Client Affairs

HSBC Launches Hybrid Advisory Service For Asia's Private Bank Clients

Tom Burroughes Group Editor 15 November 2022

HSBC Launches Hybrid Advisory Service For Asia's Private Bank Clients

The bank's Prism offering is being offered initially to private bank clients in Singapore and Hong Kong; in time it will be rolled out to retail customers.

HSBC has launched a hybrid advisory service in Asia, called HSBC Prism Advisory, plugging into the trend of mixing in-person with digital interaction in the private banking space.

Prism is powered by Aladdin Wealth™ technology, a risk platform from BlackRock. It uses data-driven analytics alongside guidance from HSBC advisors.

The service is available to HSBC Global Private Banking clients booked in Hong Kong and Singapore. HSBC intends to extend it to eligible retail banking customers in Hong Kong later in November.

The launch of Prism in Asia marks HSBC’s latest deployment of Aladdin Wealth™ technology since the bank unveiled its global deal with BlackRock to use the platform in 2019.

The bank said that by using Prism, clients use chief investment office model portfolios that are anchored by the private bank’s strategic asset allocation and incorporate the investment office’s tactical and thematic views. Clients can also choose to customise a model portfolio to express their personal views and objectives. Working with an advisor, clients can build a portfolio from the ground up by using Prism’s bespoke asset allocation capability.

Prism monitors the portfolio around the clock, notifying clients about portfolio health and actions that they should consider. For instance, during a sharp market movement, Prism can alert the client to portfolio risks and opportunities via their mobile device and deliver personalised advice through an HSBC advisor, who can use Prism’s analytics to work out whether an action would affect the portfolio relative to the client’s objectives.

Another feature, HSBC said, is that clients can check potential strengths and weaknesses of their portfolio by testing how it could react to certain market conditions and specific historical and potential scenarios, using 50 different available stress tests.

“HSBC Prism Advisory is a primary example of how we are combining innovative digital platforms with advisor-led expertise to construct investment portfolios that truly reflect our clients’ unique objectives,” Stefan Lecher, regional head of investments and wealth solutions, Asia-Pacific, said.

HSBC Global Private Banking has invested more than $200 million in Asia over a four-year period to build and innovate its core banking and digital platforms.

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