Robinhood struck back at Warren Buffett on Monday after the legendary investor said over the weekend that the online brokerage played a significant part in the “casino aspect” of the market.
“People are tired of the Warren Buffetts and Charlie Mungers of the world acting like they are the only oracles of investing,” Robinhood head of public policy communications Jacqueline Ortiz Ramsay said in a blog post. “Robinhood and other online trading platforms have opened the doors of financial markets to everyday people, deeply unsettling the old guard who will fight to keep things the same.”
A majority of Robinhood customers are buying shares and holding them as everyday investors build their nest eggs, Ortiz Ramsay said.
“At Robinhood, we’re not going to sit back while they disparage everyday people for taking control of their financial lives,” she added.
Broker-dealers that sold the defunct securities backed by Inspired Healthcare generated more than $100 million in fees and commissions.
FINRA barred the advisor, Sung Moo Cho, last month.
A new MetLife survey finds real estate professionals are increasingly steering clients toward tax experts as rising property values leave more sellers facing significant capital gains.
The independent broker-dealer expands its business development bench with a new recruiter and an internal promotion in the West.
The leading ultra-high-net-worth RIA joins other large wealth firms, including Raymond James and LPL, in creating executive roles focused on artificial intelligence strategy
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
Direct indexing is on pace to outgrow ETFs and mutual funds. Northern Trust's Ken Lassner explains why the advisors who get it wish they had started sooner.
