Robinhood to bring wealth management, private banking to retail investors
By Niket Nishant and Manya Saini
(Reuters) -Robinhood is rolling out wealth management and private banking services for investors with modest portfolios, as the trading platform looks to have a bigger influence on its users’ financial habits.
The company said on Wednesday it is launching ‘Robinhood Strategies’ — a wealth management service with a 0.25% annual fee, capped at $250, for its premium ‘Gold’ subscribers.
Users with as little as $50 in investments can access portfolios of exchange-traded funds managed by Robinhood’s investment experts. A $500 minimum investment will unlock access to individual stocks in the portfolios.
The move highlights growing demand for professional advice among retail traders, who are…
