From GameStop infamy to a crypto comeback, few firms have had as wild of a redemption arc as RobinhoodHOOD

. The brokerage app has spent the last three years building new products to cater to more serious investors, savers, and spenders — retirement accounts, transfer bonuses, and a 3% cashback credit card, among other things.

New product launches have worked wonders for Robinhood, with its assets under management soaring to over $187B. Its stock performance has done one better, more than doubling over the last year. No longer living or dying by the sword of stay-at-home stock speculation, the company is now building on its foundations, betting that the formula it used to pioneer no-commission trading and disrupt industries will work in advisory and banking.

The Lost City of Gold, finally found: Knowing what stocks to buy or sell is difficult, especially if you don’t spend all of your time investing. This is one reason why many Americans rely on financial planners, who generally charge a percentage to manage all of their assets and make the hard decisions. However, your run-of-the-mill CFP might soon have competition. At a glitzy and glamorous event in San Francisco, CEO Vlad Tenev and team launched Robinhood Strategies, an actively managed advisory service that allows investors to invest in hand-picked stocks selected by the brokerage at a low cost.

• Robinhood Strategies offer users a way to customize and invest in a portfolio of single stocks and ETFs based on specific needs like risk, time horizon, and other factors.
• Strategies has a 0.25% annual management fee, but it only applies to the first $100K in assets for Robinhood Gold users (who pay $5/mo for various features).

Robinhood Wants To Be Your Bank

In addition to its Strategies announcement, Robinhood also teased a neobank product called Robinhood Banking, which will be powered by Coastal Community BankCCB

, the company that issues the firm’s 3% cash back credit card. The new product will put Robinhood in direct competition with other neobanks like SoFiSOFI

and massive financial institutions like JPMorganJPM

.

• Launching this fall, Robinhood says it will offer 4% APY (likely lower if the Fed cuts) to its Gold subscribers — alongside family banking features, the ability to easily transfer cash, and receive cash deliveries.
• Banking could allow the corporation to shift more than $26B of swept cash into a legitimate bank program, a possible precursor to a larger credit expansion.

Other line items: In the shadow of the Strategies and Banking announcement, Robinhood also announced that it would roll out a new AI-powered investment feature called Robinhood Cortex. The company also teased that it could supplement the two offerings by allowing Robinhood users to talk with a financial advisor, likely building around the foundation of acquiring TradePMR. In any case, the new products represent Robinhood’s latest efforts to radically reduce the cost of financial advice. Will these features be worth it? That depends on whether or not you already have Robinhood Gold or are in the market for a new bank or financial planner. As with anything, do your own research or consult with an expert before making any financial decisions.