Robinhood to Acquire $40B RIA Platform 

Robinhood Markets will pay about $300 million in cash and stock for TradePMR, a custodial and portfolio management platform with about 350 independent registered investment advisors overseeing $40 billion in assets. 

“This strategic acquisition brings together two mission-aligned companies as Robinhood enters the wealth management space, combining the skills of fiduciary advisors with Robinhood’s cutting-edge technology,” the company stated, adding that it intends to build “a best-in-class referral program” with TradePMR. 

Details about the referral program, which will connect Robinhood investors seeking financial assistance with RIA firms, will be revealed next year. According to TradePMR, the service will begin in beta with organizations that already have established investor recruiting operations. 

Robinhood described the acquisition as “the next step” in meeting the increasing needs of Millennial and Gen Z clients, who account for around 75% of its more than 24 million funded customer accounts. 

“We believe this acquisition allows us to build a multi-generational platform that will help introduce financial advisors to this next generation,” TradePMR founder and CEO Robb Baldwin said. 

Baldwin, who launched TradePMR in 1998, and his staff will be joining Robinhood as part of the deal. 

Robinhood also stated that it aims to continue and “deepen” the long-standing collaboration between TradePMR and Wells Fargo Clearing Services, which provides clearing, execution, and lending services. 

The acquisition is expected to close in the first half of 2025. 

Citi served as exclusive financial advisor to Robinhood. Lazard Inc. served as exclusive financial advisor to TradePMR.