TradePMR, the Robinhood subsidiary, has launched Asset Match, a program that allows independent RIAs to offer clients a 0.50% cash match on eligible deposits into TradePMR accounts.
For decades, deposit bonuses and cash incentives have been common in retail investing, used by banks, credit card companies, robo-advisors and trading platforms to attract customers. Those benefits have rarely been available to independent RIAs and their clients, however, the firm said.
“Independent RIAs have never had access to incentives like this,” said Robb Baldwin, TradePMR founder and general manager. “With Asset Match, we’re giving advisors a powerful new tool to attract clients and reward them for growing with their firm.”
Steve Quirk, Robinhood Markets chief brokerage officer, said, “Robinhood was built to democratize finance for all, and we're thrilled to expand that mission to advisors. We want TradePMR advisors to know a simple truth: we aim to support them, not compete with them.”
The program runs from Oct. 1 through March 31. Matches are credited directly into client accounts and reported as interest or miscellaneous income.
TradePMR, a brokerage and custodian services provider, works with RIAs, providing technology tools and operational support.
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