At the turning point when Robinhood surpasses Jiaxin Wealth Management in the future, the Wall Street Journal reported today that the US Treasury Department has chosen Bank of New York Mellon (BNY) and Robinhood (HOOD) to participate in the Trump account plan. Assist in managing and operating the children's savings/investment plan: BNY is mainly responsible for traditional custody, asset custody, and operational support roles; Robinhood focuses on user interface, white label app, customer service, and retail access, making it easy for parents to manage their accounts. This is seen as an "early winner" for the two institutions in the competition, with plans aimed at providing government seed funding for eligible children and promoting long-term investment. For Ronbinhood, it is of great significance, 1. Direct business benefits New assets and revenue potential The US government plans to provide $1000 in seed funding for children born between 2025 and 2028, with an estimated coverage of millions to tens of millions of accounts. If Robinhood is responsible for user access, white label apps, customer service, and other retail aspects, it will bring billions to billions of dollars in new AUM (Asset Management Scale). This is also an important step in Robinhood's transformation from a "trading app" to a more stable, long-term asset custody. Similar to traditional brokers such as Schwab and Fidelity, the sticky AUM accumulated through retirement/child accounts can generate sustained fee income. 2. Further consolidate the role of the 'young generation wealth management platform' This further establishes Robinhood's position as the preferred wealth management platform for millennials and Gen Z (even Gen Alpha), and can even be said to be a long-term layout starting from the cradle. Robinhood CEO Vlad Tenev has repeatedly stated publicly that the company's goal is to capture the next generation of investors before they can crawl. The Trump account provides an entry point for government endorsement, allowing Robinhood to enter the family's perspective from childhood. Many parents (mainly millennial parents) will open and manage these accounts through the Robinhood app, and their children will naturally become potential users when they reach adulthood, forming a lifelong customer pipeline 3. Ronbinhood is vigorously developing its wealth management business this year If you look at Hood's financial reports for the past two years, you can clearly see that they are vigorously developing their wealth business: Vigorously promote IRA retirement accounts, 401 (k) related services, high-yield cash products, etc., to attract young users to shift from "meme stock trading" to long-term savings/investment. Gen Z has been described as a generation that focuses more on retirement planning, and Robinhood wants to be their 'Schwab', the younger version of wealth management platform. Of course, it is also important to note that withdrawals from children's accounts are restricted before the age of 18, and Robinhood mainly focuses on front-end access rather than full custody. Other institutions may also be selected in the future, but being selected in the first batch also has a strong endorsement effect on Ronbinhood. I have talked to many friends before, and every generation has their own Jiaxin Wealth Management. Rongbinghood is highly likely to surpass Jiaxin Wealth Management in the future.