide on promotions, the firm looks at the reviews as well as examining how the employees have been developing their skills. The employees are tested on the skills they have acquired. Lastly, many surveys are done to find how the training is working out for employees. The Learning and Management System (LMS) at Scottrade plays an integral role in documenting the skill sets that have been imbibed by the employees, as well as ensuring that they are tested in them. The training and development effort is co-ordinated through Scottrade's internal website called Career Resources that gives a 360 degree view about the current status and the developmental needs of the employee. For instance, mentors can use the website to access the updated resume and the career goals of the protégés under them. Additionally, surveys are also done among employees to enable them to have a direct feel about the quality of the training programs in place. The customer services orientation of the firm is shown by the fact that the firm exposes even its internal staff at is headquarters to the intricacies of customer care. As Jane Wulf (Wulf), Scottrade's executive director for human resources comments, "How they service their co-workers, peers or boss has an effect on how our customers are serviced." 
REWARDS AND RECOGNITION PROGRAM
Scottrade has devised various reward programs that reflect the passion of its employees. For instance, the Wellness Reimbursement Program reimburses qualified associates nearly US$500 annually towards 'wellness' which covers everything from joining a health club, purchasing home-fitness equipment to quitting smoking. Charity work is also appreciated with matching donations by the firm. The Charitable Giving program at Scottrade donates at the rate of US$ 20 per hour for volunteering done by its employees. The firm established a Diversity Council in 2005 in order to create a professional environment of understanding and respect. For Scottrade, diversity does not stop at matters of race; it includes sensitive issues like sexual orientation, gender, disability, age and faith as well. 
The firm was rewarded the Circle of Excellence by the Incentive Marketing Association in 2009 for its 'Above & Beyond' recognition program. The program recognizes employees who exemplify Scottrade's culture and drive performance at the firm. The program touches on areas of outstanding customer service, work quality, teamwork, initiative, innovation, learning and exemplifying Scottrade's core values. The key drivers of the program were as follows:
i. An emphasis on communication in order to get the program rolling and in the top-of-mind for recall. The communication strategy is all about fun elements, such as the 'I scream-You scream - We all Scream for Ice Cream!' socials where managers serve ice-cream sundaes to employees throughout the organization. The social is usually followed by a voicemail from Rodger Riney, which reinforces the goals of the rewards and recognition program.
ii. The entire recognition process is enabled by a service provider called Anderson Performance Improvement. For instance, there is a web link where the employees can accumulate in their online accounts and use them to redeem for merchandise.
iii. Electronic greeting-cards: employees can recognize others through peer to peer ecards that are rewarded for meeting various parameters like quality, teamwork, customer service etc. The employee would also get points for the e-card.
iv. Employee recognition: employees can nominate other individuals for helping out in areas such as streamlining work processes or helping out other team members. Such recognition is taken as a matter of prestige and points are awarded for the same.
v. Scratch-off cards: in case managers find associates 'doing the right things right', they can award them scratch cards that can be redeemed online. In particular, these scratch-off cards have added an element of excitement to the entire rewards and recognition program.
vi. Investing in learning: Scottrade recognizes those who invest in learning. Questions are posted online and awards given for successfully competing the quiz. 
Nominations lead to points, which can be in turn traded for gifts such as iPods.  The fact that within a week 60% of the employees had logged on the system and 83% of the employees could earn recognition points shows that the system has a high level of engagement which stands testament to Scottrade's cultureof supporting, rewarding and recognizing employee contributions. As Wulf aptly notes, "we are so pleased that the recognition program is being embracedâ€¦.recognition is a real factor in engaging associates, and engaged associates are necessary to the company's success" 
The vision and continuous efforts of Riney have been well recognized by industry and he has been placed among the list of higest rated CEO's in America by the survey site Glassdoor.com  . Scottrade has also been rated high among the preferred places to work.  The unique strengths of Scottrade have qualified it for the J.D. Power Customer Satisfaction reward for six years in a row.  In 2007, J.D. Power and Associates ranked Scottrade highest in investor satisfaction under the category of online investing - for the seventh time since 2001! 
In 2010, the firm was ranked 27th in the Fortune 100 Best Companies to Work For list. The firm has already been placed twice on the rankings and has and has moved two places up from the 60th rank it got in 2009 to 58 in 2008. 
Other awards have come by from the Computerworld magazine who called it the 16th best place to work in IT. The magazine ascribed the high ratings primarily on the work environment for IT professionals that included training, diversity, benefits and retention.
Notably, the Training magazine has given a high ranking to Scottrade for excelling at employee training and development. 
DECISIONS TO BE MADE
Scottrade has been dependent of generating earnings through trading commissions at a time when other rivals have progressed into areas such as investment advice and banking. The firm has 11.5% of the overall market at the expense of other firms in the market like Ameritrade, E*Trade Financial and Charles Schwab. This is in contrast to the experience of other firms like Fidelity who have the same share - but while having ten times the number of clients! Scottrade's aftertax margins exceed 15% on revenue of US$350 million a year while Ameritrade's margins have hovered around 30% on US$880 million. In this context, Ameritrade C.E.O Joseph Moglia feels that the potential of Scottrade's business can only be maximized through consolidation. The firm continued to be independently held even at a time when mergers and diversification became the norm to stop the erosion of profit during the financial downturn. 
Meanwhile, the firm is continuing to move ahead. Since July 2008, Scottrade began offering banking services under a program of transferring customer cash balances into FDIC insured accounts. However, the firm eventually hopes to provide the full spectrum of traditional retail banking. As a part of this initiative into banking, the firm has hired a new president and executive vice president.  ,  According to Riney, the goal was to better serve Scottrade's customers.  At the same time, the training department of the bank is working hard to grow the knowledge of all its employees in the banking industry.  The firm has shifted to into the US$25 million IT facility located in a St. Louis suburb. The center represents the largest technology investment ever made by the company made since it was founded in 1980  .
Analysts feel that that though earlier Scottrade was viewed more as a tertiary band, it is now seen as an upstart that could disturb the established players. As Riney and his family own 80% of Scottrade shares, it gives them an independent control over the firm. Moreover, though Riney has got many offers from investment bankers, he has declined their offers  .
Key Performance Indicators at Scottrade 
Below are the key performance indicatorsÂ for Scottrade:
Active Accounts: 1,552,000
Customer Assets: US$50 Bn
Trades Per Day: 139,000
Daily Average Trades Per Day
* Scottrade reports only active accounts. An active account is one with a
minimum of US$100 in equity or at least one trade in the last 12 months.
** The data are for the quarter April 1 through June 30, 2006.
Stock Trading charges at Scottrade 
Touchtone (IVR) Phone system
Diversity at Scottrade 
Scott is a branch manager with Scottrade at its Sugarland branch in Texas. A conversation with him on the issue of diversity among the employees at his branch is highly informative. For instance, he talks about how the brokers at his branch come from Pakistan. There are other employees from other Asian countries like China and India. He enjoys working at the branch - he enjoys the diverse lunch one can get here, along with the chance of picking up languages like Hindi, Guajarati and Chinese.
Another broker from the firms Miami branch discusses about his experience. Although he is of Spanish ancestory and remarks that while working at Scottrade, he was never reminded of his minority status. He notes how the entire staff at the Miami branch office is Latino. Even then, true to the culture of the company, they consider themselves as just Scottrade associates, instead of Hispanic Hispanic Scottrade!
The are other instances of how this diversity at Scottrade enables the firm to provide better service. According to an assistant from Anchorage, Alaska who is from Laos, the co-workers at the branch give her courteous treatment and make her feel as a part of the team. She uses her background to bond better with the diverse clientele at Anchorage.
Employee engagement in reward systems
"Taking Stock of Scottrade's Efforts To Reward and Recognize Workers," http://www.hrotoday.com/content/1827/taking-stock-scottrade%25E2%2580%2599s-efforts-reward-and-recognize-workers
Rewards at Scottrade 
February 2010: Scottrade bags the online brokerage award for customer loyalty. The award was given by the Brand Keys Customer Loyalty Engagement Index to the firm for the fifth consecutive time.
January 2010: Scottrade was ranked twenty seventh among the Fortune 100 Best Companies to Work, for the third consecutive year.
September 2009: Scottrade earns the Circle of Excellence award from the Incentive Marketing Association for its recognition of associates' efforts.
August 2009: Scottrade gets a ranking in Inc.5000 list for a second time.
June 2009: Scottrade was placed among the top hundred best places to work for by Computerworld.
March 2009: Scottrade gets highest rankings for customer loyalty among online investors for 2009 by the Brand keys customer loyalty engagement index.
November 2008: Rodger Riney was named as a finalist for the national Ernst & Young Entrepreneur of the Year 2008.
October 2008: J.D. Power and Associates gives Scottrade the highest rank for investor satisfaction for two consecutive years.
September 2008: Scottrade was ranked as an innovative user of information technology by InformationWeek , for the second consecutive year.
November 2007: Scottrade got the Greater St. Louis Top 50 award, which is given to firm in the St. Louis region that participate in community effort and believe in positive aspects of business.
September 2007: Scottrade was ranked among the top 200 brands in the United States by Advertising Age.
May 2007: Scottrade got recognition as America's best-loved brands by winning the Brand Keys Customer Loyalty Engagement Index.
February 2007: Scottrade was recognized by the training magazine for its excellence in professional training and development of its staff.
January 2007: Scottrade was declared as a Learning Leader by the research firm Bersin & Associates.
May 2006: Scottrade gets the Gold in Brandweek Customer Loyalty Awards.
March 2006: Barron's gives Scottrade's trading web site as well as its trader platform highest the highest rankings for its ease of access, help and usability.
February 2005: Scottrade was given the highest ranking by the The American Association of Individual Investors.
March 2003: Scottrade received the HR Services Excellence Award for recognizing the great services given by its Human Resources department..
July 2000: Scottrade President and CEO Rodger Riney was the Financial Services Entrepreneur of the Year by Ernst & Young.
Benefits Package at Scottrade 
The firm offers salaries that are at par with the prevailing trends in the market and are also performance based. All associates are eligible for the firms quarterly bonus program. The bonus paid is a function of the overall performance of the firm in along with the associate's job performance. While the firm does not guarantee bonuses, they do remain an important part of its compensation package.
The firm offers comprehensive coverage for full-time associates and their dependents. The benefits are operationalized through a Preferred Provider Organization (PPO) and utilize United HealthcareÂ® networks across the United States. The plan includes prescription drug programs. Moreover, in order to induce employees to have healthier lifestyles, associates receive premium discounts if they complete a confidential health assessment and are tobacco free.
Scottrades dental program is for associates and their dependents. It gives a simplified dental coverage that reimburses the associate or dentist directly for incurred dental expenses. Associates have the freedom to choose their own dentists without restriction.
The firms eligible full-time associates get coverage at no cost and can add add family members at a minimal cost. Each member has access to a large, diversified network of doctors and clinics.
New associates are eligible for the following:
Twelve days of vacation.
Six days of sick leave
Nine paid holidays during the year.
The firms 401(k) Plan aims at helping associates prepare for their future. Full-time and part-time associates can contribute up to fifty percent of their pay into a traditional pretax 401(k) plan and/or a Roth 401(k) plan. The firm also accepts rollovers from former employers' qualified plans.
The firm has plans that include short- and long-term disability. There are provisions to provide associates with an income that is sixty percent of their pre-disability earnings, in case they are disabled and are unable to work. The firm also absorbs the cost of disability benefits.
Educational assistance programs are available for associates if they want to ensure personal and professional development by furthering their education. Eligible associates can get up to US$5,250 each year in assistance.
Flexible Spending Accounts:
The firm gives associates an opportunity to pay for out-of-pocket health care and dependent care expenses through pre-tax dollars through Flexible Spending Accounts (FSAs). Along with this, the firm offers a Qualified Transportation Benefit Plan and a Subsidy Program to assist associates with parking and transit costs.
Wellness Program and Gym membership:
Full-time associates get up to US$250 per calendar year for participation in a wellness program. For part time regular associates, this is US$125. The wellness programs need to be areas such sa weight loss, gym or health club memberships, licensed nutritionist fees, or smoking cessation.
Charitable Giving Program:
Scottrade gives its support for compassion and care through the development and implementation of programs that support charitable organizations belonging to the areas the firms associates or customers exist. This includes the following:
Through the Charitable Matching Program, Scottrade matches up to US$10,000 per year for each associates' donation to qualified non-profit organizations.
Under the Cash for Champions Program, Scottrade donates US$20 per hour to a charity for every hour an associate volunteers to put in their time for up to twenty hours. In case an associate volunteers gives more than twenty hours a year, they are placed in a drawing at the end of the year which gives a US$1000 grant.
Employee Assistance Program:
The firm gives a a free Employee Assistance Program (EAP) to all its associates. The EAP is in the nature of a confidential service that gives access to:
Elder care and child care referrals.
Consultations on various personal or work related issues.
Financial planning information.
A Brief History of Scottrade Inc. 
Rodger Riney founded Scottsdale Securities in Scottsdale, Ariz.. The first branch offices came up at Phoenix, Arizona and at St. Louis, Missouri.
Rodger Riney moves the head office of Scottsdale Securities' to St. Louis, Missouri.
Scottsdale Securities starts its third branch at Dayton, Ohio.
Scottsdale Securities gets the status of being a self-clearing firm.
Scottsdale Securities opens up fourteen new offices in locations as diverse as Oakbrook Terrace, Illinois; Bloomington, Minnesota; Irvine, California; La Mesa, California; Englewood, Colorado; Springfield, Missouri; Southfield, Michigan; Pittsburgh, Pennsylvania; Milwaukee, Wisconsin; and Clearwater, Florida.
Scottsdale Securities is ranked among Inc. magazine's 500 Fastest Growing Private Companies in the United States.
Scottsdale Securities begins to offer an online trading solution to its customers.
Scottsdale Securities opens twenty new offices and reaches its hundredth office by September 1999.
Scottsdale Securities alters its name into Scottrade, to reflect its the domain name on the internet.
In 2002, Scottrade opens twenty four more offices and has a hundred and seventy offices all over the United States. October 2002 sees the first Manhattan office of the firm in New York City.
Scottrade creates a a new trading platform, in Chinese. In August 2003 the firm clocks its one-millionth customer account.
In February 2004 sees Scottrade with two hundred offices all over the United States. In March, Scottrade launches ScottradeELITE, an online trading platform for active traders.
Scottrade begins its twenty fifth year in business. It now offers a new flat-rate commission of US$7 for all online market and limit orders. Scottrade Advisor Services becomes operational to provide services for independent registered financial advisors.
Scottrade founder rings the closing bell on the NASDAQ on January 18. It was done to record the company's partnership with NASDAQ in offering the trading through ScottradeELITE.
Scottrade has the largest network of branch offices among all online brokers in the United States. The event is marked with the opening of the three hundred and sixth branch at Canton, Ohio.
Fortune declares Scottrade as among the 100 Best Companies to Work for in America. Scottrade hired its 2,000th employee in March and goes on to open its 350th branch office.