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.

Go deeper

Updated 38 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 2:30 p.m. ET: 19,172,505 — Total deaths: 716,327— Total recoveries — 11,608,417Map.
  2. U.S.: Total confirmed cases as of 2:30 p.m. ET: 4,902,692 — Total deaths: 160,394 — Total recoveries: 1,598,624 — Total tests: 59,652,675Map.
  3. Politics: Trump floats executive action even if stimulus deal is reached.
  4. Education: Cuomo says all New York schools can reopen for in-person learning.
  5. Public health: Surgeon general urges flu shots to prevent "double whammy" with coronavirus.
  6. World: Africa records over 1 million coronavirus cases.

General Motors tries to revive incendiary lawsuit vs. Fiat Chrysler

Illustration: Eniola Odetunde/Axios

General Motors is trying to revive an incendiary lawsuit against Fiat Chrysler Automobiles with explosive new allegations including bribes paid from secret offshore bank accounts and a union official acting as a double agent between the two automotive giants.

Why it matters: The extraordinary legal battle is occurring amid earth-shaking changes in the global auto industry that threaten to turn both litigants into dinosaurs if they aren't nimble enough to pivot to a future where transportation is a service, cars run on electrons and a robot handles the driving.

3 hours ago - Health

Cuomo says all New York schools can reopen for in-person learning

Gov. Cuomo on July 23 in New York City. Photo: Jeenah Moon/Getty Images

New York Gov. Andrew Cuomo announced Friday that all school districts across the state can choose to reopen for in-person learning because it has so far maintained low enough coronavirus transmission rates.

Why it matters: It’s another sign that the state, once the global epicenter of the pandemic, has — at least for now — successfully curbed the spread of the virus even as infections have surged elsewhere around the country.