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TradePMR, the custodial services provider acquired by Robinhood last year, has introduced a cash match program for the end clients of registered investment advisors on its platform, akin to the deposit bonuses and cash incentives that have existed in the retail investing space for years.
The Asset Match program offers a 50 basis point, or 0.5%, cash match on new assets going into TradePMR accounts, regardless of the account type.
“It’s our way and Robinhood’s way of stepping into the RIA industry with a gigantic leap and saying, ‘We’re dedicated to the RIA space; we’re dedicated to independent entrepreneurs; and we want to make a mark, and we want to show advisors that we are pro-RIA,’” said Robb Baldwin, founder and general manager at TradePMR.
The Asset Match applies to new assets that come into TradePMR via ACATS and ACH transfers, etc., from Oct. 1, 2025, through March 31, 2026. TradePMR uses Wells Fargo Clearing Services to execute and clear securities transactions.
There’s no minimum or maximum to receive the cash match.
Baldwin said the program is the first of its kind in the RIA custody space and differentiates the firm from other custodians that, he says, increasingly compete with their RIAs, changing RIA referral programs and bringing more advisors in-house.
“A lot of people right now are really concerned about the messaging from a lot of our competitors and how they’re really shaking up the referral programs they’ve had in the past, reducing them and hiring more internal advisors. There are a lot of changes going on, yet the custodial space for RIAs is one of the greatest spaces that businesses have ever entered into. We want to be dedicated to that space, and we want to show our dedication with this match.”
It benefits the end client from doing business with RIAs on the TradePMR platform, a similar perk that Robinhood provides its retail clients. The trading platform provides cash incentives to its retail customers, which vary depending on the type of account, he said.
TradePMR currently has 350 RIA firms on its platform, and Baldwin expects this program to attract more.
“As a fiduciary, you have to do what’s best for your end client. If you’re going to open an account somewhere in this time period, I think you have to consider the fact that your client gets a benefit for opening an account with TradePMR during this tenure. I think it’s a huge open door for us to bring in a lot of new advisors who haven’t ever tried us, especially with a next new account,” he said.
Joe Duran, managing partner and chief investment officer at Rise Growth Partners, said the program can potentially raise TradePMR’s visibility among new clients for RIAs on their platform.
“This could be especially compelling for advisors who are considering leaving a broker/dealer and making a wholesale move, for example, a key moment when they’re already re-evaluating custodial relationships,” he said.
“The bigger question is how existing clients will respond, since advisors are often hesitant to disrupt established custodial relationships when current service is ‘good enough.’ While other custodians may respond competitively, they have historically focused more on offering enhanced service and technology rather than direct economic incentives. TradePMR’s approach could push the industry to broaden its thinking.”
To be sure, other custodians will incentivize cash sweeps in client accounts, although they are not an apples-to-apples comparison. For instance, Fidelity defaults all non-retirement cash in brokerage accounts to its in-house option, FCASH, which currently pays an interest rate of 2.07%, according to Fidelity’s website. Schwab automatically sweeps cash into deposit accounts at Schwab Bank, with an annual percentage yield of 0.15%. Other options at Schwab include Certificates of Deposit, yielding 3.75% to 4.06%, and Schwab Money Funds, yielding between 1.9% to 4.19%, but those have to be chosen manually. Altruist launched a cash platform last year, currently paying 4% APY through Nov. 11, 2025.
Robinhood first announced its acquisition of TradePMR last November for $300 million and closed on the deal late last year. The deal marked Robinhood’s entrance into the wealth management space, as it aims to connect its investors with human advisors.
The two are working to create a referral program to give TradePMR’s RIA clients access to Robinhood customers through a joint tech platform. Robinhood investors will also be able to find and connect with TradePMR advisors.
Baldwin said he expects that new platform to be rolled out in 2026.
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