Robinhood Markets expands services for registered investment advisors (RIAs) through its TradePMR subsidiary. The company aims to bridge its retail trading platform with professional wealth management. Robinhood announced these new offerings at its SYNERGY26 conference.
Robinhood introduces the Robinhood Advisor Network, a referral program. It connects Robinhood users with vetted, independent advisors on TradePMR's platform.
The company also introduced "Robinhood Cortex for Advisors." This AI-powered tool helps RIAs with portfolio summaries and administrative tasks at no extra cost.
Robinhood will provide RIAs on the TradePMR platform with access to initial public offerings (IPOs) at their listing price. This feature is similar to its existing IPO Access for retail clients.
This initiative aims to grow the TradePMR unit. TradePMR's assets increased by 15% since Robinhood acquired it. Assets now total $50 billion.