Disclosure: Wealthbox and its owner Starburst Labs have purchased marketing services from Bill Winterberg in the last 12 months. See all disclosures here: fppad.com/disclaimer
Here are the links to today’s stop stories:
Robinhood’s options trading stopped working, and customers are furious over the money they say they lost from Business Insider
Robinhood Will Offer Checking Service Promising 3% Interest from Bloomberg
and Robinhood Will Retool Checking Product Following Scrutiny from Bloomberg
TD Ameritrade Institutional and Wealthbox CRM Collaborate to Automate Account Openings for RIAs from PRNewswire
Welcome to a new FPPad fintech briefing, Here are the top fintech stories you need to know today.
Robinhood Outage Impacts Options Trading
It was a tough week for Robinhood, the zero-commission stock and cryptocurrency trading app, as the company first suffered a significant outage related to stock option trading on Wednesday December 12th.
According to a Business Insider article, a Robinhood spokesperson said the outage impacted “a smaller percentage of customers” and trading was limited, “as a precautionary measure.”
Nevertheless, a number of Robinhood users voiced their frustration on Twitter, posting a series of tweets showing rejected option trades in their accounts and complaining of losses they felt they realized due to the outage in trading.
Robinhood Rescinds “Checking and Savings” Feature
Then on Thursday, Robinhood announced a new brokerage feature it called “Checking and Savings,” that promised a 3% interest rate on cash, support for bill pay and direct deposit, all of which Robinhood claimed was insured under SIPC protection.
But in response to swift industry backlash, Robinhood removed all of its marketing material for “Checking and Savings” just 36 hours later and replaced it with a reference to potential “cash management” features to be released at a later time. The most concerning feedback surrounding the feature launch came from SIPC president and CEO Stephen Harbeck, who went on the record to say that he doubted cash deposited for the Checking and Savings feature would be covered and insured under the non-government member agency’s rules and requirements.
TD Ameritrade Institutional and Wealthbox CRM Automate Account Openings
And switching gears to fintech news for financial advisers, Wealthbox, the provider of CRM solutions for advisers, announced a new automated account opening feature integrated with TD Ameritrade Institutional’s Veo platform.
The integration allows advisers using Wealthbox CRM to pre-fill client information into Veo and Veo One account-opening forms directly from the contact record page in Wealthbox.
Here’s Wealthbox CEO John Rourke with more:
Wealthbox continues to fathom the depths of Veo One integration resulting in fewer steps.
For advisers to help investors the Wealthbox app is a breeze.
From millennials to empty nesters, opening new accounts is now done with ease.
For more information on this news and more, head over to FPPad.com/flashbriefing to find the links to today’s top stories.
I’m Bill Winterberg, and those are your fintech headlines for today from FPPad.com. Check back in with me later for more fintech news.
