People walk past an HSBC bank branch in Washington, DC. Photo: ANDREW CABALLERO-REYNOLDS/AFP/Getty Images

HSBC USA is launching “Wealth Track,” its first robo-advising platform — with a $10,000 minimum investment — in partnership with Marstone, a digital wealth management startup, Axios has learned.

The big picture: Passive investing has become more popular and traditional financial institutions are looking to compete with the digital offerings from the likes of Betterment and Wealthfront.

The details: The pilot program will launch in November for HSBC employees only, with the full rollout for existing clients expected in early 2019.

  • Users will answer 7 questions to create a “risk profile,” and the platform will suggest an ETF to invest in based on their risk appetite.
  • The minimum investment is $5,000 for individual retirement accounts (IRA), and twice that for non-IRA investments.
  • HSBC will charge a 0.50% fee for the services. To put it in perspective, that’s higher than Betterment’s 0.25% fee.
  • No word on the financial terms of the partnership.

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