69 connected strategy for asian wealth management ^Top experiences, particularly the importance of a richer data set built up over time. A likely outcome for many of these players is to be acquired by larger wealth manag- ers as has been the case in the US and in Europe and/or being absorbed by larger fintechs as part of consolidation. • Big tech firms: These are data-driven, technology companies such as Amazon, Google, Facebook, Apple and Microsoft. Their connected strategies and related capabilities create opportunities for them to enter the industry should these firms choose to do so. A survey of HNW customers in Asia reveal that over 90% of them would become a big tech wealth client with nearly 100% of customers say they would be willing to switch to the big tech wealth manager71. However, a more plau- sible scenario is for the big techs to build technical services to enable connected wealth managers (e.g., the AWS72 of advice data and algorithms). This could be- come a profitable service line for the tech firms, leverage their superior technology expertise, while allowing wealth managers to focus on their strengths. Implication #4. Connected wealth managers with automated, data-driven advice capabilities will gain operating leverage and progressively reach a ‘Turing Test’ moment Wealth managers with a connected strategy will collect and utilize progressively larger streams of relevant data and create and refine a comprehensive, ongoing picture of a client’s investing behaviors, attitudes and preferences. This will then allow firms to gen- erate automated, data-driven personalization at scale, reducing the need for advisors to tailor advice client by client for mass, mass affluent and affluent clients. This virtuous cycle of data and personalization will allow first movers to reduce their marginal cost for personalization and create a digital moat over time that will make it harder for competitors to poach clients, much the same way that historically HNW clients were attached to their personal wealth advisor. Over time, the advice that is generated will approach a ‘Turing Test’73 moment when clients will find it harder to discern whether the advice was generated by a human or an algorithm. Indeed, the delivery of the advice via digital channels will also better mimic the “human touch” and sense of intimacy as firms learn to design digital experiences for trust and exclusivity74, which are the emotional underpinnings of wealth management. 71 “Would ‘Google Wealth Management’ be a threat to the industry?”, Fund Selector Asia, 2020 72 Amazon Web Services 73 https://en.wikipedia.org/wiki/Turing_test 74 “Future of Digital Trust Driving forces, trends and their implications on our digital tomorrow”, Deloitte, 2021