Wall Street wants a piece of 'Trump accounts' for kids
JP Morgan Chase and Robinhood are reportedly vying to handle the accounts for kids — and cultivate new customers once beneficiaries reach adulthood
Pedestrians walk by the Charging Bull at the Wall Street on September 26, 2025 in New York City. (Zhang Weiguo/VCG via Getty Images)
Major banks and brokerages on Wall Street are dashing to come out as the big winner and handle the so-called "Trump accounts" for kids.
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The Wall Street Journal reported late Wednesday that financial firms want a stake in the nascent program, which is designed to provide $1,000 in federal cash to children born during President Donald Trump's second term. The initiative received a big boost this week from Dell Technologies CEO Michael Dell and his wife, Susan, when the pair announced a $6.25 billion donation towards the program, seeding 25 million accounts with $250 each.
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Some of the early contenders reportedly include JP Morgan Chase; Charles Schwab and Robinhood, both brokerages; and money managing firms like Blackrock. The financial institutions are expected to provide their pitch to become the Treasury Department's "designated financial agent" in charge of the accounts.
“We have given the president and Treasury our assurances that Robinhood can dedicate the technology and capital to making these accounts as robust and intuitive as possible,” Robinhood CEO Vlad Tenev said in a statement provided to the Journal.
For the Wall Street firm that comes out on top, the accounts present an enormous opportunity to cultivate new customers once they reach adulthood. Given the government-backed nature of the program, the management fees are likely to be lower.
The Trump administration is expected to launch a sign-up portal sometime early next year. For now, it's finalizing a new IRS form that will enable parents to apply for the account.
Venture capitalist Brad Gerstner, an architect of the program, said on Tuesday that U.S. companies are expressing interest in matching their workers' contributions. He listed chipmaking giant Nvidia, the ride-hail company Uber, and the wireless tech company T-Mobile among them.