Robinhood press conference, why is there a big focus on "old money style"?

Author: EeeVee

Reposted: White55, Mars Finance

Last night, Robinhood’s product launch event in Cannes was quite the spectacle. Dramatically, this Gen Z Silicon Valley brokerage, which started with the core concept of being “retail-friendly,” decorated the event site with a large number of “old money aesthetic” visual elements. This stark contrast in imagery quickly sparked heated discussions.

At the beginning of the press conference, a shiny vintage convertible sports car drove along the winding mountain road into the Château de la Croix des Gardes estate. At Robinhood’s latest press conference in Cannes, guests dressed in elegant gentleman’s attire, as if they were at a private dinner party of a wealthy individual from the mid-20th century. And this is not a coincidence. This event, named “To Catch a Token,” is paying tribute to Alfred Hitchcock’s classic 1955 film “To Catch a Thief.”

“The Thief Catcher” was filmed at the famous Château de la Croix des Gardes estate in Cannes. Historically, the French Riviera, where Cannes is located, has always been a playground for the “old money” class of Europe: in the 19th century, British aristocrats built villas here (such as the Rothschild estate), and in the 20th century, Hollywood stars and royalty frequently visited. The Château de la Croix des Gardes estate is a landmark mansion in the area and has been recorded in history due to the film “The Thief Catcher”, becoming a sought-after vacation destination for the upper class.

This time, Robinhood chose the same location for the press conference and used similar visual elements, clearly intending to leverage the film’s ambiance to subtly place its innovative fintech products within the storyline of “a global plan brewing in the shadow of traditional wealth.” On one hand, the symbols of “old money” (antique cars, castles, tuxedos, gold watches) represent a long-standing tradition of wealth and status, creating a tone of stability and trustworthiness; on the other hand, the products launched at the press conference are cutting-edge offerings such as cryptocurrencies and on-chain stocks.

This fintech feast staged in the “Old Money Sanctuary” conveys the story that the brand wants to tell: behind the old world of wealth, a “thief” of the financial future is quietly at work. It also interprets Robinhood’s consistent mission - “to steal the wealth opportunities that once belonged only to the rich and hand them over to the public.”

From Rogue to Noble, the Transformation of Robinhood’s ‘Old Money’

At the end of the movie “The Thief Catcher”, the protagonist transforms from a past rogue into a hero, collaborating with the police and eventually joining the nobility. This transformation reflects the message that Robinhood has recently conveyed through its brand visuals and product upgrades.

Young grassroots

The early impression of Robinhood was that of a disruptive startup: zero-commission trading, confetti animations celebrating successful trades, and an emphasis on “making it easy for young novices to trade stocks.” The brand tone leaned towards being young, grassroots, and internet-oriented. However, as the business has developed, the user structure and needs of Robinhood have quietly changed.

According to analysis, in the third quarter of 2024, the average assets of new users on Robinhood have surged to about $100,000, closely approaching the core customer base of traditional brokerage giant Charles Schwab. This indicates that many wealthier and more serious investors are beginning to enter the Robinhood platform. Their demands go far beyond simple “one-click trading”; they expect to receive more comprehensive and professional financial services.

Low-key luxury

In Robinhood’s new visual system, the previous cartoonish colors have been abandoned in favor of black and white neutral tones and an exquisite, refined design style. This aesthetic orientation of “Quiet Luxury” aligns with the understated prestige of the “old money” class. Marketing Vice President Michael Goodbody pointed out that the company’s new visuals are “an external reflection of business maturity and growth,” aiming to create a modern and elegant image that attracts more serious investors and serves as a reliable home for investors in the coming generations. It is evident that Robinhood is no longer satisfied with being a starter stock trading app for young people but aims to establish a sense of trust and authority similar to that provided by traditional brokerage firms.

This shift is also reflected in Robinhood’s recent product strategy. The company has begun to launch high-end user services, such as lower margin loan rates, cash management features, retirement accounts, and advanced analytics tools, even issuing a gold co-branded credit card aimed at high-end customers. These initiatives essentially align with the comprehensive wealth management model of traditional brokerages. Robinhood previously mocked the differences between two types of investors with the phrase “poor people borrow money to invest, while rich people manage assets.” Now, Robinhood clearly hopes to break this stereotype and position itself as a comprehensive investment platform that caters to both the rich and the poor.

The rogue ultimately becomes a hero, “the once rebellious newcomer in the financial industry must eventually grow into the image of a stable and experienced elder.” Robinhood’s press conference adopted a visual style reminiscent of old aristocracy, precisely to announce to the outside world: we are no longer just a playground for young retail investors, but a financial platform capable of serving high-net-worth clients, trustworthy and more mature.

Who did the narrative of “nobility” in cryptocurrency hit?

Robinhood’s presentation this time cleverly uses a “old money” visual narrative to tell different levels of stories to different audiences:

European and American cryptocurrency users

First of all, this press conference is essentially about Robinhood launching a series of crypto products (on-chain stock tokens, L2 blockchain, perpetual contracts, etc.). Crypto enthusiasts and practitioners in Europe and the United States are the main audience.

For this group of people, Robinhood hopes to convey two messages: first, that traditional finance and the crypto world are merging, and Robinhood is standing at the intersection playing a bridging role; second, that Robinhood offers high-end, trustworthy crypto services rather than a speculative platform akin to a wild west. After all, having experienced the severe turbulence and regulatory storms in the crypto market in recent years, crypto users are increasingly valuing the security and compliance of the platform.

Robinhood presents itself with a solemn and traditional image, which can give these users more confidence. “We understand both the trends of Crypto and the rules of traditional finance,” emphasized Robinhood President Vlad Tenev at the start of the press conference.

In addition, the choice of Cannes for this press conference reflects Robinhood’s internationalization strategy. In recent years, Robinhood has been seeking to expand beyond the United States, particularly in Europe. The content of this press conference focuses on the European market (such as launching on-chain U.S. stock tokens in 30 European countries, and launching crypto perpetual contracts in the EU), hosted by its EU subsidiary. The decision to hold a high-profile event in France, Europe, signifies Robinhood’s importance and commitment to the European market.

This stands in stark contrast to its announcement in 2019 to enter the UK market, which was then delayed—at that time, Robinhood was unable to launch its UK operations for various reasons. Now, by entering the European mainland market through its cryptocurrency business, Robinhood needs to demonstrate its sincerity and strength to European users and regulators. In the financial landscape of the EU, London and New York are financial hubs, but Cannes, as an internationally neutral and symbolically significant stage, avoids the clichés of falling into a specific financial center. It feels more globalized, detached from political and economic disputes, giving the launch event a sense of “world tour.”

As Vlad Tenev stated at the press conference, clear cryptocurrency regulations in Europe pave the way for innovation, and the United States will eventually catch up—this is effectively endorsing Robinhood’s global expansion. The choice of Europe as the location for the press conference and the fanfare surrounding it is meant to declare to the world: Robinhood is no longer a local company, but is actively embracing the international market.

young high-net-worth individuals

This visual style is also targeted at a group of emerging high-net-worth young people - such as the “new rich” who have built their wealth through technology startups or cryptocurrency investments. They are young but possess considerable assets, are familiar with internet culture, and yearn for traditional elite lifestyles. The so-called “Old Money” aesthetic is currently trending among this generation.

For example, a video of an internet celebrity wearing a blue pinstripe suit, driving a red 1962 vintage Alfa Romeo convertible, cruising along Lake Como, has garnered millions of views on social media. This fantasy of aristocratic life is precisely the embodiment of the aesthetic trend known as “Old Money Style.” Creating a similar scene at the Robinhood launch event will undoubtedly resonate emotionally with this group of young, affluent individuals. Elevating the brand’s status in the eyes of high-net-worth young clients—using Robinhood is not just a financial choice, but also a choice of a tasteful lifestyle.

Traditional financial institutions and investors

Although Robinhood primarily serves individual investors, the narrative of this press conference may also target institutional audiences—potential partners, investors, and regulators.

In the financial world, the style of “old money” is often associated with stability and credit. Robinhood has launched a new business in Europe with high standards, which not only declares its ambition to enter the international market to the traditional financial sector but also serves as a public relations strategy to showcase its professionalism and compliance. The press conference was hosted by its European subsidiary and conducted under the European regulatory framework, inviting heavyweight guests such as the co-founder of Ethereum for dialogue. In the context of a global roadshow, this emphasis on “presence” is a signal to institutional investors and regulators that Robinhood is striving to play the role of a responsible market participant, rather than just being synonymous with “retail investor solidarity,” and conveys its strong financial backing and long-term planning to potential strategic partners (such as local banks and exchanges in Europe).

Overall, Robinhood’s visual and narrative strategy hits three targets with one arrow: it not only stimulates the imagination of ordinary users about a life of noble wealth, enhancing brand appeal; it also reassures high-net-worth users about the platform’s credibility; and it caters to the traditional finance industry’s preference for a stable image. By packaging new financial technology with elements of old money, it maximizes the effectiveness of its communication.

The “old money sentiment” of the new financial elites.

Robinhood is not the only company trying the “old money style” or similar aesthetic reversal strategies in its marketing. In the Web3, Fintech, and even broader internet industries, there have been numerous brands in recent years borrowing elements from old aristocracy and American high society to achieve unexpected communication effects. The logic behind this is to create topicality and brand freshness by introducing high-end traditional elements that contrast sharply with their original tone. Here are a few comparable cases worth examining:

BAYC (Bored Ape Yacht Club): The Aristocratic Club of Web3 Irony

BAYC is a well-known NFT project, and its brand concept is a parody and replication of the old-money class. The bored apes form a “yacht club,” which is a traditional wealthy social scene (private yacht clubs). BAYC uses cartoon ape images to give this typical “old money” symbol a new meaning, creating a digital club that only crypto nouveau riche can join. As a result, this NFT series with an aristocratic club tone achieved great success, attracting numerous celebrities and wealthy individuals to purchase.

Tuxedo Society: Monetizing Nostalgic Nobility

Not only in finance, but a new batch of brands specializing in selling the “old money lifestyle” has also emerged on the internet. For example, Tuxedo Society, founded by Italian youth, is essentially a luxury travel membership club that claims to let members experience traditional parties and vacations of the upper class. The founders are not genuinely from prestigious families, but they have been fascinated since childhood by the lives of the wealthy as portrayed in shows like “Gossip Girl,” and are particularly fond of the old-fashioned gentleman style, such as “wearing a suit to nightclubs.”

They have crafted a meticulously designed “old money fantasy” through platforms like Instagram, attracting wealthy millennials who also crave this experience to sign up for high-priced travel events. The club has hosted balls in a 16th-century palace by Lake Como and helicoptered members to ski in St. Moritz while tasting caviar and champagne. These scenes sound like gatherings of European aristocrats from the last century, but the participants are a new generation of wealthy individuals. The success of the Tuxedo Society indicates that “old money” as a cultural commodity can be packaged and sold by new brands. This aligns with some marketing in the Web3/crypto space—what is being sold is future technology, but the story being told is one of nostalgia.

What does the modern Robin Hood want?

Overall, in today’s emerging technology marketing, the “old money style” is becoming an aesthetic trend worth paying attention to. Robinhood’s bold embrace of the old money aesthetic is largely based on its judgment of its user structure and industry trends, making it a natural move. In terms of effectiveness, it has indeed sparked widespread discussion within the industry, representing another successful application of old money aesthetics in fintech marketing.

In the Fintech sector, some companies have also attempted to incorporate a subtle luxurious tone into their marketing to reach higher-end clients. For example, when some internet brokerages and digital banks launch metal credit cards and premium membership services, their advertisements often imitate the style of private banking: black backgrounds, understated luxurious textures, elite lifestyle scenes, etc.

Robinhood itself emphasizes in the advertisement for its Robinhood Gold premium account, which will be launched in September 2024, that it provides ordinary investors with “products and interest rates that were once only available to super-rich individuals.” This advertisement features a newly upgraded visual system, presenting Robinhood as a platform that offers “exclusive treatment for large investors” with a clean and understated color palette and refined high-quality imagery.

The “old money style” visual strategy upheld by Robinhood at its latest press conference is a meticulously planned multidimensional approach. From the perspective of brand communication, it dramatically conveys the company’s image transformation from a rebellious newcomer to a mature mainstream player; from the perspective of consumer psychology, it captures people’s trust and yearning for traditional symbols of wealth, creating a unique sense of identity; in terms of fintech positioning, it aligns with the upgrading of its user structure, indicating a shift towards high-net-worth services; looking at historical cases, this aesthetic reversal of highlighting the old to showcase the new has proven effective under specific conditions.

The choice of Cannes as the venue for the launch event cleverly anchors all of this in the coordinates of internationalization and cultural heritage, adding a bold stroke to Robinhood’s global ambitions. It is foreseeable that Robinhood’s future marketing and products will continue to revolve around the main theme of “empowering the new generation with the privileges of the old rich”—a blend of inheriting the essence of traditional finance and a commitment to financial democratization. This “old money wind” launch event is a microcosm of this strategy, and the logic and thoughts behind it can provide many insights for the industry.