Select Page

Famed love balladeer Michael Bolton wants you to break up with your brokerage.

The multi-platinum singer has reinterpreted his Billboard Hot 100 No. 1 hit, “How Am I Supposed to Live Without You,” in a new ad for online brokerage that urges investors to transfer their portfolios away from commission-free brokerages that employ the practice known as payment for order flow (PFOF). PFOF is when a brokerage receives rebates on trades by routing them through a high-speed trading firm.

{“nid”:”9517624″,”type”:”post”,”title”:”Ja Rule, Grimes & More Weigh In On GameStop & AMC Stock Controversy”,”relative_path”:”/articles/news/9517624/gamestop-amc-stock-controversy-artists-react/”,”media”:{“width”:1548,”height”:1024,”extension”:”jpg”,”mime_type”:”image/jpeg”,”type”:”image”,”path”:””,”sizes”:[{“path”:””,”width”:1548,”height”:1024},{“path”:””,”width”:1548,”height”:1024}],”orientation”:”landscape”,”id”:”9517652″,”caption”:null,”credit”:null}}

Though several online brokerages (including, until recently, use PFOF, the video’s clear target is Robinhood, which received an avalanche of publicity during the recent Gamestop scandal. The well-timed ad piggybacks on recent Reddit outrage around the practice, which last week spawned a House inquiry that resulted in Robinhood CEO Vlad Tenev being grilled by members of Congress.

In a blog post, Public noted that it is “officially PFOF-free” as of Feb. 16. As an incentive to investors, the company is offering to cover any fees charged by an existing brokerage to transfer their portfolio to them.

“I could hardly believe it, what I saw on Reddit today,” sings Bolton in the revamped lyrics, his vocals accompanied by stock images of romance gone wrong (shattering wine glasses, a red rose licked by flames, etc). “Was hoping I could get it straight from you. They told me ’bout order flow. So I Googled, now I know. I think I gotta find somebody new.”

Bolton, who has his own investment portfolio listed on Public, is just one of several high-profile individuals involved with the company: Investors listed on the brokerage’s website include Will Smith, The Chainsmokers and Tony Hawk.

{“nid”:”9529823″,”type”:”post”,”title”:”Spotify Stock Hits New High, Valuing Company at $72B”,”relative_path”:”/articles/business/9529823/spotify-stock-new-high-stream-on-valuation/”,”media”:{“width”:1548,”height”:1024,”extension”:”jpg”,”mime_type”:”image/jpeg”,”type”:”image”,”path”:””,”sizes”:[{“path”:””,”width”:1548,”height”:1024},{“path”:””,”width”:1548,”height”:1024}],”orientation”:”landscape”,”id”:”9515832″,”caption”:null,”credit”:null}}

During his appearance before Congress last week, Tenev defended Robinhood’s use of payment for order flow in a prepared statement, in which he claimed that “Robinhood’s customers benefit greatly from payment for order flow as market-makers typically provide better prices than public exchanges.”

This isn’t the first time Bolton has updated one of his famous tunes for an advertising campaign. Last September, the singer released a carb-heavy version of his 1991 smash “When a Man Loves a Woman” in an ad for Panera Bread.

{“account_id”:”1125911414″,”id”:”2BVBk8Tm”,”title”:”Bobby Shmurda Released From Prison, Cardi B Fans Out While Talking With Mariah Carey & More | Billboard News”,”featured_media”:”9530480″}

Source link