Robinhood announced three new services on Wednesday at its second annual Gold keynote event in San Francisco, that it said will provide exclusive perks, including enhanced estate and tax planning features, for members of its Robinhood Gold premium subscription service.
“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,” said Vlad Tenev, CEO and Chairman of Robinhood.
The offerings unveiled at Robinhood Presents: The Lost City of Gold were Robinhood Strategies, Robinhood Banking and Robinhood Cortex.
Robinhood Strategies
Robinhood Strategies is a wealth management service that the firm said provides “expert financial advice and the knowledge to effectively plan for your future.”
For a 0.25% annual management fee for all customers, with a yearly cap of $250 for Robinhood Gold members, Robinhood Strategies will provide access to a diversified mix of single stocks and ETFs based on the client’s risk tolerance, time horizon and other factors, according to Robinhood.
Robinhood Strategies will provide the “freedom to restrict a select number of stocks to help keep your portfolio aligned with your preferences,” the firm said in a news release.
Users will also be able to manage taxable gains and losses, Robinhood said, noting there will be “turnover limits for taxable accounts” and, “as the year ends, we’ll total your gains and losses so you can choose to harvest any losses.”
Robinhood Strategies is already available to Robinhood Gold members and will start rolling out to other customers in April, the firm said.
“When building Robinhood Strategies we realized the existing digital advisory model was broken, with limited features and fees that grow as you do better,” said Steph Guild, President, Robinhood Asset Management and Senior Director of Investment Strategy at Robinhood Financial.
“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
Robinhood Banking, meanwhile, is a platform launching later this year that the company said will “bring the private banking experience exclusively to Robinhood Gold members, providing access to traditional checking and savings accounts with luxury benefits.”
Customers will be able to apply for a Robinhood Banking account from their mobile phones, send money across the world in over 100 currencies, and also get cash delivered directly to them, the firm said.
Customers will be able to access private banking services including estate planning and professional tax advice.
With Robinhood Banking, customers will be able to access private banking services including estate planning and professional tax advice and receive a 4.00% APY on savings, according to the company. Customers will also have access to 24/7 support and up to $2.5 million in FDIC insurance, according to the firm.
Robinhood Cortex
Robinhood Cortex is an AI-based investment tool launching later this year that the company said is “designed to provide real-time analysis and insights that help you better navigate the markets, identify opportunities, and stay up to date on the latest market moving news.”
It will include a Trade Builder tool designed to simplify trading and help customers learn about strategies that align with their goals, Robinhood said.
Robinhood Cortex won’t be agentic AI in terms of placing trades for users but instead will help them “gather analysis and insights to inform [their] market outlook,” the firm noted.
“Over time, we expect Robinhood Cortex to enhance other parts of the Robinhood experience, and we’ll have more details to share when it starts rolling out to Robinhood Gold members later this year.”
Jeff Berman, Contributing Editor and Reporter at Wealth Solutions Report, can be reached at jeff.berman@wealthsolutionsreport.com.
