Robinhood rolls out wealth management and private banking services

Trading platform Robinhood announced Robinhood Strategies, Robinhood Banking, and Robinhood Cortex, a suite of new features “that will shape the future of wealth management.”

Robinhood Strategies is a robo advisor that aligns with one’s goals and delivers tailored, expert-managed portfolios directly in the app. The service has zero management fees on every dollar over $100k for Robinhood Gold members, meaning that it is capped at $250 a year.

The company also announced Robinhood Banking, a platform launching later this year that will bring a private banking experience exclusively to Robinhood Gold members, providing access to traditional checking and savings accounts with “luxury benefits.” Members receive 4% APY on their savings, access to private banking services such as estate planning and professional tax advice, and up to $2.5 million in FDIC insurance, among other things.

Also launching later this year is Robinhood Cortex, an AI investment solution designed to provide real-time analysis and insights that help people better navigate the markets, identify opportunities, and stay up to date on the latest market moving news.

“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.” – Vlad Tenev, Chairman and CEO, Robinhood.