South Korean securities companies are struggling to draw up emergency plans to boost profitability amid a protracted economic slump, industry sources said Thursday.

Aside from reducing workers or streamlining businesses, major brokerages are pushing for such measures as providing specialized wealth management services for big-pocketed clients and promoting differentiated strategies to tap new profit sources.

No. 1 player Samsung Securities Co. has set up a task force to provide exclusive management services to the wealthy, while Hyundai Securities Co. has drummed up similar measures such as offering income tax filing services for the super rich.

Thanks to the introduction of electronic signatures, NH Investment & Securities Co. is looking to reel in more clients via using smart devices such as tablet computers instead of paper to make signing deals much simpler for customers.

Another leading brokerage firm, Mirae Asset Securities Co., has put more focus on the financial market for people preparing for life after retirement, offering pension-management consulting and educating pension holders on retirement-asset management.

Aside from expanding asset management businesses, securities companies have also been ramping up efforts to reorganize their branch operations by merging local branches and building larger ones.

Hana Daetoo Securities Co. is looking to merge some 10 branches in the country by the end of the year, while Daishin Securities Co. has increased the size of 11 of its branches.

The securities firms’ moves come as their fiscal first quarter net earnings in the April-June period plunged 72.7 percent from a year earlier to 216.3 billion won ($190.5 million). (Yonhap News)