SCHW - Robinhood's Latest Strategy Lures Big Money: Major Shift In Brokerage Landscape For Wealthier Clients? | Benzinga
Robinhood Markets, Inc. (NASDAQ: HOOD) said its net cumulative funded accounts at the end of November were 23.3 million, up approximately 20 thousand from October.
Over the last 12 months, net deposits were $16.4 billion, translating to an annual growth rate of 23%, the company said in a release.
Robinhood is witnessing a substantial inflow of wealthier clients from larger brokerages, following the implementation of its 1% match promotion on transferred accounts, per a news report by The Wall Street Journal.
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Since the promotion's start on Oct. 23, Robinhood has seen a significant increase in account transfers.
By Wednesday of this week, the trading platform had garnered approximately $1.1 billion in account transfers, a notable increase from $350 million and $375 million in the second and third quarters, respectively, The Wall Street Journal report added.
These transfers often ...