Robinhood is expanding beyond online trading with the launch of Robinhood Strategies, an online wealth management service priced at $250 per year or less. According to ThinkAdvisor, the service is available to Robinhood's 2.6 million Gold subscribers, but the firm plans to roll out the service to all investors in April.

Subscribers will pay a 0.25 percent management fee for assets of $100,000 or less and can customize their portfolios with individual stocks and exchange-traded funds (ETFs). The service also offers tax loss harvesting and other tax-efficient strategies. Robinhood plans to add support for managed individual and retirement accounts, with joint accounts expected in the future. For Gold members, the firm offers a tiered fee structure, reducing costs for larger portfolios. Those with $250,000 in assets will have an effective management fee of 0.1 percent, while accounts of $500,000 will pay just 0.05 percent.

In addition to wealth management, Robinhood plans to expand its banking services this year. ThinkAdvisor reports that the firm intends to offer checking and savings accounts, access to private banking services such as estate planning and tax advice, and cash delivery in select markets. These banking services will be provided through FDIC-member Coastal Community Bank.

According to ThinkAdvisor, industry reactions to Robinhood's expansion have been mixed. Some see its entry into wealth management as a major disruption to traditional financial services firms like Merrill Lynch and Ameriprise Financial. Others compare Robinhood Strategies to existing robo-advisors like Wealthfront and Betterment, but with a more customized and capped-fee model.

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