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Robinhood seeks to become the gig economy super-recordkeeper by super-charging IRAs but analysts ask: Where are the revenues?

The embattled Menlo Park, Calif. firm is actually paying for AUM with 'employer match,' talking about the importance of 'trust' and admitting it'll need to earn it

Author Oisin Breen December 15, 2022 at 2:51 AM
Admin:
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Steve Quirk: What we’re trying to do is fill a void.
Brooke Southall and Keith Girard contributed to the editing of this article.

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Brian Murphy

Brian Murphy

December 15, 2022 — 7:31 PM
Sorry to say, this will end up dead in the water. Much like Wealthfront, Robinhood needs to become far more visionary than their current product road-map suggests and really take the lead; they need to inspire consumers to want to use their service, and this offering just doesn't do it. To inspire you need to rethink the problem and offer solutions outside the standard fare offered by the bigger players in the market. Paying 1% for deposits into an IRA and suggesting a risk allocation is weak, at best. Next, to put it bluntly, the Robinhood team isn't up to the task at hand (ie. don't have the skills and vision to execute anything that'll move the needle)...bring in experts in the field, or visionaries in design thinking, then have another go at "revolutionizing" the financial services space. Robinhood will be out of business (probably sold) within 12 months if they don't get their shit together quickly.

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