Robinhood to Offer Retirement Accounts in Market Diversification Push coinspeaker.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from coinspeaker.com Daily Mail and Mail on Sunday newspapers.
By Syndicated Content
By Echo Wang and Krystal Hu
(Reuters) – Robinhood Markets Inc is considering launching U.S. retirement accounts, CEO and co-founder Vlad Tenev said on Saturday in a webcast with users of its trading app looking to participate in its initial public offering, which is set to price next week.
The online brokerage has about 18 million funded investment accounts on its platform, most of which are held by retail traders.
Offering individual retirement accounts (IRAs) and Roth IRAs, which offer tax advantages to those saving for retirement, would allow Robinhood to tap a vast market. Americans held $12.6 trillion in IRAs at the end of March, up 2.8% from the end of December, according to the Investment Company Institute.
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Robinhood CEO says he is considering offering US retirement accounts
FILE PHOTO: Robinhood logo is seen on a smartphone in front of a displayed same logo in this illustration taken, July 2, 2021. REUTERS/Dado Ruvic/Illustration/File Photo 2 related media assets (image or videos) available. Click to see the gallery.
25 Jul 2021 07:10AM (Updated:
25 Jul 2021 08:05AM) Share this content
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REUTERS: Robinhood Markets Inc is considering launching U.S. retirement accounts, CEO and co-founder Vlad Tenev said on Saturday in a webcast with users of its trading app looking to participate in its initial public offering, which is set to price next week.
Reuters Reuters
25 July, 2021, 2:20 pm
Tenev’s comments came ahead of his scheduled Feb. 18 U.S. House Financial Services Committee testimony about the trading turmoil and Robinhood’s role in it. Picture: REUTERS.
Robinhood Markets Inc is considering launching U.S. retirement accounts, CEO and co-founder Vlad Tenev said on Saturday in a webcast with users of its trading app looking to participate in its initial public offering, which is set to price next week.
The online brokerage has about 18 million funded investment accounts on its platform, most of which are held by retail traders.
Offering individual retirement accounts (IRAs) and Roth IRAs, which offer tax advantages to those saving for retirement, would allow Robinhood to tap a vast market. Americans held $12.6 trillion in IRAs at the end of March, up 2.8% from the end of December, according to the Investment Company Institute.
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