Radio buttons let you specify the type of trade, while defaulting to stocks and ETFs.īlock trading is quite intuitive you create a trade by selecting individual accounts or groups of accounts. The trading workflow has been greatly simplified, with a single link for trading stocks, ETFs, mutual funds and options. There is also a mailbox that allows advisors to communicate securely with Scottrade when necessary. MoneyGuidePro pulls client data from the Scottrade platform on a client-by-client basis. The administration section allows you to access forms, process daily file downloads and manage fees you also can access third-party applications like MoneyGuidePro and Redtail through the single sign-on functionality. The query builder allows you to filter all of your accounts by one criterion or many. An aggregate summary provides a consolidated view of all your accounts.
Select one or more clients or groups and then create trades, download statements or manage other activity for the accounts selected. Dropdown menus offer deeper navigation under clients, for example, you can select listings either by individual account or by group. Users also can navigate the site using links at the top of the home page screen. Advisors can export data to Excel or initiate trades directly from this page. The account summary also holds an allocation pie chart and a list of all current positions. Here, at a glance, is all the critical account information, including total account balance, buying power and ∿RIP balance. This last category relates to a Scottrade program that operates somewhat like a dividend reinvestment program (DRIP), but with more flexibility. For example, clicking on an accounts name takes you to its summary page. Links in the widgets let you drill down with a single click for additional information. You can even create multiple home pages you might want a widget with open orders on one version, for instance, and one with executed orders on another. You can drag widgets around, or collapse and expand them. It will then display the details of each order in the group, with ticker symbol, type of order and transaction, and more. In the two-column detailed view, a drop-down menu allows you to select the type of orders you want to see. In a Todays Order Status widget, there is a summary of orders open, executed and so on. Other view options hold two columns, one that is double the width of the other.Ī sample view of the new Scottrade home page shows the three-column layout. The home page shown below is a three-column view. You select your layout template, then select and position your widgets on the template and name and save your home page. On the usability front, the home screen consists of a number of widgets sitting atop a layout template. The major areas of concentration for this first release are trading and the user experience, he says and it shows. After a period of beta testing with about 50 advisors, it is now being rolled out to a larger audience.Īccording to Brian Davis, senior vice president and head of Scottrade Advisor Services, this release is only the first step and Scottrade will be adding new features on a regular basis. Scottrade is now addressing such issues with the release of a totally new advisor platform. Scottrade also entered a similar enterprise arrangement with MoneyGuidePro, an industry-leading financial planning package. For instance, it reached an enterprise deal with Redtail Technology that makes a suite of Redtail products (CRM, document imaging and email archiving) available to Scottrade advisors at an attractive discount. In the last year, Scottrade has taken several steps to address its technology deficiencies. In last years Financial Planning Tech Survey, for example, Scottrade was the only custodian among the top eight (as measured by the number of advisors on the platform) that had fewer than 20% of advisors very satisfied with its technology offering. With more than 1,250 advisors now on its platform, Scottrade Advisor Services ranks fifth in terms of the number of independent RIAs it serves, behind Schwab, TD Ameritrade, Fidelity and Trade PMR.Īlthough Scottrade Advisor Services generally gets good marks from advisors on price and service, it has trailed in advisors satisfaction with its technology offerings. Since then, Scottrade Advisor Services has been particularly successful in attracting smaller, state-registered RIA firms. In 2005, Scottrade launched its Scottrade Advisor Services division, aiming to become a low-cost provider of custodial services and institutional trading to RIAs.