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.

While Robinhood is introducing bank-like services, it’s not an FDIC-insured bank itself. Instead, it will work with a partner institution to offer Federal Deposit Insurance Corp. protection on consumers’ money. The company said on its website that banking services will be provided by Coastal Community Bank.

Nedbank Private Wealth is the standout winner of this award. The South Africa-based lender’s discretionary portfolio management services are grounded in its long-term values and philosophy, with portfolio management handled by a team of six highly experienced portfolio managers.