Robinhood Markets Inc. has expanded its invite-only Concierge service to approximately 60,000 high-net-worth clients, marking a significant step in the retail brokerage's push into wealth management. The unit, which targets users with at least $1 million in invested assets, provides access to certified financial planners (CFPs), tax planning through Taxfyle, and estate planning via Vanilla.
Pat Dunn, head of concierge services at Robinhood and a CFP himself, said the service competes not just with traditional brokerages but with tech giants. “We're competing with Uber, Amazon, Apple. Every time you open your smartphone and you get that experience where it's one quick touch away, that is now what we are competing with,” Dunn said at Robinhood’s TradePMR Synergy conference for RIAs in Washington, D.C. “It's no longer just, what's E-Trade doing over there, or what's Schwab or Altruist doing over there.”
Dunn, who joined Robinhood in 2021 after more than a decade at Scottrade, recalled early discussions with CEO Vlad Tenev about launching the service. “We were talking, and it was like, hey Vlad, let's just try this thing, trust me, I've seen this work. Let me get 12 really good agents. Let me pull our 10,000 most engaged customers,” Dunn said. “I would call it a great success. We're close to 60,000 customers now in this group. We've grown 6x, our retention is through the roof. I think we're just getting started.”
The Concierge unit aims to respond to client calls, chats, and SMS within three minutes, Dunn noted. “If you do not take care of this revenue stream and these customers and give them the experience that they deserve, they're going to leave, and you are never going to be able to democratize finance for everybody else,” he added.
Robinhood’s website shows the Concierge unit is hiring CFP Relationship Managers in Chicago, Denver, Lake Mary (Fla.), Menlo Park (Calif.), New York, and Westlake (Texas). Salaries range from $116,000 to $175,000, depending on location, plus bonuses and equity.
The broader Robinhood app now has 27 million funded accounts. The company has been expanding beyond its retail base since acquiring TradePMR in November 2024 for $300 million. Through the Robinhood Advisor Network, clients with at least $250,000 in investable assets are referred to registered investment advisors that custody assets with TradePMR.
Chief brokerage officer Steve Quirk, a former TD Ameritrade executive, addressed advisor concerns about custodians competing with them. “You may have heard of our Concierge desk, which I know has caught the attention, especially with all the Schwab news. Look, I came from TD Ameritrade, I know how advisors feel about custodians competing with them, very uncool. We don't have proprietary products [that] we're trying to push on our customers. It's just not what we do,” Quirk said.
Robinhood’s push into high-net-worth services comes as it also offers World Cup final VIP packages to drive Gold membership growth, as previously reported. Meanwhile, a BNY Wealth survey found that 96% of ultra-high-net-worth investors use AI weekly, though advisors remain a key human check, as covered in another InvestLin article.
