Connected Strategy for Asian Wealth Management
By Alexis Calla, Sandeep Mukherjee, Nicolaj Siggelkow and Christian Terwiesch
A firm’s connected strategy is its strategic, operational and technological choices that fundamentally change how it connects with customers (“connected experiences”) and what connections it creates with and among ecosystem players (“connection architectures”). In this paper we take stock of the current state of play in wealth management in Asia; describe the concept of a Connected Strategy and its rewards for wealth management; synthesize the implications going forward for wealth managers; and highlight key topical trends in wealth management for which connected strategies offer a powerful exploratory framework. We conclude that connected strategies offer a potential way to disrupt the current wealth management paradigm, allowing for personalization of engagement, advice, and insights at scale. Connected strategies allow wealth managers to build competitive advantage and gain market share by breaking from the traditional trade-off between personalization of the client experience and the cost to provide the experience.