Wealth management firms in Asia are facing challenges in adopting mobility solutions to engage younger clients. Younger investors expect mobile access to financial services, but many traditional firms have been slow to implement mobile strategies due to concerns about costs, security, and impact on revenue. Embracing mobility could help firms improve client relationships and advisor productivity to gain market share from new competitors. Firms should develop holistic mobile strategies aligned with business goals to provide engaging client experiences and tools that enhance the advisor role.

1. Mobility Adoption in Asian Wealth
Management Firms: A Way Forward
The rising affluence of younger, hyper-connected investors
across Asia is disrupting the staid wealth management market,
pushing traditional players to build captivating and useful
mobile experiences that strengthen client-advisor relationships,
reduce operational costs and improve internal productivity.
• Cognizant Reports
cognizant reports | April 2014

2. cognizant reports 2
Executive Summary
Asia offers significant growth potential for wealth
management firms. Private wealth is growing at a
healthy rate, driven by high GDP growth, a strong
savings rate and an expanding base of wealthy
individuals. Investor needs and preferences in the
region are diverse, and existing and potential cli-
ents are primarily young and technology-savvy.
This generation of wealthy individuals is driving
mobility adoption, as they rely on their devices to
track their financial information and investment
options. Following the global financial crisis, many
of these investors began to focus on risk reduc-
tion, preferring to diversify their investments
across a variety of wealth management firms.
Despite growing opportunities, wealth manage-
ment firms are struggling to capture the poten-
tial of the mobile market. Skewed client-advisor
ratios and the preference among clients to be
actively involved in investment decisions make
it difficult for advisors to improve wallet share.
High cost-to-income ratios, resulting from rising
operational costs and low advisor productivity,
are also increasing margin pressure on wealth
management firms.
Adding to these multi-layered challenges is a
severe industry talent crunch and soaring costs
of hiring wealth managers. The regulatory envi-
ronment remains focused on client information
protection, transparency, tax compliance and
disclosure, market stability and prevention of
financial crime. Further, the entry of a new breed
of low-cost, technology-savvy competitors is
raising the expectations of young high net worth
individuals (HNWI) on how technology can be
effectively leveraged to service them, intensifying
Private Financial Wealth: Asia in the Lead
Figure 1
Source: Boston Consulting Group
28.0
43.3
38.1
17.2
4.8 3.9
48.1 48.0
44.6
18.2
6.5 5.9
0
10
20
30
40
50
60
Asia-Pacific
(except Japan)
North America Europe Japan Middle East
and Africa
Latin America
Trillions(USD)
2012 2017 (estimated)
the challenge for traditional firms to offer similar
services quickly.
In our analysis, three-quarters of the top wealth
management firms in Asia have yet to adopt
mobility for their client services. Key impedi-
ments to mobility adoption include:
• Concerns that self-service through digital
channels will impact revenue streams.
• Lack of clarity on ROI for mobile technology
deployment.
• Concerns about security and data privacy.
• Challenges in implementing a data strategy and
achieving a well-integrated supporting infra-
structure, a critical prerequisite for delivering
the desired client experience through mobility.
We believe that offering mobility-enabled prod-
ucts and services will position wealth manag-
ers to win clients and market share. Failure to
invest in a mobile offering will increase the risk
of obsolescence and irrelevance with clients’
technology-dependent lifestyles. Mobility can
help firms build engaging advisor relationships,
stay connected with clients and proactively
address their investment requirements. It can
also help advisors trim operational overhead and
boost productivity.
To start on the path to mobility, wealth managers
should develop a holistic strategy that aligns
their mobility offerings with clearly defined key
performance indicators (KPIs). Firms need to
decide early on whether to implement mobil-
ity on their own or hire a third-party partner with
a focus on improving the client experience and
advisor productivity.

3. cognizant reports 3
Asia: Hub of Young Wealth Holders
Figure 2
Note: Individuals with a net worth of at least US$30 million or more are considered Ultra High Net Worth Individuals.
Source: Forbes 2011
France
Brazil
HongKong
Germany
U.S.
UK
Mexico
Singapore
MiddleEast
India
China
Russia
74
68 68 66 66 65 64 62 61 60
50 49
0
20
40
60
80
Averageageof
UltraHNWIs
Firms should also glean insights from the use of
mobile technology among clients and advisors
to plan and then extend their mobility services.
Other requirements include a well-integrated
operating infrastructure and a robust data
strategy capable of providing a rich, seamless
and consistent client experience. Lastly, mobility
services also require effective security policies
that offer robust protection of client data from
unauthorized usage.
Embracing mobility is crucial for wealth manage-
ment firms to outpace existing and emerging
non-traditional players. An early start will pave
the way to growth by meeting client expectations
and enabling firms to differentiate their service
offerings.
State of the Industry
Significant Growth Opportunities
surpassing the U.S. and EU.4
Within Asia, China
is expected to be the region’s largest onshore
market5
by 2015. Its personal financial assets
are projected by 2015 to more than double to
$5.4 trillion from $2.3 trillion in 2011.6
Diversifying Client Preferences
Emerging social, lifestyle and demographics
trends are shaping client behavior and needs.
These trends are impacting the way clients make
their investment decisions and interact with firms
offering them financial products and services.
• Changing demographics: Wealth holders in
Asia are younger on average than those in
developed countries (see Figure 2), and many
have generated their wealth by becoming
entrepreneurs. The needs of these clients are
driven by local circumstances and the demand
for access to international investments.
• Clients are better networked, technology-
savvy and better Informed:7
Wealth hold-
ers expect the same rich digital experience
and easy access to information that they
experience in other financial and non-financial
sectors.
• Asia’s wealthy are going mobile: As active
users of mobile technology, the region’s
HNWIs expect service providers to deliver
services through mobile devices. The next
generations in line to inherit wealth are also
heavy users of mobile devices in their daily
lives.8
According to a study, 72% of Asia’s
HNWIs use apps to track their banking and
finance portfolios, while only 46% of their
Western counterparts are doing the same.9
Studies also indicate that a majority of
Wealth distribution and the relative importance
of different markets have changed over the past
decade. Asia will be the wealthiest region in a few
years (see Figure 1, previous page), with private
wealth growing at a projected CAGR of 11.4% and
reaching $48.1 trillion by the end of 2017.1
Factors
driving this growth are robust GDP growth, high
savings rates and a rapidly expanding population
of high net worth individuals.2
While sluggish growth and continuing economic
uncertainties have resulted in low to moderate
growth in the traditional wealth management hubs –
the U.S. and Europe3
– Asia (excluding Japan)
is expected to create around $7 trillion in net
new millionaire wealth over the next four years,

4. cognizant reports 4
How the Wealthy Communicate
Figure 3
Source: Scorpio Partnership
Q: When it comes to communicating with your financial provider about your investments, which of the following
devices are important? (Percent of respondents)
37%
22%
21%
9%
4%
6%
52%
51%
54%
42%
45%
30%
Laptop
Smartphone
Desktop computer
BlackBerry
iPad
Standard mobile
Most important
Also important
HNWIs prefer to interact with their advisors
using mobile technology (see Figure 3).10
• Diversifying wealth across providers:
Turbulence in the global economy has high-
lighted the importance of diversifying wealth
not only across segments, markets and indus-
tries, but also across wealth managers. The
growing standardization of the global financial
industry reduces switching costs and lowers
client anxiety.
Wealth Management Challenges
Margin Pressures
Wealth management firms in Asia are facing
significant margin pressures and rising opera-
tional costs. This is largely due to the increased
compensation and comparatively low produc-
tivity levels of advisors, as well as rising client
servicing demands and compliance costs. Wealth
management firms in Singapore and Hong Kong
had an average cost-to-income ratio of 83% in
2012, the highest in the world.16
This puts the
focus on improving advisor productivity as their
overhead contributes nearly half of the total cost
base for wealth management firms.17
Talent Shortage
In a people-intensive business such as wealth
management, profitability is largely determined
by a firm’s ability to attract experienced advi-
sors. The growth of Asian firms is stifled by an
acute shortage of advisors, driving firms to poach
talent from each other. Additionally, many firms
are targeting revenue growth of approximately
20% in 2014, which requires them to hire more
experienced advisors to be able to achieve
their growth targets.18
This heightened demand
for talent is also increasing hiring costs.
Regulatory Requirements
Like their counterparts in the West, firms oper-
ating in Asia face an array of regulations. Learn-
ing from the recent global economic crisis,
regulators are emphasizing client protections,
transparency, tax compliance and disclosure,
market stability, and prevention of financial crime.
Structural Differences in Asian Markets
On average, advisors spend less than half
their time on client-related activities.11
On top
of this, client-advisor ratios in Asia are heav-
ily skewed, with an average advisor handling
86 clients compared with the global average of
50 to 60 clients.12
Consequently, the average vol-
ume of assets under management with advisors
at Asian firms is 20% lower than the European
average.13
One possible explanation for this
disparity is that Asian clients tend to actively
manage their wealth and want to be involved in
investment decisions.
Client-facing time, a key factor for advisors to
grow their book of business, has declined in the
region from 57% in 2011 to 46% in 2012.14
The rea-
son: Advisors tend to spend more time on admin-
istrative activities, such as manual data aggre-
gation across systems to present a consolidated
view to clients, and entering client information
into multiple systems that operate in silos.15

5. cognizant reports 5
Regulations include the Foreign Account Tax
Compliance Act (FATCA), Anti-Money Launder-
ing (AML), Know Your Customer (KYC), Future of
Financial Advice (FOFA) and Suitability Assessment.
Regulators also require
firms to establish consis-
tent practices for captur-
ing and classifying client
data to ensure compliance
with cross-border rules.
Securing and safeguard-
ing client data, as well as
ensuring that advisors use
such data appropriately,
imposes additional require-
ments. Wealth management
firms that rely on manual
approaches of procuring,
managing and sharing client data will struggle to
meet compliance requirements cost-effectively.
Competition from Nimble and Low-Cost Players
A new breed of nontraditional competitors,
mostly Internet-based firms,19
are also having an
impact on the wealth management scene. These
technology-savvy players offer easy-to-use
platforms that provide investment advice and
wealth management services at a very low cost.
While these firms currently target the mass
affluent client segment, they also raise the
expectations of young HNWIs by demonstrating
how technology can be effectively leveraged for
client service. Traditional firms need to quickly
identify ways to cost-effectively and efficiently
serve and advise clients.
Current State of Mobility Adoption
Despite growing client interest in using mobile
apps for wealth management and portfolio
monitoring, currently very few apps meet these
needs.20
Firms are also finding it difficult to
catch up with and support the mobile technology
and service requirements that their clients and
advisors seek. Compared with retail banks, wealth
management firms lag in adopting mobility as a
strategic channel for driving growth.
The cautious approach to mobility adoption is
caused by various factors, including the following
concerns:
• Self-service through digital channels (e.g.,
online trading) would disintermediate advisors
and affect some revenue streams.
• Introducing new apps would require wealth
management firms to source the process to a
mobile technology company, increasing costs.21
• Risks would increase around security and data
privacy.
• Advisors lack access to mobile technology and
tools.
• The low levels of technology investments fol-
lowing the 2008-2009 financial crisis have
resulted in a lack of integrated data and sys-
tems, hindering core platforms, applications
and data architecture from providing online
capabilities expected by clients (e.g., real-time
updates).
Wealth management
firms that rely on
manual approaches
of procuring,
managing and
sharing client data
will struggle to
meet compliance
requirements
cost-effectively.
Figure 4
Source: McKinsey & Co., 2012
* Different bank samples for each criteria
How Frontline Productivity Distinguishes Top Wealth Management
Performers
Bottom
performers*
Average*
Top
performers*
Profit
Margin
Revenue
Margin
Cost
Margin
Revenue per
Relationship
Manager
(EUR Mn)
Average AuM
per Relationship
Manager
(EUR Mn)
-7%
17%
59%
59%
82%
127%
88%
65%
43%
0.897
1.297
2.442
103
159
270
Net Inflow per
Relationship
Manager
(EUR Mn)
-21
10
25
Margins Productivity

6. cognizant reports 6
• Firms are more focused on product offerings
and investment management than the client
experience.22
Deploying Mobility for Market Success
Building Engaging Relationships
Client-advisor interactions are a critical element
of building strong relationships that strengthen a
firm’s foundation. Although technology cannot be
a substitute for physical interaction, it can pave
the way for consistent and timely virtual meet-
ings with clients. Optimally used, mobile devices
(smartphones and tablets) can offer a platform
for interactive and resourceful communication
(see sidebar). Mobility can prove to be an influen-
tial factor in ensuring successful client relation-
ships and increasing a firm’s mindshare.
Improving Advisor Productivity
Advisor productivity is key to improving client
relationships, assets under management, and
overall business performance (see Figure 4,
previous page). Mobility can help advisors become
more productive and focused on delivering
client interactions with higher value. Firms can
utilize smart onboarding and client tools to
Quick Take
Smart Tools that Redefine Virtual Interaction
Using mobile devices, wealth management firms can deliver value-added services and on-the-go
high-touch, analytics-based advice to HNWI clients. In addition to providing regular services in an
anytime-anywhere mode, wealth management firms can explore new possibilities for providing differen-
tiated services that capture clients’ attention.
• GPS capability: Allows location-based, contextual services, such as offers, alerts and concierge
services.
• Camera: Allows on-the-spot scanning, photography and even touch-free operations.
• HD resolution screens: Uses graphical and charting capabilities, as well as interactive financial
planning apps, to drill down and understand portfolios.
• Touchscreens with gesture control: Provides control and navigation features in which every pixel is
active.
• Video: Enables remote face-to-face connections between clients and advisors.
• Security: The use of biometric electronic signatures ensures communication between advisors and
clients remains secure.
Tools Begin to Matter
Figure 5
Source: CEB Wealth Management Advisor Benchmark, 2012
Advisors find mobile tools boost their effectiveness and efficiency.
*Respondents could choose more than one response.
Respondent base: 1,422
Ineffective Effective
(Percentofrespondents)
19
25
29 29
39
70
66
59 56
27
0
20
40
60
80
Improves my
advice quality
Improves my
service quality
Improves my
sales process
Saves me time None of the above

7. cognizant reports 7
enable clients and advisors to spend less time on
documentation and other tasks that can be pro-
vided through self-service apps.
Mobile applications can scan documents in
high-resolution, share client information with
back-end systems, manage documents and
assist clients with financial planning. Advisors
can free their time to focus on building and
enhancing client relationships, thereby adding
to the bottom line (see Figure 5, previous page).
Wealth management firms seeking growth and
an increased share of the lucrative market need
to invest in experienced advisors and technology-
based systems to improve the productivity levels
of advisors.
Lowering Costs through Self-service
In the coming years, wealth management firms
can expect to increase efficiency by delivering
more services to wealthy individuals over tablets
and mobiles. Key app features will include interac-
tive charts, fund-rating capabilities, social media
tools, meeting facilitation and tools that enable
instant interactions.
The Path to Mobility
A Holistic Mobility Strategy
We recommend that wealth management firms
develop a well-thought-out strategy that links
mobility offerings to clearly defined KPIs. They
can start by:
• Laying ground rules to jumpstart the mobility
strategy.
• Deciding on whether to rely on internal sources
or hire a third party to save significant time,
money and effort.
• Focusing on improving the client experience,
usability and increased operational efficiencies.
• Getting clarity on which mobile platforms
(software, hardware and middleware) will ide-
ally suit their requirements.
• Establishing a clear mandate on which devices
employees should use and how the devices
should be procured (employee-owned or com-
pany-issued) to access wealth management
apps and solutions.23
Determining Mobile-Assisted Tasks
Firms must identify the list of mobile activi-
ties and tasks desired by clients and advisors.
By equipping mobile apps to offer expected
levels of convenience and experience, firms can
offer mobility services that best meet client and
advisor needs.
Integration with Existing Infrastructure
A well-integrated operating infrastructure and
robust data strategy are prerequisites for provid-
ing a rich, seamless and consistent client expe-
rience through mobile devices. Firms also need
to assess their mobility readiness when planning
the implementation roadmap, allowing them to
address gaps in their foundational components.
Without these mobility programs, it is impossible
to deliver the expected benefits.
Security Policies
Firms should develop comprehensive security
policies that:
• Ensure client data is protected and is acces-
sible only to authorized personnel and clients.
• Advocate the ideal mobile hardware and
software combinations for clients to securely
use apps and services.
• Determine how sensitive client data will be
handled if a device used to access apps and
services by an employee or a client is lost or
stolen.
• Provide guidance on allowing or disallowing
employee devices.
• Enforce enterprise security policies on devices
owned by employees and used to access client
data, corporate apps and
services.
Enabling Growth
Mobile technology offers
wealth management firms
an opportunity to lever-
age their investment capa-
bilities, engage clients in
a more meaningful way and
coalesce digital approaches
(mobile, social, online). It
also helps firms become
more agile, a much-needed
capability to deal with the
emergence of technology-savvy competitors
seeking to grab market share from traditional
players. Clients now differentiate among wealth
management firms by how they deliver advice,
and a robust mobile presence offers wealth
management firms a viable path for differentiation.
Firms can utilize
smart onboarding
and client tools
to enable clients
and advisors to
spend less time on
documentation and
other tasks that can
be provided through
self-service apps.

8. cognizant reports 8
Footnotes
1
Brent Beardsley, Jorge Becerra, Bruce Holley, Daniel Kessler, Matthias Naumann, Tjun Tang and Anna
Zakrzewski, “Maintaining Momentum in a Complex World,” The Boston Consulting Group, Inc., 2013.
https://www.bcgperspectives.com/Images/Maintaining_Momentum_Complex_World_May_2013_
tcm80-135355.pdf.
2
“Embracing Digital: A High Stakes Revolution in High Net Worth Client Management,” Sungard and
Scorpio Partnership, 2012.
http://www.sungard.com/en/sitecore/content/campaigns/fs/banks/bankofthefuture/forms/wealth-
management/wm-ambit-future-advisors-asia.aspx.
3
“Wealth Management in Emerging Asia,” Sopra Banking Software, April 2013.
http://www.soprabanking.com/page.php?lang_code=EN&menu_mnemo=PUBLICATIONS&form_
id=18303.
4
“McKinsey Global Private Banking Survey 2013: Capturing the New Generation of Clients,” McKinsey
& Co., July, 2013.
http://www.mckinsey.com/~/media/mckinsey%20offices/switzerland/latest%20thinking/private_
banking_survey_2013.ashx.
5
The markets present in the investors’ country of residence are referred to as onshore market.
6
“Retail Banking in Asia: Actionable Insights for New Opportunities,” McKinsey & Co., March 2013.
http://www.mckinsey.com/insights/financial_services/~/media/mckinsey/dotcom/insights/finan-
cial%20services/navigating%20the%20new%20era%20of%20asian%20retail%20banking/
retail%20banking%20in%20asia.ashx.
7
Ibid.
8
“The Futurewealth Report 2012-2013: Helpful Investment Technologies,” Scorpio Partnership,
February 2013.
http://www.scorpiopartnership.com/uploads/pdfs/130227_ScorpioPartnership_Futurewealth2012_
Paper3_FINAL%20PAPER_AC.pdf.
9
“Digital Media the Key To Engaging the World’s Wealthiest,” Standard Chartered, November 2012.
http://www.standardchartered.com/en/news-and-media/news/global/2012-11-28-digital-media-key-to-
engaging-worlds-wealthiest.html.
10
“Use Mobile Technology Better or Risk Losing Clients,” Financial Planning, July 2013.
http://www.financial-planning.com/news/what-wealth-managers-are-getting-wrong-on-
mobile-2685810-1.html.
11
“McKinsey Global Private Banking Survey 2013: Capturing the New Generation of Clients,” McKinsey
& Co., July, 2013.
http://www.mckinsey.com/~/media/mckinsey%20offices/switzerland/latest%20thinking/private_
banking_survey_2013.ashx.
12
“Embracing Digital: A High Stakes Revolution in High Net Worth Client Management,” Sungard
and Scorpio Partnership, 2012.
http://www.sungard.com/en/sitecore/content/campaigns/fs/banks/bankofthefuture/forms/
wealth-management/wm-ambit-future-advisors-asia.aspx.
13
“Tens of Thousands of Private Bankers Needed in Asia,” ExecBoardinAsia, August 2013.
http://blog.execboardinasia.com/tips-advice/tens-of-thousands-of-private-bankers-needed-in-asia.
14
“S’pore, HK Private Banks See Revenue Growth Slowing,” BT Invest, September 2013.
http://www.btinvest.com.sg/wealth/wealth-planning/spore-hk-private-banks-see-revenue-
growth-slowing-20130905/.

9. cognizant reports 9
15
“The Guide to Adviser Technology in Asian Wealth Management 2012,” Hubbis, 2012.
http://www.hubbis.com/book/TheGuidetoAdviserTechnologyinAsianWealthManagement2012/files/
assets/downloads/TheGuidetoAdviserTechnologyinAsianWealthManagement2012.pdf.
16
“S’pore, HK Private Banks See Revenue Growth Slowing,” BT Invest, September 2013.
http://www.btinvest.com.sg/wealth/wealth-planning/spore-hk-private-banks-see-revenue-growth-
slowing-20130905/.
17
Ibid.
18
“Private Banking Hamstrung by People-Poaching,” CNBC, September 2013.
http://www.cnbc.com/id/101053398.
19
Wealthfront and Dragon Wealth.
20
“Embracing Digital: A High Stakes Revolution in High Net Worth Client Management,” Sungard and
Scorpio Partnership, 2012.
http://www.sungard.com/en/sitecore/content/campaigns/fs/banks/bankofthefuture/forms/wealth-
management/wm-ambit-future-advisors-asia.aspx.
21
“Five Keys to Successful Mobile Apps in Wealth Management,” Microstrategy, 2012.
http://www2.microstrategy.com/download/files/whitepapers/open/Five-Keys-to-Successful-
Mobile-Apps-in-Wealth-Management.pdf.
22
“Wealth Management IT Priorities for 2013 and Spending Forecasts to 2017,” Ovum Knowledge Cen-
ter, November 2013.
https://www.ovumkc.com/Products/IT/Retail-Banking-Technology/Wealth-Management-IT-Priorities-
for-2013-and-Spending-Forecasts-to-2017/SUMMARY.
23
“Tablet Adoption in Corporate Banking and Wealth Management,” Ovum Knowledge Center,
January 2012.
https://www.ovumkc.com/Products/IT/Financial-Markets-Technology/Tablet-Adoption-in-Corporate-
Banking-and-Wealth-Management/RECOMMENDATIONS.
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Credits
Author and Analyst
Aala Santhosh Reddy, Cognizant Research Center
Subject Matter Experts
Aamod Gokhale, Director, Consulting, Cognizant Banking & Financial Services
Amar Devasthali, Manager, Consulting, Cognizant Banking & Financial Services
Design
Harleen Bhatia, Design Team Lead
Suresh Kumar Chedarada, Designer
• “Time to Start Taking the Tablets,” Capco, 2011.
http://www.capco.com/sites/all/files/public/T1075_Capco_WIM_MobileWealth_pov.pdf.
• “Driving Global Wealth,” Forbes and Société Générale, May 2011,
http://images.forbes.com/forbesinsights/StudyPDFs/Driving_Global_Wealth_May2011.pdf.
• “Evolving Business Models in Asian Wealth Management,” Temenos.
http://dms.digitalinsightresearch.in/uploads/attachmentlibrary/TemenosTimetric-%20Evolving%20
business%20models%20in%20Asian%20Wealth%20Management%20(web).pdf.