Robinhood Markets Inc. announced Tuesday the roll out of 24-hour customer phone support, seven days a week, following a recruiting spree earlier this year of financial advisers turned customer service reps.
The free trading app more than doubled the number of full-time registered reps this year after recruiting 100 advisers from other firms since 2019, according to InvestmentNews’ Advisers on the Move data. The online brokerage has beefed up its customer support features and staff since facing harsh criticism of its communications with users among a string of regulatory woes, including a record $70 million Finra settlement.
Robinhood said expanding its customer support would help its users feel confident, informed and secure about investing, especially when trading assets like cryptocurrencies, according to the company blog.
This new in-app feature makes Robinhood one of the first major crypto platform to roll out 24/7 phone support. Now investors can trade crypto 24/7 and get live customer service 24/7, said Christine Brown, Robinhood's chief operating officer of its crypto business.
The adviser recruits from earlier this year are not used to provide financial advice, rather, specialized customer service. For example, if a customer reaches out with a question about options, they will get a call directly from a registered representative to help with their issue or question.
Robinhood opened offices in Tempe, Arizona, as well as Southlake, Texas, and Denver to create additional centers for customer support. The company continued to grow its customer support team in Lake Mary, Florida and Charlotte, North Carolina.
Robinhood came under criticism for its lack of customer support and education after the tragic death of Alex Kearns, a Robinhood customer who took his life in June 2020 after mistakenly thinking he had lost some $730,000. Kearns’ family sued the trading app for “misleading” customer communications in a case that was settled earlier this year, Robinhood said in a regulatory filing.
Robinhood has been working to patch its image with on-demand customer support, while being a huge beneficiary of this year’s market frenzies, like GameStop’s stock surge and cryptocurrencies.
The app has also been able to maintain its popularity, even going public and trading on the Nasdaq stock exchange, throughout the year despite some regulatory hiccups. More than 21 million people trade stocks and cryptocurrencies on Robinhood.
Firms are facing increasing scrutiny over whether they can be held responsible for losses by clients whose ability to understand their investments has been compromised.
Decision deepens the two firms’ decade-long relationship
Linqto Inc. was one of the first tech platforms to promise access to small investors into the high-risk, high-reward world of private investments.
Since Vis Raghavan took over the reins last year, several have jumped ship.
Chasing productivity is one thing, but when you're cutting corners, missing details, and making mistakes, it's time to take a step back.
Stan Gregor, Chairman & CEO of Summit Financial Holdings, explores how RIAs can meet growing demand for family office-style services among mass affluent clients through tax-first planning, technology, and collaboration—positioning firms for long-term success
Chris Vizzi, Co-Founder & Partner of South Coast Investment Advisors, LLC, shares how 2025 estate tax changes—$13.99M per person—offer more than tax savings. Learn how to pass on purpose, values, and vision to unite generations and give wealth lasting meaning
