Robinhood has made its name over the past decade-plus as the investing platform for millennials and Gen Zers interested in trading and exploring alternative investments like crypto. Now those early users are getting older,

"MAG Wealth Management takes over Ovation Wealth Advisors" was originally created and published by Private Banker International, a GlobalData owned brand.

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

The financial industry has experienced significant technological advancements, leading to the emergence of WealthTech. Short for “Wealth Technology,” WealthTech represents the intersection of technology and wealth management,

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.

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).

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