Stock trading app Robinhood continues to build out its product suite, adding wealth management and private banking services, as well as an AI investment tool.
The firm says its Robinhood Strategies and Robinhood Banking will bring its premium Gold members features that were once the preserve of the rich.
Strategies is a wealth management service with a 0.25% annual fee, capped at $250. Unlike a robo-advisor, users gain access to portfolios of exchange-traded funds managed by investment experts.
Meanwhile, Robinhood Bnking promises the private banking experience to Gold members, offering them checking and savings accounts with extras such as estate planning and professional tax advice.
Users also get four per cent annual percentage yield on savings, perks like tickets to exclusive events such as the Met Gala, and cash delivered to their doorstep to save runs to the ATM.
“Our goal is for Robinhood to give you a world-class financial team in your pocket, with cutting-edge tools you can’t find elsewhere,” says Vlad Tenev, CEO, Robinhood.
Finally, later this year, the company will launch Robinhood Cortex, an AI investment tool that does not place trades but is designed to provide real-time analysis and insights that help users better navigate the markets, identify opportunities, and stay up to date on the market-moving news.
“High quality, premium investment and market analysis has historically been reserved for institutional investors and the rich,” says Abhishek Fatehpuria, VP, brokerage product, Robinhood. “Over time, Robinhood Cortex will completely transform the Robinhood experience as we strive to bridge that gap and put a premium research assistant right in your pocket.”
It has been a busy few weeks for Robinhood; the SEC has dropped its investigation into the firm’s crypto arm but Massachusetts regulators have launched a probe into its newly launched ‘Predictions Hub’, which enables people to bet on the outcomes of various events.
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