40 connected strategy for asian wealth management ^Top Figure 19: Illustration of the current, analog information flow41 However, clients are generally unwilling to give up their information to an advisor right away since they tend not to see any obvious benefit at the outset to do so as they don’t yet have a trust-based relationship. This concern on disclosing most of their information is due to privacy concerns as well. Studies reveal that clients interact with greater hon- esty and confidence on connected platforms in private than with an advisor42. This creates a connectivity ‘priming’ problem wherein wealth managers resort to generic marketing and clients then see little differentiation between players. As a consequence, for most clients, the “relationship” devolves to episodic transactions with little institutional insight progressively built up about the client. New information flows in connected wealth customer experiences Now consider how a connected strategy creates a new relationship with clients, auto- matically weaving together multiple experiences as opposed to separate, fragmented transactions. The “repeat” dimension allows wealth managers to progressively collect 41 Current flows mapped based on client and manager interviews and mystery shopping with wealth managers in Asia 42 Asian customer research, Synpulse, 2016 Engagement frequency Channel Firm learning about client (Data collected) Firm’s application of data (Data usage) Client jobs to be done Once at the onset of a wealth relationship • Advisor • Client identity • Demographics • Declared assets • Compliance (KYC) • Account set up 5-10 times in a wealth relationship • Advisor • Risk profile score • Basic financial plan (manual, ad hoc inputs) • Advisor uses ad hoc judgment to tie goals to (current) products Once in six months • Advisor • Risk profile score • Order details • Payment info • Risk checks for pre trade compliance • Trade execution Infrequent interactions Advisor-reliant Ad hoc, transactional data collection Compliance focus on data usage “Open an account” “Create a financial plan—needs, goals & context” “Get investment ideas and place a trade” Implication Source: Authors' analysis