Robinhood and Other Anti-Wall Street Firms Begin Serving the Wealthy
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Robinhood and Other Anti-Wall Street Firms Begin Serving the Wealthy
An app once focused on retail trading is moving toward elite users.
Navigating Web3 tides with focused insightsBy Charlie Wells and Paulina Cachero
Translated by Chopper, Foresight News
Trading apps once celebrated for zero-commission trades, fractional shares, and retail-favorite “meme stocks”—and hailed as champions of “financial democratization”—are now pivoting toward elitism.
Robinhood, eToro, Revolut, and Public.com were once stereotyped as platforms where young adults traded stocks from their parents’ basements. Today, these brokerages are offering airport lounge access, exclusive dinners, and Formula 1 viewing privileges. They’ve launched premium credit cards with $695 annual fees, introduced elite concierge services for clients holding over $1 million in assets, and expanded into complex tax planning, wealth management, and even trust accounts—directly challenging traditional, established financial institutions.
A few months ago, 29-year-old David Easterwood used his heavy, 17-gram Robinhood Gold Card to buy a cowboy hat—and the store clerk remarked, “You must be very wealthy.”
He is. The Phoenix-based retail trader signed up for Robinhood in 2019, the year he turned 18; his first trade was a few shares of Ford Motor Co., followed by stocks of food companies like McDonald’s. He says his account “exploded” in 2023. According to screenshots he shared with Bloomberg News, he has earned more than $885,000 since September of that year.
In addition to his Robinhood credit card, Easterwood also subscribes to Robinhood Concierge—a service available only to users with over $1 million in assets or among the platform’s most active traders.
“Whether I have $100 or $100 million in my account,” he said, “I’ll stay with Robinhood.”
David Easterwood purchased this cowboy hat using his Robinhood Gold Card
This is precisely the atmosphere trading platforms are striving to cultivate—as their user base ages and accumulates wealth. During the pandemic, Robinhood and similar platforms cultivated an image of youthfulness, anti-establishment ethos, and opposition to Wall Street—built on low-cost trading, “financial democratization,” and appeal to retail investors.
The median age of Robinhood users has risen from 31 five years ago to 36 today. The company now serves over 300,000 customers with assets exceeding $100,000—a rise of more than 250% since 2022.
Public says its invitation-only concierge service—targeting users with $500,000+ in assets or high trading activity—is growing steadily. eToro’s membership club offers similar premium benefits; its membership count surpassed 720,000 at the end of last year, up from 579,000 a year earlier.
The product evolution of brokerage apps reflects both a maturing startup chasing older, wealthier users—and a broader K-shaped divergence emerging across many advanced economies: those with limited capital receive only basic services, while individuals holding substantial assets—even if their wealth originated in meme stocks—are aggressively courted by financial institutions and granted preferential treatment.
Public.com hosted an intimate dinner in New York in 2025, inviting members and content creators to discuss product updates and upcoming launches
“At the core of our strategy is ensuring users who build wealth on our platform don’t leave,” said Deepak Rao, VP and General Manager of Robinhood Money. These companies want to retain hard-won customers instead of losing them to Wall Street giants like Goldman Sachs, JPMorgan Chase, and Citigroup.
Abigail Sussman, Professor of Marketing at the University of Chicago Booth School of Business, says such a transformation is difficult—especially when brokerage apps shift toward a premium positioning that contradicts their original “democratizing finance” brand identity.
“It’s far easier for a brand to move from premium to mass-market,” Sussman explained. Luxury fashion brands may dilute their image when going mainstream, but they already possess mature credibility; fast-fashion retailers face far greater challenges moving upmarket. “Going the other way—building a premium image and status—is significantly harder.”
Nonetheless, these platforms are pushing ahead full throttle.
Robinhood’s invitation for its Platinum Card launch event read: “Experience our new products through a world-class lens—helping every generation achieve its financial goals.” Held at New York’s TWA Hotel at JFK Airport, the event unveiled a $695-per-year credit card made of 99.9% pure platinum, alongside custodial and trust accounts for children.
Robinhood CEO Vlad Tenev launched the Robinhood Platinum Credit Card in New York in March
London-based fintech firm Revolut is aggressively expanding into private banking and plans to roll out more products tailored to high-balance users. It is also hiring multilingual private bankers to serve high-net-worth clients, cross-sell products, and offer financial advice.
Stephen Sikes, COO of Public, said improved data, content, and AI tools have empowered people to manage multi-million-dollar portfolios independently. The company has hired dedicated concierge specialists to engage high-value clients on trading, build relationships, and optimize their experience.
Meanwhile, eToro CEO Yoni Assia said the platform’s premium membership program is set for an upgrade. Currently, its top-tier Diamond members—those with $250,000 or more in assets—receive access to select sporting events, airport lounges, and a Visa card that rewards spending with stock rebates.
“Ultimately, I want eToro to become your family office,” Assia said.
eToro CEO Yoni Assia
These emerging platforms face fierce competition from entrenched Wall Street institutions that have served affluent clients for centuries—offering personalized one-on-one service, access to private investments, and estate planning to strengthen client loyalty and maintain intergenerational relationships. Meanwhile, legacy banks—with trillions of dollars in client assets—are refining their own apps, eroding the core advantage of purely digital platforms. In this industry, exceptional user experience and marketing pale in importance next to trust.
And trust has long been a challenge for these digital brokerages. Robinhood suffered major setbacks after its pandemic-era user surge. In 2021, the Financial Industry Regulatory Authority (FINRA) fined it $70 million for misleading customers and inadequate internal controls. Robinhood neither admitted nor denied the charges but stated it had implemented numerous reforms. In 2024, eToro agreed to pay $1.5 million to settle U.S. Securities and Exchange Commission (SEC) charges related to unlicensed brokerage and clearing activities.
Robinhood’s new Platinum Card benefits closely mirror those of popular offerings from American Express and JPMorgan Chase: 5% cash back on dining, $250 annually in DoorDash credits, 10% cash back on hotels and car rentals, complimentary Robinhood Gold membership, and $250 annually in autonomous ride credits.
Ted Rossman, Chief Analyst at Bankrate, a credit-card-focused research firm, says the premium card doesn’t surpass competitors.
“Frankly, it falls short of the American Express Platinum Card or the Chase Sapphire Reserve,” Rossman said. For instance, DoorDash credits come with significant restrictions, making them far less valuable than they appear.
But Nick Ewen, Senior Editorial Director at The Points Guy, points out another kind of value: “Other points don’t appreciate—but Robinhood’s design encourages long-term investment growth.”
That’s why 32-year-old Polish investor John Ostrowski continues using his eToro card. He opts for 4% cash-back in Mercedes-Benz stock, values its dividends, and says the card gives him a new sense of identity.
“It’s a social talking point,” he said. “My dad uses an Amex card—I use an eToro card.”
An eToro members-only event held in Dubai
Yet even with a premium sheen, novelty alone isn’t enough for some users—and certain retention-enhancing services backfire.
“They assigned me a CPA to help with my taxes,” said Jason Sabshon, 42, of New York, who qualifies for Robinhood Concierge. The platform’s logic is that sound tax planning boosts investment returns, and integrating tax handling into the investment process reduces filing burdens. But Sabshon wasn’t convinced: “They said the CPA worked for a company I’d never heard of—I wasn’t comfortable with that.”
Kai Schukowski, a 39-year-old from Dubai, holds accounts with multiple brokers—but says none treats top-tier clients as well as eToro. A few months ago, he attended an exclusive eToro event at Belcanto restaurant atop Dubai Opera House, where elite traders and executives mingled at an open-air reception overlooking the Burj Khalifa—the world’s tallest building.
What impressed him most was how genuinely upscale and affluent the gathering felt. “They weren’t just influencers or people seeking fame,” he said. “They were real wealthy people.”
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