China's Fund Advisory Pilot Expands as Brokers Prepare License Applications

China's fund advisory pilot is expanding steadily. According to 36Kr, brokers including Western Securities, Changjiang Securities, Northeast Securities and Huafu Securities have received related notices and are preparing license applications, with filings expected to be submitted in a集中 manner before the end of August. The pilot began in 2019 and now has 60 participating institutions. As of early 2026, the sector managed about 450 billion yuan and had served nearly 10 million clients. Industry participants said the expansion reflects a generational shift in the profit model, from earning on price spreads to earning on time value.