In the middle of writing this week’s WealthTech Weekly — which I assure you was full of witty turns of phrases and clever insights — Robinhood decided to file for its long-awaited IPO, forcing me to start from scratch.

Reporters, investors and analysts are currently pouring through the company’s S-1 form, but some early highlights include 17.7 million monthly active users, 18 million funded accounts, $81 billion of assets under custody and $11.6 billion in cryptocurrency assets under custody. The company says it reported $0.01 earnings per share last year.

Some other interesting stats, via CNBC’s Deirdre Bosa, include 318 mentions of crypto in the filing (though just 10 mentions of dogecoin), 14 uses of “democratize” and 65 references to payment for order flow — one of several controversial practices that has landed Robinhood in hot water. Also interesting: the stock trading app is allocating 35% of IPO shares to individual investors to help the masses get a piece of the action. Or as the Wall Street Journal put it, “Robinhood wants you to buy Robinhood stock on Robinhood,” though if it was me I probably would have tried to get one more “Robinhood” into that headline.

The filing comes just one day after Robinhood received a $70 million penalty from FINRA, the harshest punishment the regulatory body has doled out in its 13-year history. FINRA’s allegations are sweeping and serious, accusing Robinhood of misleading customers, having negligently weak technology oversight and allowing thousands of users to trade options inappropriately.

Robinhood caused real harm — including its role in the suicide of a young trader — and $70 million is only a slap on the wrist for the company, albeit the hardest FINRA has yet mustered. But it’s also an open question why a fintech startup is receiving harsher punishment than any of the financial institutions that nearly caused the collapse of the global economy. Perhaps more of a question for the philosophers than WealthTech Weekly.

At any rate, hey, Robinhood, maybe chill out for a bit? It’s a holiday weekend.

Herbers & Company launches new app to bring training programs, tools and insights to financial advisory firms

By Jessica Lerner       2 min read

The app, available on desktop, iOS and Google, will give users, with a subscription fee, access to all the information they need Read story →

How advisors are moving to protect clients from crypto crashes

By Lily Wolfson       4 min read

After China’s crackdown on Bitcoin, some investors are worried. Advisors have ways to ease their concerns. Read story →

M&T Bank pushes into advice for mass-affluent clients

By Jessica Lerner       3 min read

Called Wilmington Advisors @ M&T, the new service combines digital and human planning. Read story →

Operationalizing financial wellness

Small bank takes stake in robo advisor to reach the mass affluent

By John Reosti       5 min read

Amerant Bank has invested $2.5 million in Marstone to provide a digital alternative to personal wealth advisors for new and existing clients. The technology "gets planning capabilities into the hands of any customer that wants them," says Jerry Plush, the Florida bank's new CEO. Read story →