The brokerage firm will buy TradePMR, which custodies assets on behalf of financial advisors and has more than $40 billion in assets under advisement.

Trading app Robinhood Markets has reached a cash-stock deal worth around $300m to acquire TradePMR, a custodial and portfolio management platform for registered investment advisors (RIAs). TradePMR, with over 25 years of industry experience, has more than $40bn in assets under administration.

Experts say this acquisition will have far-reaching effects on the entire wealth management industry as a generational shift is underway.

Retail trading platform Robinhood Markets will acquire portfolio management platform TradePMR in a cash-and-stock deal for about $300 million, the companies said on Tuesday.Robinhood has been pushing to grab market share from traditional brokerages such as Charles Schwab and Fidelity Investments in its effort to become to a full-fledged financial services provider.

The deal marks Robinhood’s move into wealth management. The firm says it wants to connect its investors with human advisors.

Robinhood announces $300 million acquisition of TradePMR to expand its wealth management services, integrating a $40 billion RIA platform.

Robinhood Markets HOOD has announced a pivotal move in its expansion strategy with the $300 million acquisition of TradePMR, a custodial and portfolio management platform specializing in services for Registered Investment Advisors (RIAs).