Robinhood Reinvents Private Banking With ‘Schwab for Everyone’ Vision, Says Bernstein

Robinhood’s (NASDAQ:HOOD) expansion into private banking is a strategic move to capture a slice of the $114 trillion wealth transfer heading toward younger, tech-savvy investors—and Bernstein says the plan is paying off.
What Happened: In an investor note on Thursday, Bernstein analysts called Robinhood’s latest offerings “Schwab elite banking for everyone,” emphasizing the platform’s shift toward higher-end financial services traditionally reserved for the wealthy.
The company recently introduced three major products—Robinhood Strategies, an automated investment advisory service; Robinhood Cortex, an AI-powered research assistant; and Robinhood Private Banking, a new suite offering savings, checking, and concierge perks.
All are currently available or rolling out to Robinhood’s 3.2 million Gold subscribers.
“These product launches signal Robinhood’s intent to evolve from a trading-first app to a full-service financial platform,” wrote the analysts. “Its Gold membership base has nearly doubled in 2024, indicating growing …Full story available on Benzinga.com

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