Robinhood CEO: Aims to Go Beyond a Trading App and Expand into Long-Term Wealth Management Services

Odaily reports: Robinhood CEO Vlad Tenev stated that the company attracts customers through businesses such as cryptocurrency, stock trading, and prediction markets, and then encourages users to adopt long-term wealth management services such as retirement accounts and financial advisory. Over the coming decades, more than $100 trillion in wealth will be transferred from the older generation to the younger generation, and the company hopes to provide services traditionally offered to high-net-worth clients to the masses 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 card businesses, and this year began launching an advisor network that connects clients with registered investment advisors. (CNBC)