Another big bank and white label provider have made a robo connection. HSBC Bank USA and Marstone Inc. announced Wednesday a partnership to develop HSBC Wealth Track, a software based investment advice platform.
Wealth Track, according to the firms, will allow clients to quickly create a diversified low-cost portfolio for both retirement and non-retirement accounts. The new offering is meant to allow HSBC to reach new client segments digitally, outside its usual branch footprint.
Marstone is a provider of digital wealth management platform technology; the partnership is scheduled to kick off in pilot later this month but is already fully integrated with Pershing LLC, HSBC’s custodian.
Another partner of Marstone’s is Fiserv, a major provider of core banking technology (that partnership was announced in February 2017). Marstone is winner of the 2017 WealthManagement.com Industry Award for Digital Advice and was founded by former Merrill Lynch advisor Margaret Hartigan.
Other big banks have partnered to provide low-cost digital investing solutions, Wells Fargo has partnered with SigFig, as has UBS and BBVA and US Bank have each partnered with FutureAdvisor (which is now owned by BlackRock).
The Powered by Marstone suite and its integrations can be used by institutional clients, which includes investment firms, banks, credit unions, and insurance companies to provide digital account opening and money transfer, external account aggregation, a customized risk tolerance questionnaire, portfolio proposal, and portfolio management capabilities to their clients. Competitors to Marstone include AdvisorEngine, Folio Institutional, and Trizic among others (though none offer all the same features and components).
