27 connected strategy for asian wealth management ^Top Figure 9: Curated Offering connected customer experience Wealth manager capabilities: The key capability here is a data-driven, connected and scalable recommender system that can personalize and curate relevant investment ideas instead of relying on individual advisors to do so client by client. Amazon’s “Recom- mended for you”, Netflix’s “Suggestions for you” or Spotify’s “Discover weekly” are examples of data from connected experiences being used to achieve distinctive curation for clients. The use of Artificial Intelligence (AI) based recommender systems in wealth management is nascent but leading wealth managers are increasingly investing to test, learn and scale such capabilities. Criteria to test the efficacy and connectedness of a firm’s curated offering experience ¨ Does the firm have the digital wealth capabilities to facilitate creation of a large, relevant data set? (i.e., can a client perform many of their “jobs to be done” digitally — account opening, risk profile creation, accessing research, viewing portfolio and trade information, placing trades, interacting with advisors — allowing a richer data set to be tracked and built) ¨ Does the curation rely on a frequent, ongoing data feed from the clients? ¨ Are investment ideas curated client-by-client or automated at scale? ¨ Does the curation process use personas and cohort-based curation (e.g., “Inves- tors like you…”)? ¨ Is the curation personalized to each client based on their stated and revealed preferences? Source: Authors' analysis Search for investment options Latent need Client Aware of need Evaluate investment options Decide on investment option Place order and pay Recognize need Request the desired option Receive investment product Experience the product performance Post purchase monitoring of product and portfolio Respond with desired option Get order Fulfil order Advisor (employee) Wealth manager (Firm) The advisor’s role evolves to focus more on delivering and explaining investment advice as opposed to generating investment advice Provide search tools Generate tailored investment ideas AI-based recommendation engines