13 connected strategy for asian wealth management ^Top In addition, in Asia, insurance companies also meet important wealth management needs as they have tended to focus on savings and retirement offerings and wealth protection and transfer solutions. They have also started to play a growing role in fund distribution with investment-linked products (ILP). economics of current models — the efficiency frontier To quantify the economics of current business models, let us consider the relationship between two variables — “willingness-to-pay” and “fulfilment cost”: Willingness-to-Pay: There are many dimensions that drive how much investors like the wealth management service they receive. Figure 4 gives us a sense of which aspects of a wealth management relationship are important to clients: pricing, personalization, ad- vice, the wealth manager’s reputation, technology and products. The importance of pricing suggests the relative commoditization the industry has been experiencing. And, notably, personalization and advice are key for most clients. Figure 4: Which aspects of a wealth management relationship is important to clients 0% 10% 20% 30% 40% 50% 60% Products Technology Reputation Advice Personalization Pricing 56% 53% 53% 52% 49% 49% Source: E&Y, 2021