Brokerages Discuss Client Segmentation: AI for Mass Clients, Human Trust for High-Net-Worth

As the financial services industry shifts from a uniform approach to personalized client segmentation, the question of how brokerages of varying sizes and capabilities can position themselves and build truly differentiated client service solutions has become a central topic of discussion.

At the recent 2026 Financial Institutions Annual Conference & Securities Industry Wealth Management Forum, senior executives from four major brokerages—including Tan Xianrong (Vice President, Century Securities), Qiu Yuqiang (Vice President, Xiangcai Securities), Li Wanqing (Co-Head of Wealth Management, Huatai Securities), and Li Ming (Chief Wealth Officer, Zheshang Securities)—shared their insights on capability chains, client segmentation, centralized operations, and AI empowerment.

Which Link Is the "Game-Changer" in Comprehensive Solutions?

Building a "comprehensive solution" for clients is a systematic project involving multiple chains: needs identification, asset allocation, advisory services, back-office operations, and cross-departmental coordination. Qiu Yuqiang emphasized that institutions cannot rely on any single capability alone; success depends on the synergy and efficiency of all capabilities working together.

Drawing on Xiangcai Securities' experience, he noted that understanding client needs is the starting point, asset allocation is the core of the solution, advisory services serve as the frontline for connecting with clients and delivering value, and a robust back-office operation provides the foundation. "For the industry, the real challenge—and the factor that differentiates institutions—lies in how to organically integrate and connect these capabilities," he said.

Li Wanqing agreed, adding that as capital markets and investors mature, brokerage service models have evolved from a single To C approach to a comprehensive group-level competition. Based on Huatai Securities' practice, she identified client insight as the most critical challenge to overcome.

"Securities firms naturally find it difficult to understand their clients, because the assets clients hold with a brokerage are often not their total wealth, but only a portion of their risk assets," she explained. Traditional KYC questionnaires, she noted, struggle to capture clients' true needs. Huatai Securities is leveraging AI to gain deeper insights into clients and help them identify their real wealth management needs. "If the first step—positioning—is off, all subsequent matching will be off," she warned.

Li Ming, speaking from a client-segment perspective, argued that ordinary clients rarely require comprehensive services. True comprehensive services, she said, should target high-net-worth individuals.

She divided wealth management into three stages: product-driven sales, asset allocation, and account-based services. The account-based stage involves full coverage of personal, family, business, and social needs. In her view, most brokerages are still transitioning from the first to the second stage, but tools like AI can accelerate this process.

How Can AI Help Institutions Form a Service Closed Loop?

AI has become an indispensable efficiency tool in the securities industry. Panelists shared their practices on how AI can create a closed loop from client insight to asset allocation and service delivery.

Qiu Yuqiang introduced Xiangcai Securities' AI-powered ATO integrated operating system, which connects online, remote, and offline service scenarios. Through platforms like the Xiangguanjia App, Xiangcai Baibaoxiang client terminal, and enterprise WeChat, the system enables headquarters to empower frontline staff and ensures efficient execution.

Li Wanqing shared two typical scenarios at Huatai Securities. The first is corporate client service. Traditionally, advisors had to monitor announcements, track income certificate maturities, coordinate with headquarters for client visits, and repeatedly confirm service plans—a time-consuming process. Now, with AI, the platform proactively alerts advisors to client updates and needs, integrates service modules from various departments (including product allocation, financing, and trading services), and even generates conversation starters for client meetings.

The second scenario is "AI Zhang Le," an AI-native app where clients can use natural language to activate three agents: Opportunity Hub, AI Trader, and Account Manager. This creates a complete cycle from opportunity discovery to trading strategy and account diagnosis.

"Without AI, there is no future," said Tan Xianrong. For brokerages, AI is a "must-answer" question for long-term sustainability. Century Securities, as a mid-to-small brokerage, has explored differentiated applications, including intelligent customer service, robo-advisory, and an "AI Choose for You" column in its app, which helps clients select ETFs, sectors, and portfolios based on the Qianhai 50 ETF. The firm is also exploring AI tools that prevent internal data from being leaked.

How Does Centralized Operations Improve Service Efficiency?

Centralized operations have become a core strategic path for brokerage wealth management transformation.

Tan Xianrong outlined Century Securities' three-pronged approach: operational centralization, advisory empowerment centralization, and marketing standardization. Operational centralization covers account management, account opening/closing, permission activation, and intelligent customer service, improving accuracy and client experience. Advisory empowerment involves an intelligent robo-advisory platform that provides research reports, knowledge bases, and standard templates to frontline advisors. Marketing standardization includes a "Gold Marketing Assistant" that uses a nine-grid system to identify products and push them to frontline staff, along with standardized scripts.

"The core logic of centralization is moving from scattered to centralized, from manual to intelligent, and from fragmented to standardized—continuously improving quality, efficiency, and client experience," Tan said.

Qiu Yuqiang emphasized that centralization is not simply about cutting processes or reducing costs. The key is building a strong headquarters-level middle office that can standardize and replicate capabilities, empowering both headquarters and branches through digital tools. This creates clear roles, efficient collaboration, and a standardized, centralized service closed loop.

At Xiangcai Securities, headquarters focuses on product development, digital tools, and service systems, while branches concentrate on local, in-depth engagement with mid-to-high-net-worth clients.

He shared a telling statistic: "With centralized headquarters capabilities and digital tools, our 14 back-office staff can precisely reach 90,000 clients in half a day. In the past, this would have required a frontline team of over 200 people." Centralization, he said, frees up capacity, improves efficiency, and preserves the human touch—"This is the fundamental path for mid-to-small brokerages to achieve scalable service capabilities with limited manpower."

What Are the Real Differences in Client Segmentation?

In centralized operations, refined client segmentation is paramount. The industry is striving to move from "one-size-fits-all" to "tailored for each," but what are the actual differences in service content, contact frequency, and product allocation across client tiers?

Tan Xianrong explained that Century Securities has established a dedicated Client Development Center, with separate departments for basic clients, high-net-worth clients, private equity, corporate clients, and institutions. The firm has also introduced a scientific insight platform that integrates client classification, service content, service frequency, and marketing tools.

Basic clients rely more on digital, standardized services. High-net-worth clients receive more personalized services, delivered through a combination of online and offline channels. For corporate and institutional clients, Century Securities has developed a comprehensive service model for listed companies, standardizing services into 16 modules covering equity incentives, M&A, and refinancing.

Li Ming agreed that with limited advisory resources, centralized client segmentation is a key solution, especially when AI tools help address the high cost of talent. However, she stressed that while basic clients can be served through AI-powered platforms, high-net-worth clients cannot rely solely on AI.

In her view, AI can assist but cannot build trust. The core capability of advisors lies in establishing trust, understanding client needs, and providing companionship. "Client needs go beyond visible numbers—they include emotions and feelings, which require human understanding." For high-net-worth clients, product allocation cannot be purely standardized; it must be personalized based on client preferences and research capabilities, including research support, companionship, and full lifecycle services—things AI cannot fully replace.

Therefore, Li Ming believes that serving different client segments requires differentiation in positioning, service content, and delivery methods, balancing client personalization with cost efficiency.

(Source: Securities China)