Attendees at the SYNERGY25 conference got a sneak peek of plans to connect TradePMR’s RIAs with Robinhood’s retail investors.
At the SYNERGY25 conference, Robinhood revealed an early look at a planned referral program designed to foster relationships between Robinhood’s investors and TradePMR’s advisors.
The referral program’s planned features and details, as previewed by Abhishek Fatehpuria, Robinhood VP of Product Management for Brokerage, include a digital advisor storefront, complete with pre-recorded video introductions from advisors; a tailored prospect matching service that factors in prospect needs, preferences, and account types; a new account opening process that will be designed to prioritize asset transfers from outside institutions; and a mobile client dashboard designed to facilitate advisor-client communication and in-app investment updates.
The planned referral program highlights the client-first vision that has long been a trademark for development and service at Robinhood and TradePMR.
Connecting Robinhood’s “insane customer focus” with TradePMR’s engaged and entrepreneurial advisors? It’s a combination that we believe could revolutionize the industry.
Advisor Storefront
The Advisor Storefront brings advisor-prospect introductions into a new interface: Robinhood’s mobile app. Advisors can pre-record a video introduction highlighting their expertise to potential investors interested in an advisor.
“We imagine a world where each of you can get your own presence on the Robinhood app,” Fatehpuria explained to advisors at the Synergy conference. “You can introduce yourself and your business to prospective clients, showcase your specialties, interests, testimonials, and more. This isn’t just a profile page. This could be your storefront to millions of next-generation investors, right inside of the Robinhood app.”
In addition to a video introduction, the storefront may include a space for text-based bios, testimonials, and links to outside websites like LinkedIn.
Personalized Matches
There are few things more frustrating than participating in a referral program that provides poor leads. That’s why this new referral program will mix information input by current clients with data Robinhood already possesses.
Prospects will be able to share their unique financial needs and goals, which could include everything from financial planning and tax strategies to investing for a big purchase and trust planning. They’ll also be able to input details about their expected inheritance, business income, and whether they receive RSUs or stock options.
To help advisors capture wallet share, potential clients will be able to elect to share information about assets they hold outside of Robinhood, too.
From that point, Robinhood brings in information it already holds about its customers and will match it to advisors’ preferences and specialties.
“You’ll be able to make sure you’re getting the highest potential matches and be even more prepared for that first conversation with the client,” said Fatehpuria. “It’ll save a lot of time in the discovery process.”
Seamless Account Opening
To keep drop-off rates minimal, Robinhood plans to pre-fill as much client information as possible to deliver a seamless advisor and end-prospect experience around account opening.
For their part, advisors can send their account agreements and any other necessary information to the Robinhood interface directly from their Fusion dashboard.
Clients will then be able to sign their account opening documents digitally in the Robinhood app for a seamless experience.
Mobile Client Dashboard
The Robinhood app continues to be integral to the advisor-client relationship, even after successfully completing the referral process.
Clients could benefit from seeing their accounts and assets in one place, an oft-cited convenience for clients. To make their lives even easier, clients can also access their advisor’s contact information directly within the Robinhood app.
Meanwhile, advisors can utilize clients’ in-app attention by sending investment notes and market context via the planned integration between the Fusion platform and the Robinhood app. Portfolio changes, upcoming goals and meetings, or other alerts can be pushed to clients, meeting them where they are already engaged.
TradePMR and Robinhood are hard at work building out these experiences. SYNERGY provided a sneak peak of the Referral Program and some of these workflows are subject to change.
To learn more about TradePMR’s solutions and service, contact us today.
About TradePMR
For more than two decades, TradePMR has worked with growth-minded independent registered investment advisors (RIAs), providing innovative technology tools and support designed to transform their businesses. The brokerage and custodian services provider (Member FINRA/SIPC), based in Gainesville, Fla., works to streamline investment advisors' operations through comprehensive custodial, operational, and trading support. For more information, visit www.TradePMR.com.
TradePMR is a subsidiary of Robinhood Markets, Inc.
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Disclosures: This article is based on a concept demonstration of our vision of the referral program.The final program may differ. Participation in the referral program will be by invitation only. Terms and conditions will apply. Not all advisors will qualify.
