HSBC introduces robo-advisory service
HSBC UK is wading in to the robo advice market, launching an advice service that will deliver tailor-made recommendations based on an individual’s unique financial circumstances and needs
HSBC UK customers with a minimum of £1,000 to invest are eligible to use the ‘My Investment’ service, simply by logging on via a desktop, laptop, tablet or mobile.
Customers will be asked a series of questions about their financial circumstances, investment experience and their risk appetite to create a personalised investment portfolio. Funds are invested in a wide range of asset types, such as shares, bonds and property in markets around the world.
The online application, which takes 25 minutes to complete, has been tested with hundreds of the bank’s customers throughout 2018.
James Hewitson, head of wealth and advice, HSBC UK says My Investment will create a new entry point for wealth management to 2.87 million customers.
“Currently, 82% of our customers with investable balances show no evidence of having any previous investment experience – My Investment will help change that by providing the ultimate investment flexibility with online convenience,” he says. “It complements our existing wealth management telephone and face to face support, giving customers the ability to invest the way they want, when they want and get the best possible advice for their personal needs. The result is a service open to a much broader range of potential investors.”