Robinhood Woos Wealthier Clients From Bigger Brokerages

Robinhood Markets, known for a clientele of first-time investors, is attracting customers with fatter wallets from other brokerages.

Through Wednesday, the trading app received about $1.1 billion in account transfers since Oct. 23, when it began offering a 1% match on transferred brokerage accounts, the company said. In the second and third quarters of this year, customers transferred about $350 million and $375 million, respectively, to Robinhood from other brokerages, according to company filings.