HNW client percentage for Enterprise firms serving clients in Michigan

High-net-worth (HNW) client percentage measures the share of a firm’s clients who meet the SEC’s high-net-worth threshold—roughly $1.1 million in managed assets or $2.2 million in net worth. This metric helps indicate the type of clients a firm primarily serves: a higher percentage suggests a focus on wealthier clients with more complex financial needs, while a lower percentage points to broader accessibility and more standardized services.

In Michigan, among enterprise firms with 300 to 3,000 advisors or over $30 billion in assets, the median HNW client percentage is 10.26%, notably lower than the national median of 20.44%. With 81 such firms active in the state, this distribution suggests many Michigan enterprise firms serve a larger proportion of affluent and mass-affluent clients rather than predominantly high-net-worth individuals. This could reflect either firms in earlier stages of building their HNW practices or intentional strategies to maintain broader client access. The range of percentages—from just above 0% to nearly 50%—also highlights diversity in firm focus and client mix within the state.

For you, this means the HNW client percentage is a helpful signal about a firm’s typical client profile and service approach, but it’s not a measure of quality. A higher percentage often corresponds with higher minimums and more personalized, complex planning, while a lower percentage may indicate more accessible services with standardized processes. Use this metric alongside others to find an advisor whose client focus and service style align with your financial situation and goals. Or, if you'd rather skip the guesswork, Warmer can help you find a financial advisor who fits your needs.