Robinhood, a financial services company based in the US, has announced a suite of new services, dubbed Robinhood Strategies, Robinhood Banking, and Robinhood Cortex.
These initiatives are set to expand access to financial tools previously reserved for high-net-worth individuals.
Robinhood Strategies provides expert-managed portfolios with zero management fees for investments over $100,000 for Gold members. The wealth management platform offers a combination of individual stocks and ETFs, aiming to provide diversified investment options based on user needs.
The service includes features like real-time market insights and tax-efficient asset management strategies. Initially available to Gold members, it will be rolled out to all users by April.
Robinhood financial investment strategy senior director and Robinhood asset management president Steph Guild said: “When building Robinhood Strategies we realised the existing digital advisory model was broken, with limited features and fees that grow as you do better.
“We designed Robinhood Strategies to give everyone incredible service and low fees with a cap, meaning you don’t have to pay more to invest more.”
Robinhood Banking is scheduled to debut later this year, offering private banking services to Gold members. The platform will offer savings accounts with a 4% Annual Percentage Yield and US Federal Deposit Insurance Corporation (FDIC) insurance coverage up to $2.5m.
Customers will have access to traditional banking services and the ability to manage funds across various platforms.
Robinhood money general manager and vice president Deepak Rao said: “With Robinhood Banking, we’re trying to solve many of the challenges presented by legacy banks.
“Robinhood Banking is thoughtfully designed to be as easy to use as possible, while still delivering cutting edge features historically reserved for the ultra-wealthy. We’re pushing the boundaries of what you should expect from your bank.”
Robinhood Cortex, an artificial intelligence (AI) tool, is also set for release this year. It aims to offer real-time market analysis and insights, assisting users in navigating the stock market more effectively.
Features like Stock Digests and Trade Builder in Robinhood Cortex are designed to simplify trading processes without executing trades on behalf of the user.
