Robinhood launches forgivable loans for RIAs, preps wider referral rollout

Robinhood has introduced new offerings for RIAs on its TradePMR custody platform as the Robinhood Advisor Network referral program exits its pilot stage.
The new offerings include forgivable loans on eligible net new assets and, subject to regulatory approval, access to IPOs for advisors.
The forgivable loans generally span a three-year period and are intended to provide financial assistance for acquisitions, mergers, and advisor recruitment.
The referral program connecting brokerage customers with RIAs will roll out next week to a small group of Robinhood customers following a pilot restricted to employees holding at least $250,000 in investable assets.
Just over a dozen RIAs are currently active in the referral program, with 50 more in the queue to join, according to TradePMR vice president and general manager Robb Baldwin.
A separate offer modeled on Robinhood's IPO Access product would allow RIA clients to invest at the IPO price, while a further pending offer would provide access to Robinhood Ventures fund public offerings.
Robinhood serves over 27m brokerage customers, counts $345bn in platform assets, and reports an average customer age of 36.