Millennials and the Robinhood Revolution

Dave Fogel, CPA
One of the most popular apps millennials are using for investing is Robinhood.

One of the most popular apps millennials are using for investing is Robinhood.

damircudic via iStock

The first thing anyone who spends a significant amount of time with millennials will notice is they spend a lot of time on their phones, and they are incredibly tech-savvy. The newest members of the legal profession are no different. A growing number of these new professionals are using their phones for a new purpose: investing. One of the most popular apps they are using for this purpose is Robinhood.

In 2013, Vladimir Tenev and Baiju Bhattto developed the Robinhood app to simplify investing in the stock market and allow all individuals—not only the wealthy elite—to access those investments. Since launching in 2013, Robinhood’s user base has swelled to more than 13 million accounts, with most of these being first-time millennial investors. This massive growth has been attributed primarily to the streamlined trading process and the platform’s commission-free trades.

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