23 connected strategy for asian wealth management ^Top their own trades. Importantly, the desired outcome is clearly defined and one whose quality can be perceived by the customer quickly. However, this also makes the experi- ence easier to replicate, creating a challenge for creating a sustainable competitive ad- vantage. A few large players can succeed due to scale benefits. The addressable market in Asia is large (~55% of wealth management consumers in Asia) and growing with the increasing range of DIY digital wealth tools available to consumers. Figure 7: The Respond-to-Desire connected customer experience Wealth manager capabilities: The key capabilities here relate to the platform’s technol- ogy enablers and the cost of execution, speed of execution and reliability of execution for the client. Our belief is that wealth managers delivering a “respond-to-desire” connected expe- rience need to balance the push for frictionless, seamless experiences with the notion of “UI-NX” (designing User Interfaces for Non-eXperienced users). In a consumer product context — think books, movies, food delivery or other such services — the elim- ination of friction in the purchase process is almost always beneficial for consumers. But a “respond-to-desire” investing context is similar to self-medication, wherein it may be prudent to introduce friction by design in particular steps to limit imprudent investing choices by inexperienced users. Of course, many steps in the journey such as trade exe- cution would benefit from the frictionless goal of respond-to-desire strategies. In Asia, free stock trading apps are relatively new. However, the experience from North America with players such as Robinhood is instructive for counterparts in Asia. While Robinhood makes the most visible part of the DIY investor’s experience — the price per Search for investment options Latent need Client Aware of need Evaluate investment options Decide on investment option Place order and pay Recognize need Request the desired option Receive investment product Experience the ‘product’ performance Post purchase investment monitoring Respond with desired option Get order Fulfil order Advisor (employee) Wealth manager (Firm) Self-directed investor persona; no material role in a ‘respond to desire’ context Source: Authors' analysis