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Robinhood Markets Inc HOOD has revolutionized trading by eliminating traditional barriers, thereby democratizing investing with its commission-free trades and simplified approach, making it more accessible to historically underrepresented groups.

Steve Quirk, the chief brokerage officer at Robinhoodappearedat Benzinga's Fintech Deal Day & Awards in New York on Monday, and spoke about how retail traders today have cutting-edge trading technology accessible for free at their fingertips. The panel was moderated byBrendan Woodtheco-founder and CEO ofSnapTrade.

Quirk, who has been trading since 1987, reflectedon the past, saying,We used to pay $10,000 a month for technology that was not close to what is in the hands ofretail traders today for free and that's amazing it has opened up the door for so many people… who don't have to accumulate a whole bunch of assets to get started. They can start with five bucks and invest on an interval basis.

Paternalistic State?Quirk further discussed obstacles, pointing out a "paternalistic state" that he perceives as condescending towards younger Robinhood users. He pointed out that a 31-year-old with $25,000 in a Robinhood account might be treated as less capable compared to a 55-year-old Fidelity user with $250,000, despite both using similar financial instruments.

It is all about education, he said.

Quirk noted that as Robinhood has grown, it has simultaneously evolved with its customers. Many tradersstarted with self-directed trading on the platform, and for half of them, Robinhood was their first experience with a brokerage firm.

He added that as customers' needs change, they are increasingly seeking additional services, such as advice on retirement planning and opportunities to earn yield, moving beyond just self-directed investing.

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