The acquisition of TradePMR, which has over $40 billion in assets under administration, sees Robinhood continue its diversification push, taking on old-school brokerages such as Charles Schwab. Robinhood says that the needs of its customers are evolving and they are seeking advice on how to build and manage their growing portfolios. The TradePMR deal will help connect these customers with Registered Investment Advisors. The RIA market is a $7 trillion industry and one of the fastest-growing sectors in wealth management, notes Robinhood. TradePMR will secure access to a new, younger client base and the two firms say they will boost their technology platform to make it easier for RIAs to reach Robinhood customers. Vlad Tenev, CEO, Robinhood, says: “We’re excited to join forces to build a category-defining advisory platform for the next generation.” Robb Baldwin, CEO, TradePMR, adds: “Robinhood’s client base is the next generation of investors. We believe this acquisition allows us to build a multi-generational platform that will help introduce financial advisors to this next generation.” The deal is slated to close in the first half of 2025, subject to customary closing conditions, including regulatory approvals. This is Robinhood’s second major acquisition of the year, coming after a $200 million cash deal to buy crypto exchange Bitstamp in an effort to expand outside of the US and accelerate its push into digital assets. The firm has also launched a credit card and rolled out futures and index options trading.