Robinhood Markets has disclosed its intention to acquire TradePMR, a custodial and portfolio management platform for Registered Investment Advisors (RIAs). TradePMR will improve Robinhood's offerings by connecting financial advisors with a new generation of investors, leveraging its more than $40 billion in assets under administration and 25 years of industry experience. This strategic acquisition allows Robinhood to enter the wealth management sector by integrating its advanced technology with the expertise of fiduciary advisors to address the changing requirements of its clientele. Additionally, the integration will enable RIAs to more easily access Robinhood's extensive customer network, which comprises over 24 million funded accounts, primarily millennials and Gen Z investors.
TradePMR, renowned for its open architecture platform, Fusion, has been a leader in providing innovative solutions and high-touch service to the advisor community. The acquisition, valued at approximately $300 million in a mix of cash and stock, is expected to close in the first half of 2025, subject to regulatory approvals. Robinhood's CEO, Vlad Tenev, expressed enthusiasm about the acquisition, highlighting the strength of TradePMR's RIA network and the potential for building a multi-generational advisory platform. This move underscores Robinhood's commitment to delivering comprehensive wealth management services and driving innovation in the financial services industry.
