“Our technology is not only a tool for digital transformation, in the case of this partnership, but also ensures HSBC’s ability to continue delivering high quality solutions and services as their client base grows. “Marstone’s flexible solution allows HSBC to fully customize the platform, from implementing their own branding down to defining the investment offering, to make it truly their own,” Ms. (More: Robo-adviser Marstone has partnered with IBM Watson to deliver cognitive computing-powered advice) It’s possible the firm could introduce an additional service tier with a hybrid robo-adviser in the future.
Marstone founder and CEO Margaret Hartigan believes there is actually a large market of people who want automated investing without speaking to an adviser but acknowledged that this is only the beginning of a long-term partnership with HSBC. If you want to keep track of your crypto alongside other familiar. The crypto component is what makes it modern, as compared to alternatives. While other banks have trended toward the hybrid-robo strategy, which pairs automated investing and rebalancing with human advisers, the intial rollout of Wealth Track will be purely digital. Kubera is one of the newer entrants to the list and is a modern portfolio tracker in that it integrates well with brokerages as well as global banks, currencies, and crypto. Marstone also is already fully integrated with Pershing, HSBC’s custodian. This means that if you are trading 10 contracts per day, these fees amount to 6. HSBC developed the technology in a partnership with Marstone, a digital advice service that already has partnerships with Fiserv and Interactive Brokers. The starting fee is 0.65 per contract you buy or sell. Wealth Track will charge investors a 50-basis-point management fee. The portfolios will consist of diversified ETFs selected by HSBC’s asset management group and will be rebalanced quarterly. Like other digital advice platforms, investors will answer a risk profile questionnaire and get assigned to one of five model portfolios based on risk tolerance. Wealth Track will offer managed accounts to clients with as little as $5,000 in an individual retirement account or $10,000 for discretionary accounts. HSBC currently offers wealth management services for clients with at least $100,000 in assets and a premium service called “Jade” for investors with more than $1 million. HSBC will focus on bringing Wealth Track to existing customers who either prefer self-directed investments or have accounts too small for the bank’s existing adviser minimums before using it as a tool to expand its presence in the U.S. The bank will begin a pilot program of HSBC Wealth Track, a direct-to-consumer robo-adviser, in November before a public rollout in 2019.
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