By Barron's Advisor Staff

Robinhood Markets has come a long way since its debut as a free stock trading app more than a decade ago, but it hasn't been added to the S&P 500 index. It has been passed over twice in July, even though it has a far larger market capitalization than recent additions, The Trade Desk and Block. S&P makes decisions by committee and doesn't reveal much about its process. Inclusion in the index could give Robinhood's share price a boost since many investors own index funds that track the S&P 500.

Among other most-read wealth management articles at Barron's Advisor this week:

Stock tokens are coming . Is tokenization of stocks a solution in search of a problem? On recent earnings calls, two brokerage-industry leaders asked why investors would buy tokens instead of actual shares in publicly traded companies. It is "fundamentally worse" than existing offerings, Interactive Brokers CEO Milan Galik said. Charles Schwab CEO Rick Wurster also expressed reservations about stock tokenization as some rivals and crypto companies rush to embrace it.

How advisors really help clients . As most advisors -- but not all clients -- realize, the real value of financial advice isn't just better long-term investment returns. As a new study from Vanguard shows, the most important benefits advisors provide is saving clients time and helping them feel less stressed. "Reducing negative emotions is really where advisors shine," the study's co-author Paulo Costa, an economist at Vanguard, tells Barron's Advisor.

A DOGE-linked investment opportunity . San Francisco-based investment firm Legalist started out in litigation finance, but now it has a growing business lending to government contractors in need of cash. When it first started lending to government contractors in 2022, business was slow. Then the Department of Government Efficiency started slashing contracts -- and Legalist's team suddenly got busy, fast.

Money tips for college freshmen . College students can have trouble managing their money while away from home. It isn't too late for parents to set them up for success before they move to campus. Advisors suggest parents make sure their children have a bank account, important legal documents, and insurance coverage (particularly related to driving). Parents planning to pay the bills from a 529 plan should also make sure they know how to take qualified distributions and that the asset allocation is appropriate for near-term withdrawals.

Northern Trust says it isn't for sale ? Despite reports that it is in play, the 135-year-old trust company affirmed on a recent earnings call that it is committed to remaining independent. CEO Michael O'Grady said the board of directors and management team are confident the company is positioned to grow and create value for shareholders. The company would be there for clients, "not just today, but for generations to come," he said.

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July 25, 2025 13:39 ET (17:39 GMT)

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