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Robinhood bids to become super app for family finance
Set for introduction later this year, the new family hub, enable users to access a unified view of accounts grouped by family member, with customizable views for each account.
Customers can invite another adult to join, choose which accounts are visible, and set explicit permissions ranging from view-only to full authority.
Starting today the company is also rolling out custodial accounts, which will allow parents and guardians to invest on behalf of a minor, with assets legally owned by the child and automatically transferred when they reach the age of majority.
Additionally, customers can set up recurring investments and invite family and friends to contribute with a new gifting experience - making it easier to turn birthdays, holidays, and milestones into long-term investing moments. When the new family hub launches later this year, customers will also be able to visualise these portfolios alongside all of their other accounts.
Robinhood CEO Vlad Tenev, comments: “Robinhood will be the financial superapp for families to invest, plan, and grow wealth across generations.”