No commissions, no ads, no advice. This Robinhood profile draws only on public records, each linked so you can confirm it yourself.

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The short answer: is Robinhood a fiduciary?

Yes. Robinhood is a fiduciary when it acts as your investment adviser. That adviser is a specific entity, Robinhood Asset Management (CRD #323736), which files with the SEC separately from the trading app most people know. According to its latest Form ADV (filed June 15, 2026), the firm reported $1.5 billion in regulatory assets under management (a firm-reported figure). Its Form ADV (Item 5.E) lists how it is paid: a percentage of assets under management and other.

Its Form ADV also reports that a related person is a broker-dealer (Item 7.A), and brokerage accounts fall under Regulation Best Interest instead. You can ask which capacity applies to each of your accounts, and the firm is obligated to answer. Get started with Truthifi

Our take: the fiduciary answer holds, but it attaches to the advisory account, not to the Robinhood brand. If you hold a Robinhood brokerage account and a managed portfolio, treat them as two relationships under two different standards.

What "fiduciary" means: a fiduciary is legally bound to place a client's interests above its own. (More on fiduciary duty)

Robinhood at a glance

✅ Verified from public filings, last checked October 5, 2026. Robinhood (SEC CRD #323736) is a fiduciary when acting as your adviser. It reports advisory fees and no commissions for its advisory services (a related broker-dealer can be paid differently), with $1.5 billion in regulatory assets under management. Every figure below links to its primary source.

What	Robinhood	Source
SEC CRD	#323736	IAPD
Registration	Investment adviser, with a related person that is a broker-dealer (Form ADV Item 7.A)	IAPD
Registered since	January 14, 2025 (SEC)	IAPD
Fiduciary?	Yes, when acting as your adviser	SEC adviser standard
Fee model	Advisory fees (no commissions reported in Item 5.E)	Form ADV Item 5.E
How it's paid	A percentage of assets under management and other	Form ADV Item 5.E
Regulatory Assets Under Management	$1.5 billion (Form ADV filed June 15, 2026)	IAPD
Client accounts	264,104 (all discretionary; one client can hold more than one account)	IAPD
Employees	138 (138 in advisory roles)	IAPD
Ownership	Parent-owned	Form ADV Schedule A
Disclosures	Form ADV answers No to firm-level disciplinary questions	IAPD
HQ	Menlo Park, CA	IAPD

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Robinhood fees: what you'll pay

What you pay Robinhood comes down to how the firm gets paid. The firm charges advisory fees: its Form ADV (Item 5.E) reports no commissions for its advisory services. Its filing also discloses broker-dealer, insurance or other sales activity at the firm or a related company, work that can be paid by commissions. Ask how each part of the relationship is paid. The details are in its Form ADV Part 2A. Get started with Truthifi

Advisory fees are what a client pays the adviser directly, separate from commissions earned through a related broker-dealer or insurance business.

The filing also hints at who those fees come from. Dividing the $1.52 billion in the client table below by 252,664 individual clients gives roughly $6,000 per client. That is our arithmetic, not a firm-reported figure, but it points to a mass-market, smaller-balance service, where the percentage rate in Part 2A is the number worth reading first.

Who owns Robinhood, and what conflicts does it disclose?

Robinhood is owned by Robinhood Markets Inc., according to Schedule A of its Form ADV. (Form ADV Schedule A)

That parent link is why the broker-dealer disclosure in Item 7.A deserves a second look: the adviser and its related broker-dealer likely sit within the same corporate family. Its Form ADV Part 2A describes the firm's conflicts of interest, including how it and its advisers are paid.

Robinhood SEC record: disclosures

To check Robinhood's regulatory record, start with its own filings. On its Form ADV, Robinhood answers No to the firm-level disciplinary-history questions. You can confirm that on the public record. An individual adviser can have a separate record, so it's worth searching IAPD and BrokerCheck for them as well. Any Robinhood disclosures sit on the public record, not on anyone's characterization of them.

According to IAPD, it has been registered with the SEC since January 14, 2025, and reports 138 employees. That start date matters when you read the clean disciplinary answers: as of the June 2026 filing, they cover well under two years at this entity. Some people search "is Robinhood legit?" Registration is easy to confirm: it has a public CRD and public filings anyone can pull. Registration confirms it's a real, regulated adviser, not that it's the right fit for you.

Reading Robinhood reviews against the public record

Many Robinhood reviews online are likely about the trading app, not the advisory entity this page covers. Star ratings describe what using a product felt like; they usually don't show what Robinhood Asset Management reports to regulators. Before you weigh them, check three things from the record. First, pay: according to Item 5.E, it reports advisory fees and no commissions, but a related broker-dealer sits alongside it. Second, ownership and the conflicts Part 2A discloses. Third, the disciplinary answers on its Form ADV, read against that January 2025 start date. Read reviews alongside the record, not instead of it.

How to verify Robinhood yourself

Three checks on the SEC's own site cover the record:

1. Check the SEC adviser record (IAPD): https://adviserinfo.sec.gov/firm/summary/323736.
2. Read the filings (Form ADV / Form CRS): linked from the IAPD page.
3. Confirm the entity: match Robinhood (CRD #323736, legal name ROBINHOOD ASSET MANAGEMENT, LLC) so you're reading the right firm.

What Robinhood does and who it serves

On its Form ADV, Robinhood reports providing portfolio management for individuals and small businesses.

According to its Form ADV (Item 5.D), its clients break down by type, 252,664 in all:

Client type	Clients	Assets managed
Individuals	252,664	$1.52 billion

The table counts clients; the at-a-glance figure counts accounts. It reports 264,104 client accounts (Item 5.F), more than its 252,664 clients, which suggests some clients hold more than one account. The $1.52 billion here is the Item 5.D breakdown, and the $1.5 billion headline appears to be the same total, rounded. All accounts are managed on a discretionary basis (100% of accounts), meaning the firm can trade without seeking your approval first. Its main office is in Menlo Park, CA.

It reports that it or a related person has custody of certain client assets, which brings extra safeguards such as surprise examinations. The specifics are in its Form ADV.

One ratio the filing implies but never states: 138 employees for 264,104 accounts is roughly 1,900 accounts per employee, by our calculation. A ratio like that suggests a largely automated, model-driven service rather than one-on-one planning, so ask what human access, if any, comes with your account.

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Great advice runs on the truth. Here's how to bring yours to the table.

Checking Robinhood's registration tells you about the firm. It tells you nothing about whether your full picture reaches the people managing your money. The held-away 401(k), a spouse's accounts and fund costs that never reach a statement usually arrive in pieces, none of it reconciled. This is where Truthifi comes in.

How Truthifi can help

Truthifi links your accounts read-only and shows what you own, how it's allocated, how it's performing and where the risk sits, including single-stock exposure, returns next to a benchmark, a fee breakdown of the fees on each account, by type, and your Truthifi Score. You can share the accounts you choose with your advisor at Robinhood. Get started with Truthifi

Prefer your own AI? A paid Truthifi plan lets you connect an AI assistant that supports MCP sign-in, such as Claude. Truthifi Connect is the lighter membership for people who only want to use their own assistant. Questions about your fees need Monitoring or Monitoring Plus+. Get started with Truthifi · See how Truthifi keeps your accounts secure

Ask AI about your Robinhood accounts

Once your accounts are connected read-only, you can ask in plain English:

• "What do I own across my Robinhood accounts and everything else, and how is it allocated?"
• "What am I paying in fees on each of these accounts?"

Try it with Truthifi: start for free at app.truthifi.com and run a Monitoring Checkup (limits apply).

No commissions, no ads, no advice: Truthifi is not an investment adviser and doesn't give investment, tax or legal advice. Its access to your bank and brokerage accounts is read-only. Start free (limits apply). Monitoring Checkup is free. Per Truthifi's pricing page, you can link up to 10 connections. Plans and limits are on the pricing page → truthifi.com.

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FAQ

Is Robinhood a fiduciary? Yes, when acting as your adviser. Its Form ADV reports a related person that is a broker-dealer, and brokerage accounts fall under Regulation Best Interest instead. Ask which capacity covers each of your accounts.

Is Robinhood fee-only? Not necessarily. Its Form ADV (Item 5.E) reports no commissions for advisory services, but the filing also reports broker-dealer, insurance or other sales activity by the firm or a related company, which can be paid differently. Ask how everyone you deal with is paid. The details are in its Form ADV Part 2A.

Who owns Robinhood? Robinhood is owned by Robinhood Markets Inc., as listed in Schedule A of its Form ADV.

Does Robinhood have complaints or disclosures? Its Form ADV answers No to the firm-level disciplinary-history questions. Individual advisers can have their own records on IAPD and BrokerCheck.

Is Robinhood legit? Robinhood is registered with the SEC (CRD #323736) and its filings are public on the SEC's IAPD site, which confirms it is a real, regulated firm. Registration doesn't tell you whether it's the right fit or what you'll pay, so read the fee and conflict sections of its Form ADV.

Can AI help me check whether I'm getting good value? Yes. Start free (limits apply): Monitoring Checkup is free and lets you link up to 10 connections. You can also connect an AI assistant you already use (such as Claude). On Monitoring or Monitoring Plus+ you can ask it, in plain English, about the fees on each of your accounts. Truthifi is not an investment adviser and doesn't give investment, tax or legal advice.

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About this profile

Truthifi built this profile from the firm's own SEC filings (Form ADV and, where filed, Form CRS). Every page is reviewed by the Truthifi Team before publishing. The Truthifi advisor fact packs are an ongoing series checking U.S. investment advisers against their public filings, one firm at a time.

Read next from the Truthifi blog

• What is a fiduciary?
• Fee-only financial advisor: costs and how to find one
• Are you paying too much? Why that might be the wrong question
• How to ask AI about your real investment accounts
• Robo-advisor vs. human financial advisor: which is better?
• All advisor fact packs on Truthifi

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A note on sources. The facts on this page come from publicly available documents, Robinhood's SEC filings, each linked inline so you can verify it yourself (SEC data current as of October 5, 2026). This is general information, not financial or legal advice, and Truthifi is not affiliated with Robinhood. Regulatory records change, so always confirm against the official sources linked above. Spot something that should be corrected? Email us at support@truthifi.com.