Online investment portal Webull is launching mutual funds for IRA accounts, the latest move in a trend of self-service platforms encroaching on investment products that used to be the domain of financial advisors and retirement plans.
The mutual funds are now available in beta for select U.S.-based customers, with a full rollout for all IRA accounts planned for a later date. This will allow customers with IRA accounts to add professionally-managed mutual funds directly within the Webull platform. Webull indicated it will continue to add new funds and CUSIPs to the product lineup, with support for ACAT transfers of mutual fund positions planned for a future release.
“Expanding access to mutual funds within IRA accounts allows investors to more easily diversify their portfolios and manage their retirement savings through a single platform,” said Lindsay Ryan, head of U.S. products at Webull, in a statement. “By bringing more investment choices into one streamlined experience, we’re helping clients simplify long-term financial planning and stay focused on achieving their goals.”
For St. Petersburg, Fla.-based Webull, the mutual funds are the latest addition, as it has broadened its capabilities since its launch in 2018 as an equities-trading platform, with the expansion to options trading in 2019. Last year, it expanded its advisory services by adding BlackRock model portfolios to its product lineup. That followed the 2024 addition of futures and commodities trading. (In 2023, however, it was ordered to pay $3 million in fines to settle charges that it didn’t perform the necessary due diligence when screening customers.)
The company went public via a SPAC. Overall, Webull supports 27 million customers in 16 markets across North America, Asia Pacific, Europe, Africa and Latin America.
More broadly, self-service investment platforms have been increasingly sought to target the advisor channel. Robinhood unveiled a series of enhancements at its conference this week, including reducing the interest rates it charges for borrowing against investments and widening access to the financial advisor referral network it developed with TradePMR, which it ran as a pilot earlier this year.
It also now offers access to ETFs, futures contracts, managed accounts and tax loss harvesting services. Last year, the company also launched Robinhood Ventures, a closed-end fund designed to give retail advisors access to private companies.