The company’s transformation includes launching futures trading, a desktop platform for serious traders, and a credit card program that has attracted 2 million waitlist subscribers, according to the Financial Times. Its Gold card offers 3% cashback, with select clients eligible for a solid gold version.

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Yet the company is facing challenges in the competitive brokerage landscape. With $195 billion in assets under custody as of November, it remains dwarfed by traditional players like Fidelity and Charles Schwab (NYSE:SCHW) , which manage $15 trillion and $10 trillion respectively.

“The maturation of Robinhood has coincided with the maturation of the retail investor,” Piper Sandler analyst Patrick Moley told the Financial Times.

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Traditional brokers, however, continue to compete for younger clients. Schwab CEO Rick Wurster recently said on an earnings call that a third of its new retail investors were under 30, and half were under 40.

While Robinhood offers multiple asset classes on one platform—from cryptocurrency to stock options—analysts question whether younger clients will “graduate” to larger firms as they accumulate wealth. 

The path to product parity with established brokers remains “very, very long,” Barclays analyst Benjamin Budish told the Financial Times.

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The company’s strategy includes expanding beyond trading into broader financial services. Its recent initiatives target more sophisticated investors while maintaining the platform’s accessibility for newcomers.

“Maybe it’s an unfair comparison, because Schwab and Fidelity are very mature platforms,” Budish said, but added that seeing the company mature makes him “more willing to give them the benefit of the doubt.”

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