32 connected strategy for asian wealth management ^Top A Coach Behavior model also presents an opportunity to build and apply behavioral science capabilities. There are many steps along the wealth client digital journey where cognitive errors or emotional biases lead investors to sub-optimal decisions or, what could be worse, to no decision at all. In the traditional model, it has been the advisor’s role to engage the client and address these biases, shepherding the investor along the journey. As wealth managers develop hybrid and fully digitized solutions, they will have to go beyond simply digitizing their existing process and create digital equivalents to the key coaching function. Behavioral sciences go beyond the utilitarian analysis of wealth management and integrate emotional and expressive benefits. They now provide many key learnings and tools that could inform and be incorporated in each step of the design and development of digital wealth management solutions and journeys. We believe that successful wealth platforms will start systematically applying behavioral sciences in real world investing contexts. Criteria to test the efficacy and connectedness of a firm’s coach behavior experience ¨ Do the coaching recommendations and nudges depend on frequent, ongoing data from clients? ¨ Are the recommendations and nudges generated manually or are they automated? ¨ Does the engagement level of the “connected” client increase versus control groups? ¨ Do clients act upon recommendations and nudges more often than do control groups? ¨ Is the client’s level of satisfaction with their investments higher than that for control groups? ¨ Do cohort curves demonstrate increasing engagement for the connected clients? ¨ Do the coaching nudges learn from and improve with each subsequent decision made by the client? ¨ Is there a connected data feed on user preferences and behaviors to build a data moat for coaching? Impact on efficiency frontier • Raises willingness-to-pay: Coaching is a key driver of willingness-to-pay for clients and a role that advisors play today. Firms that serve as a connected coach would therefore raise willingness-to-pay since the firm helps clients make more timely,