Robinhood is snapping up financial advisers. Here’s why.
Robinhood plans to double the number of full-time registered reps this year after recruiting 100 advisers from other firms since 2019.
April 27, 2021 4 MINS
Robinhood Financial is ramping up its financial adviser recruiting activity, entering the top 20 firms among incumbents by snatching up 40 experienced and licensed advisers from competing firms year to date, according to
.
The majority of Robinhood’s adviser recruits this year came from Fidelity Brokerage Services (35%) and TD Ameritrade Inc. (25%), according to the data. A handful of advisers were recruited from other wirehouses and brokerages, including Charles Schwab & Co., Merrill Lynch, Pierce, Fenner & Smith Inc., Vanguard Marketing Corp. and Morgan Stanley, among others.
In face of pandemic, IBDs proved resilient in 2020
Last year, the 25 largest independent broker-dealers reported $26.6 billion in revenue, an increase of 4.3% from 2019. Although financial results were far from spectacular, growth at leading IBDs last year was resilient in the face of the Covid-19 pandemic and the havoc it caused for the broader stock market.
April 26, 2021
2020 was anything but a typical year for the industry, particularly for service-focused businesses like independent broker-dealers.
Covid-19 caused firms to shut down their offices and send staff home to work. Advisers began learning to click the mute button on Zoom. And adviser recruits stopped flying to distant cities to press the flesh with executives trying to convince them to switch firms.
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Mike Zirbel
Over the past year, weâve all felt the effects of the coronavirus pandemic in one way or another. But, as the job losses and unemployment numbers tell us, itâs staggeringly clear that womenâparticularly women of colorâhave been disproportionately affected. Women have lost or scaled back their careers, with their labor force participation now at a 30-year low. At the same time, their responsibilities in terms of child care and homeschooling have risen by more than six hours per day. For many, itâs reached a crisis point.
If youâre one of the many women whose lives and finances have been turned upside down by the pandemic, you might be struggling with what to do next. Fortunately, there are strategies to address your immediate concerns and help you plan for a healthy financial future.
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