31 connected strategy for asian wealth management ^Top or both. A coach behavior connected experience can help address the knowledge and intention-action gaps experienced by many retail investors. Wealth manager capabilities: As described earlier, traditionally, a human advisor plays the role of a coach for clients but there tends to be inconsistency in the advice and coaching provided to clients due to varying levels of the advisor’s experience, expertise, diligence, and biases33. The advice provided to a HNW client served by a senior advisor who has been with the client for many years is more personalized, timely and trusted versus the advice that a new, mass affluent client gets from an advisor with less tenure and higher attrition34. Figure 12: Connected Coach Behavior customer experience Therefore, the quality of coaching and frequency of engagement for most clients is currently low. Moreover, analog advisors provide episodic advice due to lack of ’24 x 7’ connectivity with the client. A connected coaching capability overcomes these issues by connecting directly to the end client; this also ensures consistency of coaching based on best practice heuristics and algorithms. Coaching practices can be institutionalized and controlled to ensure high quality coaching for all clients, regardless of their AuM. Digital coaching could be critical to make a material difference to key wealth needs such as retirement planning35. 33 “Under the Microscope: ‘Noise’ and investment advice”, Oxford Risk, 2021 34 Asia: Inconsistency in Advisory Financial Experiences but Demand for Advisors Rising, Asia Advisors Network, 2016 35 “How digital tools and behavioral economics will save retirement”, by Shlomo Benartzi, Dec 2017 Personalized nudges to create awareness of need Client Evaluate investment options Decide on investment option Place order and pay Recognize need Request the desired option Receive investment product Experience the ‘product’ performance Stay apprised Respond with desired option Get order Fulfil order Wealth manager (Firm) AI-based analysis and recommender system to capture data, generate insights and learn from feedback Support search Generate investment options A Connected Coach that helps clients with nudges and insights (delivered digitally or via people) Post purchase monitoring of product and portfolio Source: Authors' analysis