36 connected strategy for asian wealth management ^Top ¨ Are you able to anticipate investment needs of your clients, before your clients are aware that these needs have arisen? ¨ What per cent of decisions or trades ex post are deemed errors from a client perspective? ¨ What is the library of investing ‘jobs to be done’ that can be progressively automated? Impact on efficiency frontier • Impact on willingness-to-pay unclear since clients in Asia prefer having agency over their investment decisions. In fact, depending on how many “wrong” decisions are made, this could lower willingness-to-pay. One would expect clients to start with a limited portion of assets until they build trust. Providers would also need a revised regulatory framework to be put in place with clear criteria to check the prudence of their decision-making models. • Lowers fulfilment cost: An automated experience would lower fulfilment cost by minimizing human involvement in many parts of the value chain. Case examples In Asia, there are no material examples of “automated execution” experiences in wealth management that we are aware of. However, globally, there are at least two firms building these out in wealth management. • Australian neobank Douugh is attempting to build an automatic execution experi- ence. According to its CEO: “We are building full automation in money management, so when you pay your salary into Douugh, we will automate your money manage- ment practices — paying your bills, making sure you can cover them, putting money towards your savings goals and investing money, and holding you accountable through a budget so you’re living within your means” (see Figure 15). • US-based Acorns offers an app to democratize saving and investing automatically40. Their success is evidenced by their subscription service in financial services, which has 4 million subscribers. Their Net Promoter Score is in the 93rd percentile and their retention rate is close to 99%, illustrating the efficacy of such experiences for many clients (see Figure 16). 40 “Acorns in a Nutshell”, Acorns, May 2021