Digital Dominates Wealth Sales for HSBC
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Digital channels dominated HSBC’s retail wealth management business in Asia, making up a dominant majority of sales in the unit.
Nearly 80 percent of HSBC’s retail wealth sales were conducted through its digital channels, according to a statement from the bank.
The strong adoption is driven by a multi-billion dollar push to expand HSBC’s wealth management ambitions in the region.
Our $3.5 billion investments are underway, enabling us to deliver a robust start in Asia this year across the full spectrum of our wealth clients, said Asia head of wealth and personal banking Greg Hingston.
The bank also posted strong regional inflows with $6.6 billion of net new money for the private banking arm and $3.3 billion for the asset management arm – a whopping 89 percent and over 400 percent increase.
In the quarter, the two units made up 50 percent and 29 percent of the global private banking and asset management businesses, respectively.
The bank will also maintain its hiring plans to add more than 5,000 client-facing wealth roles over the next five years, including relationship managers.
According to the statement, it is on track to hiring 1,000 of those roles in 2021.
Questions & Answers
Q.How much of HSBC’s retail wealth sales in Asia were completed through digital channels?
How much of HSBC’s retail wealth sales in Asia were completed through digital channels?
Nearly 80 percent of HSBC’s retail wealth sales in Asia were conducted through its digital channels. This strong adoption is supported by a multi-billion dollar investment push to expand the bank’s wealth management services in the region.
Q.What investment is HSBC making to support its wealth management ambitions in Asia?
What investment is HSBC making to support its wealth management ambitions in Asia?
HSBC is currently undertaking $3.5 billion in investments to support its wealth management ambitions in Asia. This funding aims to deliver a strong start across its wealth client base in the region this year.
Q.How many new client-facing wealth roles does HSBC plan to create over the next five years?
How many new client-facing wealth roles does HSBC plan to create over the next five years?
HSBC plans to add more than 5,000 new client-facing wealth roles, including relationship managers, over the next five years. The bank is on track to hire 1,000 of these positions in 2021.
Q.How much net new money did HSBC's private banking and asset management arms attract in the quarter?
How much net new money did HSBC's private banking and asset management arms attract in the quarter?
HSBC’s private banking arm attracted $6.6 billion in net new money, an 89 percent increase. Its asset management arm brought in $3.3 billion, marking an increase of over 400 percent in the quarter.
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