9 connected strategy for asian wealth management ^Top in Greater China, self-directed trading is popular with transactional revenue making up c.35% of revenue generated at Hong Kong-based wealth managers. Importantly, nearly 70%9 of emerging affluent and high-net-worth (HNW) consumers say they prefer hybrid approaches that leverage digital, self-directed capabilities and access to human advisors when needed e.g., at critical life stages and / or for major investing decisions. A typical wealth client’s current customer journey is illustrated in Figure 3. We distinguish three phases of the journey: recognize — the part of the journey where a latent wealth need of the client arises and either the client or the firm becomes aware of the need; request — the part of the journey where the need is translated to a specific request for wealth management products and services; and finally respond —the part of the journey where the client receives and experiences the specified products and services from the wealth manager. Figure 3: Three phases in today’s client journey A few insights on the current client journey are worth noting: • For self-directed investors, most steps of the journey are initiated and executed by the client who relies on the wealth management firm mainly for order place- ment that is cheap, fast and reliable. There are traditional economies of scale in the self-directed journey, wherein once a direct investing platform is built, the larger the volume, the lower the unit cost for firms. These customers are served mainly through digital channels such as mobile apps for trading stocks, funds, foreign 9 Based on Deloitte and Accenture estimates Search for investment options Latent need Client Aware of need Evaluate investment options Decide on investment option Execute order and pay Recognize need Request the desired option Receive investment product Experience the product performance Monitor investment and portfolio Respond with desired option Get order Fulfil order Advisor (employee) Wealth manager (Firm) Advisor engages clients, generates options, takes orders and monitors the client’s wealth and personalizes on an ad hoc basis Source: Authors' analysis