12 connected strategy for asian wealth management ^Top Credit Suisse, and Citi and operate from Asia’s two main offshore wealth centers, Singapore and Hong Kong. • Bank-owned wealth managers that provide wealth services with a generic banker assisted by a shared pool of certified advisors, offering simple wealth products such as mutual funds and life insurance and leveraging the bank’s branch network and client base. Advisors curate offerings based on inputs from clients such as a risk profile score or the client’s stated preferences. Products are sourced from internal providers or through an open-architecture platform. The typical cost income ratio of an international bank-based wealth manager is 60-70% while that for a local bank is 40-50%15. • Direct investing platforms that cater to “self-directed” or “order execution only” clients who invest with no advice. This model is commoditized with offerings be- tween 0-10 basis points (“bps”) per trade. In key Asian markets such Singapore, Hong Kong, Taiwan and India investors conduct their stock and Exchange Traded Fund (“ETF”) trades through this channel. Professional consumers or day traders, are their most profitable clients16 given the higher levels of investment activity and transactional fees. • Roboadvisors that have emerged in the last few years and seek to make simple, systematic investing accessible often direct-to-consumer. They have high market- ing acquisition costs of $300-500 per client and an average revenue per client of ~$100, similar to the 3-to-1 ratio experienced by their European counterparts. In Asia, their market share is