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Robinhood CEO Aims to Move Beyond Trading App Into Long-Term Wealth Management

OdailyOdaily

Odaily News: Robinhood CEO Vlad Tenev said the company attracts customers through businesses such as cryptocurrency, stock trading, and prediction markets, then encourages users to adopt long-term wealth management services such as retirement accounts and financial advice. Over the coming decades, more than $100 trillion in wealth will transfer from older generations to younger ones, and the company hopes to offer services traditionally reserved for high-net-worth clients to the general public at a lower cost.

As of the end of the second quarter, Robinhood had 28 million funded accounts, up 7% year over year, with average revenue per user up 24% year over year. The company is expanding into investment management, banking, and credit cards, and this year began rolling out an advisor network that connects clients with registered investment advisors. (CNBC)

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