Robinhood’s TradePMR pitches advisors on referrals, tech

Robinhood completed its roughly $300 million purchase of custodian TradePMR in February 2025 and the firm has begun marketing a referral program and new advisor tools to registered investment advisers. The initiative aims to connect Robinhood’s 28.5 million brokerage clients and about $355 billion in customer assets with RIAs on the TradePMR platform.

TradePMR launched the Robinhood Advisor Network in June, enabling app users to view advisor video bios, make introductory calls and be referred to participating advisory firms. On Robinhood’s second-quarter earnings call, CEO Vlad Tenev described the referral program as “the beginning of what could be a really, really strong RIA integration” and characterized the RIA channel as “a good, durable, consistent source of net deposits.”

The referral program sets participation thresholds and fees. Referred clients must have at least $250,000 in investable assets and participating advisory firms must manage at least $500 million in assets under management. TradePMR charges participating RIAs 25% of the incoming customer revenue generated from referrals. The firm also requires a one-time departure fee equal to four times the prior year’s referred revenue for firms that exit the program. TradePMR has not released current referral-volume figures.

TradePMR has updated its advisor platform and added operational services to support recruiting. The Fusion advisor desktop gained an integration with portfolio-management provider Artha and new administrative capabilities powered by Robinhood Cortex. The custodian also offers IPO access to RIA clients. TradePMR reported that a new multibillion-dollar RIA opened on the platform in April, and The Mather Group joined the referral network in May. The firm held a SYNERGY26 event in Washington, D.C., in June where it presented the program and platform upgrades.

Pricing for RIAs is negotiated rather than standard. TradePMR reviews a firm’s assets under management, trading volume, business mix and account volumes and conducts an annual lookback to revisit terms. Chief Revenue Officer Rob Dilbone noted that the firm aims to be competitive on pricing and avoid barriers to entry. President Scott Victoria said the company evaluates prospective partners and focuses on firms that value the relationship and want to grow.

TradePMR extended its clearing agreement with Wells Fargo’s First Clearing this spring through 2032. First Clearing continues to provide trade execution and clearing support for accounts on the TradePMR platform. The agreement maintains the custodian’s existing clearing arrangement while TradePMR uses Robinhood’s client base and its own advisor infrastructure to recruit advisory firms.

Analysts and consultants describe the effort as early-stage and say metrics such as referral-to-onboard conversion rates, net RIA additions and retention will determine whether the program expands. TradePMR declined to provide those conversion or volume metrics as the network scales.