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Robinhood Pays $300m for TradePMR Fintech Futures)

Robinhood has acquired TradePMR, a custodial and portfolio management platform for registered investment advisors, in a $300 million cash-and-stock deal. This move aligns with Robinhood’s strategy to expand into wealth management by leveraging TradePMR’s Fusion platform, which offers open architecture capabilities. The integration aims to enable advisors and clients to view managed assets directly in the Robinhood app, while also launching a new referral program. Robinhood plans to maintain TradePMR’s partnership with Wells Fargo Clearing Services and will onboard TradePMR’s CEO Robb Baldwin and his team. This acquisition follows Robinhood’s earlier strategic purchases, including Bitstamp and Pluto Capital, highlighting its push to diversify and enhance its offerings.

$467M Acquisition for Modera Wealth (WealthManagement)

Modera Wealth Management, a $12.5 billion RIA based in New Jersey, has acquired Maryland-based Bay Point Wealth, adding $467 million in AUM, eight employees (including four advisors), and offices in Annapolis and Stevensville. Founded in 1995 by Bill Hufnell, Bay Point specializes in services for business owners, including succession planning and tax optimization, as well as estate and wealth transfer strategies for multigenerational families. Hufnell will join Modera as a wealth manager and principal, emphasizing the transformative nature of the merger for clients and staff. This acquisition follows Modera’s recent hiring of former Hightower executive Kirsten Ly as director of marketing and builds on its growth strategy, supported by a minority stake sale to Tria Capital Partners in 2021.

Allworth Boosts Tax Services with Acquisition of Bay Area CPA Firm (WealthManagement)

Allworth Financial, a $25 billion RIA headquartered in Folsom, Calif., has acquired CCA LLP, a tax-focused CPA firm in Pleasant Hill, adding 25 tax professionals to strengthen its in-house tax services. This marks Allworth’s eighth acquisition this year and 39th since 2018, bringing its nationwide footprint to 43 offices. The acquisition aligns with Allworth’s strategy to meet growing client demand for comprehensive financial planning with integrated tax services. CCA’s founder, Gerardo Alvarado, emphasized the benefits of Allworth’s scale and resources in expanding their tax planning capabilities. The firm continues to pursue its growth strategy under CEO John Bunch, following acquisitions of several RIAs this year, while co-founders Scott Hanson and Pat McClain transition out of leadership roles as part of a succession plan..

Incoming CEO 'Feels Silly' for Not Buying In (Decrypt)

Charles Schwab plans to enter the spot crypto market once U.S. regulations provide a clearer framework, according to incoming CEO Rick Wurster, who anticipates favorable changes under the Donald Trump administration. While Schwab already engages in crypto through exchange-traded funds (ETFs) and futures, the firm aims to expand its offerings to meet growing retail investor demand for digital assets. An October survey revealed that nearly 45% of investors plan to invest in crypto via ETFs in the next year, driven by interest from both millennials and older investors. Schwab’s current Crypto Thematic ETF (STCE) provides exposure to companies involved in blockchain and crypto technology rather than direct crypto investments. Facing competition from platforms like Robinhood, Schwab sees the addition of spot trading as a key step to solidify its position in the evolving digital asset space.

Watching:

Robinhood to acquire TradePMR for $300 million: Here's what the CEOs have to say(YouTube)

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