11 connected strategy for asian wealth management ^Top when they agreed on the risk level, the allocations recommended were inconsistent). As such, while advisors help clients, the advice generated tends to be inconsistent. • The firm’s insight into clients is even less than that of the advisor. This is so since the firm’s client insight is predicated on the advisor’s willingness and capacity to fully capture and maintain insights into every client they manage. At the firm level, there are also often data challenges such as data fragmentation across systems14 that limit the firm’s ability to drive data-driven insight. The firm’s main role tends to be to provide the sales and distribution network — mainly the advisors and their service staff — supporting resources, materials and products to facilitate sales. But the firm’s direct connected, engagement with the client tends to be limited. Current paradigm Taken together, these observations describe the status-quo: an analog, human-reliant and relatively commoditized model with limited data-driven insight into most clients i.e., the current paradigm lacks ongoing “connectedness” with clients or scale. For upper tiers of the client spectrum — HNW and ultra-HNW — this model works well and is economically viable. Given the scope and complexity of the wealth, insurance, tax and estate planning needed, a credentialed expert advisor remains a superior, preferred alternative for clients compared to what could be delivered via an app. However, for most clients in the mass, mass affluent and affluent segments whose jobs to be done are relatively simpler, the current model is ripe for disruption to improve access, client-cen- tricity and better client outcomes. current business models There are five main business models in Asia today that operate along different stages of the client journey, targeting specific client segments and at specific price points. These are as follows: • Private Banks that provide wealth management services led by a relationship man- ager supported by a team of specialists spanning investments, credit facilities, trust services, estate planning and insurance. This is available to clients with assets over $5m since the firm’s fulfillment cost is economically viable only for the largest-AuM clients. The cost income ratio, defined as the total cost divided by total revenue, of private banks tends to be 70-80%. The largest private banks in Asia include UBS, 14 Data challenges in wealth management, Deloitte Consulting, 2016