57 connected strategy for asian wealth management ^Top decision, including unbiased reviews of products ranging from travel insurance to roboadvisors. Potential evolution of archetype With the increasing democratization of investing and social sharing as a dominant trend, such networks will continue to grow in their functionality and reach. Peer-to-peer net- works will continue to adapt the knowledge and experience of their participants into practical trading tools, applying pressure on incumbent revenue streams. It is worth noting that none of these networks or DIY-oriented business models that seek to disintermediate the market have been tested through a sustained period of adverse market performance. Between 2010 and 2020, the S&P 500 delivered annual average return of 13.6% with deep but brief market declines along the way such as the one triggered by the covid-19 pandemic. With greater access to investing tools and products, consumers might also build up investment portfolios riskier than appropriate for their financial circumstances, which are only made transparent in a sustained market downturn. The Connected Strategy Matrix The Connected Strategy matrix in Figure 28 shows the emerging landscape for wealth managers in Asia and highlights the following: • The scope of change is ubiquitous. Every major category of industry participant from wealth managers, asset managers, insurers through to superapps and fintechs are building new connected customer experiences and forging new connection architectures. • Fintechs are setting the pace and agenda for innovation in wealth management. They continue to foster experimentation across both the connected customer ex- perience and the connection architecture dimensions while few incumbents have launched innovative, first mover capabilities. This is surprising yet also an opportu- nity and a wake-up call for incumbents to invest more effectively and test and learn with their client bases. • Many players started out with a single connected customer experience type and then expanded to offer multiple connected experiences within the same connection architecture. For example, Ant Financial started out as a connected market maker with a ‘respond-to-desire’ experience and has since expanded to ‘connected cura- tion’ and ‘connected coach behavior’ experiences. Similarly, DBS started out with a