HNW client percentage for Enterprise firms serving clients in Illinois

High-net-worth (HNW) client percentage measures the share of a firm’s clients who meet the SEC’s high-net-worth threshold, indicating the firm’s primary client focus. For enterprise firms—those with 300 to 3,000 advisors or over $30 billion in assets—this metric helps reveal whether the firm leans toward serving wealthier clients with more complex needs or a broader client base with more standardized services.

In Illinois, among 92 enterprise firms, the median HNW client percentage is 21.5%, slightly above the national median of 20.44%. The distribution shows a range from just under 1% up to nearly 100%, suggesting a diverse landscape where some firms focus heavily on high-net-worth clients, while others serve a wider mix including affluent and mass-affluent households. This variation reflects two common interpretations: some firms are early in developing their HNW practices, while others intentionally maintain a broader client base to offer more accessible services. The presence of firms with very high HNW percentages indicates that specialized, complex planning is available in the state, alongside firms with more inclusive client models.

For you, this means the HNW client percentage is a useful signal about a firm’s typical client profile but not a measure of quality. Higher percentages often mean higher account minimums and more tailored service, while lower percentages suggest broader access and more standardized offerings. Use this metric alongside others to find a firm that matches your financial situation and service preferences.

Or, if you'd rather skip the guesswork, Warmer can help you find a financial advisor who fits your needs.