Robinhood, the stock trading platform, is expanding its service offerings by introducing wealth management and private banking solutions, alongside an innovative AI-driven investment tool.
The new Robinhood Strategies and Robinhood Banking services will provide premium Gold members with features that were traditionally accessible only to affluent individuals. Robinhood Strategies operates as a wealth management service, charging a 0.25% annual fee, capped at $250. Distinct from typical robo-advisors, this service connects users with portfolios of exchange-traded funds curated by financial experts.
In addition, Robinhood Banking aims to deliver a comprehensive private banking experience for Gold members, featuring checking and savings account options enhanced by services such as estate planning and professional tax advisory. Members will benefit from a competitive four percent annual percentage yield on savings, exclusive perks like tickets to prestigious events such as the Met Gala, and the convenience of having cash delivered directly to their homes to minimize ATM trips.
“Our vision is for Robinhood to provide users with a world-class financial team at their fingertips, equipped with groundbreaking tools that are not available elsewhere,” stated Vlad Tenev, CEO of Robinhood.
Later this year, the company is set to unveil Robinhood Cortex, an AI-powered investment tool designed to offer real-time analysis and insights to help users navigate market trends, identify investment opportunities, and stay informed about significant news. According to Abhishek Fatehpuria, VP of brokerage product at Robinhood, “High-quality investment and market analysis have historically been the domain of institutional investors and the wealthy. Robinhood Cortex aims to transform the user experience significantly by providing an elite research assistant right in your pocket.”
Robinhood has recently been active; the SEC concluded its investigation into the company’s cryptocurrency operations, while Massachusetts regulators have initiated an inquiry into its newly launched ‘Predictions Hub,’ which allows users to bet on the outcomes of various events.