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HSBC and Marstone work for Digital Client Engagement Broadening Its Audience and Access to Wealth Management

HSBC and Marstone work for Digital Client Engagement Broadening Its Audience and Access to Wealth Management
HSBC Bank USA, part of HSBC Group, one of the world’s largest banking and financial services organizations, and Marstone, Inc., a leading digital wealth management platform, today announced a partnership to develop HSBC Wealth Track™, a software based investment advice platform that enables clients to instantly create a diversified portfolio at a low cost for both retirement and non-retirement accounts. The partnership begins piloting later this month and is fully integrated with HSBC’s custodian, Pershing, a Bank of New York-Mellon Company. In addition to allowing HSBC to reach new client segments outside its usual branch footprint, HSBC Wealth Track™ will enable the Bank to meet rising demand for digital banking solutions.

“Digital advice and financial planning are important to better managing client accounts of all sizes,” said Michael Boardman, Executive Vice President, US Head of Wealth Management for HSBC’s Retail Banking and Wealth Management business. “Our primary ambition is to serve clients in continuously better, faster ways on terms that they can dictate. HSBC Wealth Track™ positions HSBC as a multi-channel provider of investment solutions by adding this digital platform to our world-class Wealth Management service offering. We are thrilled with the current opportunity that this strategic partnership provides to our business.”

Marstone is an early pioneer in the Wealth Management digital advice space and winner of the 2017 Industry Award for Digital Advice and HSBC was recently named the Most Innovative Investment Bank of the Year by The Banker magazine.

“Marstone was created to address what we believe are the three major challenges facing our industry: lack of financial literacy and tools that humanized finance for the retail investor, antiquated systems that hindered client engagement and advisor productivity, and lack of automated solutions to drive operational efficiencies,” said Margaret Hartigan, CEO and Founder, Marstone. “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. 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.”