Robinhood has made its name over the past decade-plus as the investing platform for millennials and Gen Zers interested in trading and exploring alternative investments like crypto. Now those early users are getting older, and their investment needs are becoming more sophisticated. That explains a key decision Robinhood made this week: The investing platform spent $300 million to acquire TradePMR, a wealth management platform for registered investment advisors (RIAs).
"The needs of Robinhood customers are evolving, and they are seeking advice on how to build and manage their growing portfolios," the company said in a blog post. "We believe this acquisition is the next step in serving these investors as their needs evolve and mature."
