HNW client percentage for Independent firms serving clients in Illinois

High-net-worth (HNW) client percentage measures the share of a firm’s clients who meet the SEC’s threshold for high net worth—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 access for a wider range of investors.

In Illinois, independent firms show a median HNW client percentage of about 19%, closely aligning with the broader pattern seen nationally. Among the 554 independent firms here, the distribution ranges widely—from firms serving almost no HNW clients to those with more than half or nearly all clients meeting that threshold. This spread reflects the diversity of independent practices in Illinois: some may be early-stage or focused on serving mass-affluent and emerging-wealth clients, while others specialize in high-net-worth or ultra-high-net-worth families with complex planning needs. The variation means that two independent advisors in the same city might have very different client profiles and service models.

For you, understanding a firm’s HNW client percentage is about finding the right fit. A higher percentage often means higher account minimums and more personalized, complex planning, while a lower percentage usually indicates broader access and more standardized services. There’s no single “correct” number—it depends on your financial situation and what kind of advisor relationship you want. Use this metric alongside others to get a fuller picture of how a firm matches your needs. Or, if you'd rather skip the guesswork, Warmer can help you find a financial advisor who fits your needs.