Buying funds like Cornerstone's now banned on RobinHood. Why hasn't been stated, but the guessing is RH considers them too complex or risky for their unsophisticated customer base.
---- "Popular brokerage app Robinhood, which has risen to notoriety among younger, tech-savvy investors this year, said it will no longer offer some favored income-generating asset classes starting next month.
“Robinhood said that after Jan. 11, 2021, customers can no longer buy closed-end funds, limited partnerships, master limited partnerships (MLPs), royalty trusts, tracking stocks, New York registry shares, and units,” reports Avi Salzman for Barron's."
“One analyst wrote in an email to Barron’s that Robinhood’s move to restrict products may be a way to keep investors away from certain complex products out of fear of again running afoul of regulators,” according to Barron's."
"Changes to certain types of securities on Robinhood in 2021
We’re currently in the process of phasing out certain types of securities on Robinhood. Starting on January 11, 2021, you’ll no longer be able to buy closed-end funds, limited partnerships, royalty trusts, tracking stocks, New York registry shares, and units. If you own any of these types of securities, please note that you’ll still be able to sell what you own at any time."
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