PROVIDENCE – A small Providence firm will help banking giant HSBC Group develop a new online platform to serve its wealth management customers.
Marstone Inc., which provides internet platforms for banks and other financial services companies to serve their customers online, has landed a deal with New York City-based HSBC, one of the world’s largest banking and financial services providers, the companies announced this month.
Founded by Brown University graduate Margaret Hartigan, Marstone describes itself as an early pioneer in the wealth management digital services field. The firm’s primary office is in Providence, where it plans to increase staffing. The firm also has an office in New York City.
“Marstone was created to address what we believe are the three major challenges facing our industry: lack of financial literacy and tools that humanize finance for the retail investor, antiquated systems that hinder client engagement and adviser productivity, and lack of automated solutions to drive operational efficiencies,” said Hartigan, also Marstone’s CEO.
“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,” she said. “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.”
Through their partnership, Marstone and HSBC will develop HSBC Wealth Track, a software-based investment advice platform that will enable clients to instantly create a diversified portfolio at a low cost for both retirement and nonretirement accounts, the companies said. The value and terms of the deal were not disclosed.
“Digital advice and financial planning are important to better managing client accounts of all sizes,” said Michael Boardman, executive vice president and U.S. 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.”
Scott Blake is a PBN staff writer. Email him at Blake@PBN.com.
