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

As the financial industry shifts from a "one-size-fits-all" approach to "tailored-for-each" strategies, precision client segmentation has become an industry consensus. The question now is: how can brokerages of varying sizes and capabilities find their unique positioning and build truly differentiated, comprehensive client service solutions?

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, Zhejiang 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 from Xiangcai Securities' experience, he noted:

• Needs understanding is the starting point of service.
• Asset allocation is the core of the solution.
• Advisory services serve as the frontline window connecting clients and delivering value.
• Robust back-office operations provide the foundation.

"The real challenge—and what differentiates institutions—lies in how to organically connect and integrate these capabilities," he said.

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

"Securities firms naturally struggle to understand their clients, because the assets clients hold with us are often not their total wealth—only a portion of their risk assets," she explained. Traditional KYC questionnaires often fail to capture real client needs. Huatai is now leveraging AI to better understand clients and help them identify their true wealth management goals. "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 service should target high-net-worth individuals (HNWIs).

She categorized wealth management into three stages:

1. Product-driven sales
2. Asset allocation
3. Account-based service

The third stage—comprehensive account service—covers the full spectrum of personal, family, business, and social needs. In her view, most brokerages are still transitioning from stage one to stage two, but AI tools can accelerate this shift.

How Can AI Help Institutions Form a Service Closed Loop?

AI has become an indispensable efficiency tool in the securities industry. Panelists shared how they are using AI to create a closed loop from client insight to asset allocation to service delivery.

Qiu Yuqiang introduced Xiangcai Securities' AI-powered ATO integrated operating system, which connects online, remote, and offline service scenarios. Through tools like the Xiangcai Butler App, Xiangcai Baibaoxiang client terminal, and enterprise WeChat, the system enables headquarters to empower frontline staff, who can then execute efficiently.

Li Wanqing shared two typical scenarios at Huatai Securities:

1. 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, AI proactively alerts advisors to client updates and needs, integrates service modules from various departments (product allocation, financing, trading), and even generates conversation starters for client meetings.

1. AI Zhangle: As an AI-native app, it allows clients to use natural language to activate three agents—Opportunity Hub, AI Trader, and Account Manager—forming a complete cycle from opportunity discovery to trading strategy to account diagnosis.

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

How Does Centralized Operations Improve Service Efficiency?

Centralized operations have become a core strategic path in the wealth management transformation of brokerages.

Tan Xianrong outlined Century Securities' three-pronged approach:

• Operational centralization: Account management, account opening/closing, permissions, and smart customer service are handled centrally to improve accuracy and client experience.
• Advisory empowerment: An intelligent advisory platform provides research reports, knowledge bases, and standardized templates to frontline advisors.
• Marketing standardization: A "Gold Marketing Assistant" 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 costs. The key is building a strong headquarters-level middle office that can standardize and replicate capabilities, then digitally empower both headquarters and branches. This creates clear roles and efficient collaboration, forming a standardized, centralized service loop.

At Xiangcai Securities:

• Headquarters focuses on product development, digital tools, and service systems.
• Branches focus 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—"a fundamental path for mid-to-small brokerages to achieve scalable service with limited manpower."

What Are the Real Differences in Client Segmentation?

In centralized operations, precision 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 clients
• Corporate and institutional clients

A scientific insight platform 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 via an online-plus-offline model.
• Corporate and institutional clients are served through a comprehensive listed-company service model, standardized into 16 modules covering equity incentives, M&A, and refinancing.

Li Ming agreed that with limited advisory resources, centralized client segmentation is essential. AI tools can 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 require more than AI.

"AI can assist, but it cannot build trust with people," she said. The core capability of an advisor is building trust, understanding client needs, and providing companionship. "Client needs go beyond visible numbers—they include emotions and feelings, which require human understanding." For HNWIs, product allocation cannot be purely standardized; it must be personalized based on client preferences and research capabilities, including advisory empowerment, companionship, and full lifecycle services—things AI cannot fully replace.

Therefore, Li Ming concluded that serving different client tiers requires differentiation in positioning, service content, and delivery methods, balancing personalized needs with cost efficiency.

Source: Securities China