25 connected strategy for asian wealth management ^Top Impact on efficiency frontier • Raises willingness-to-pay: In a respond-to-desire context, the journey is controlled al- most fully by the client and they typically want the fastest, cheapest, most reliable way to meet their explicit need. In addition, by facilitating access to a broader ecosystem of related interests for the investor, the range of ‘requests’ can also be more broadly surfaced and met. For example, a client may start out ‘requesting’ stock trades from the platform but progressively expand to other product categories such as funds, bonds, FX, which would broaden the range of requests that a firm can ‘respond’ to. • Reduces fulfilment cost: By attracting more clients, the unit cost per trade is reduced. This is the traditional scale economies effect. The ‘respond-to-desire’ experience is relatively commoditized and is trending towards zero commissions in Asia. Case example As an example, consider Zerodha, India’s largest DIY investments platform with over five million clients, which has built a connected ecosystem of services around its respond-to-desire experience. Unlike traditional brokerages, Zerodha delivers its ‘re- spond-to-desire’ experience with several new aspects (see Figure 8). First, they offer a broad range of ‘respond’ wealth services: stocks, mutual funds, futures and options trading. Second, they forged a series of new connections with clients and ‘suppliers’ (e.g., with its community of learners and investment experts from other wealth managers). Third, they pioneered new connections with external software developers allowing a rapid expansion of relevant capabilities to its client experience, going beyond the tra- ditional industry partnerships such as with asset or risk managers. Finally, while they started out with a respond-to-desire experience, they have since expanded to include a Curated Offering experience as well. curated offering Archetype and addressable market: In a curated offering connected customer experi- ence, wealth managers start helping clients at an earlier stage of their investing journey: after the client has become aware of a need but before she has decided how to fill that need (see Figure 9). In Asia, this is a large addressable market with 40-65% of consumers seeking high quality advice or curation. Moreover, most clients (71% of those surveyed) are willing to share more personal data with their wealth manager in exchange for greater personalization31. 31 EY Global Wealth Research Report 2021