Robinhood CEO says he is considering offering US retirement accounts
Online brokerage platform has approximately 18 million funded investment accounts.
(Reuters)-Robinhood Markets is considering opening a retirement account in the United States, CEO and co-founder Vladimir Tenev said in a webcast on Saturday.
The online brokerage platform has approximately 18 million funded investment accounts, most of which are held by retailers.
By providing a personal annuity account (IRA) and a Roth IRA, Robin Hood can open up a vast market by offering tax benefits to those who save for retirement. According to the Investment Company Institute, Americans held $ 12.6 trillion in IRA at the end of March, an increase of 2.8% from the end of December.
Investors responded, “I’m interested in building more account types, such as IRAs and Ross IRAs, and I’ve heard a lot from clients. I want to make my first investor a long-term investor I think. ” question.
Due to the penalties associated with withdrawing money, the IRA tends to attract long-term investments rather than a quick reversal of stocks, options and cryptocurrencies that some investors rely on Robin Hood.
