Robinhood CEO outlines expansion into broader wealth management

Robinhood plans to use stock, cryptocurrency and prediction market trading to attract customers, then expand into services such as retirement accounts and investment advisory to manage client assets over the long term, CNBC reported, citing CEO Vlad Tenev. Tenev said active trading is the engine and foundation of Robinhood’s business, adding that the company’s goal is to bring in customers through trading and then move them into longer-term financial products such as retirement accounts. Robinhood has recently expanded into asset management, banking and credit cards, and plans to eventually offer mass-market access to wealth-focused financial services such as trusts, estate planning and private banking.