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- Robinhood Acquires TradePMR to Expand into RIA Wealth Management
Robinhood Acquires TradePMR to Expand into RIA Wealth Management
Slice of Finance Team
03 Dec
Key Highlights:
Robinhood to acquire TradePMR for approximately $300M to expand into the Registered Investment Advisor (RIA) market.
TradePMR brings over $40B in assets under administration, enhancing Robinhood’s platform for fiduciary financial advice.
Aimed at the $7T RIA industry, this acquisition connects advisors to the next generation of investors.
Innovative referral program planned, enabling RIAs to access Robinhood’s 24M funded accounts.
Seamless advisory experience expected, uniting TradePMR’s top-ranked platform with Robinhood’s intuitive technology.
Source: Direct
Notable Quotes:
“We’re excited to join forces to build a category-defining advisory platform for the next generation.”
“Robinhood’s client base is the next generation of investors. We believe this acquisition allows us to build a multi-generational platform.”
Our Take:
Robinhood’s acquisition of TradePMR represents a pivotal move into the wealth management sector, particularly targeting the evolving needs of Millennials and Gen Z investors. By combining TradePMR’s expertise and strong RIA network with Robinhood’s innovative technology, the partnership is well-positioned to address the growing demand for fiduciary financial advice in a $7 trillion market. With plans to integrate a seamless advisory platform and a referral program, Robinhood could significantly enhance the client acquisition capabilities of RIAs while catering to an estimated $84 trillion wealth transfer. This strategic alignment signals Robinhood’s commitment to evolving alongside its maturing customer base.