72 connected strategy for asian wealth management ^Top However, technologies such as digitized individual accounts, fractional share investing and tokenization of assets will see wealth managers unbundling their traditional offering, allowing for instance clients to access the portfolio construction solution of one provider, the tactical asset allocation overlay of another and the securities selection capabilities of several asset managers. Passive and active solutions will become easily mixable. This will also have implications on pricing models. The combination of connected strategies and unbundling will allow hyper-personalization of solutions. Wealth management product managers will also evolve to acquire skillsets of technology product managers in shaping the next generation of end-to-end product management. Implication #7. Connected wealth managers will partner closely with regulators to shape tomorrow’s rules of engagement Wealth managers will not be able to rely on their traditional regulatory knowledge or norms. New obligations and responsibilities will be created especially around the collec- tion, storage, use and sharing of personal data and the oversight of algorithms for advice. China provides an example with its recent clampdown on the practices of some of its leading new players and tightening of its regulations. New opportunities will also arise with the evolution of regulatory frameworks centered around the fair, suitable distribution of highly packaged products by sales people to a world of consistent, trackable, algorithmically delivered personalized solutions. Leading Asian regulators such as the Hong Kong Monetary Authority and the Monetary Author- ity of Singapore have started to establish frameworks to facilitate this dialogue and allow for experimentation and learning and ultimately help evolve their regulations. Within wealth management organizations risk and compliance functions and their per- sonnel will have to adapt to this new reality much the same way that the advisors will have to adapt as well. key questions to address Which Connected Strategy — i.e., the target connected customer experience and the target connection architecture choices — makes sense for a wealth manager is a function of the firm’s current and desired role in the industry ecosystem and its specific context. The strategic choices that a pure play, ‘de novo’ wealth fintech faces are materially different from that of an incumbent wealth manager with an established, profitable revenue stream and domain expertise who is, however, saddled with legacy organizations, systems and skillsets.