HNW client percentage for Independent firms serving clients in Illinois

High-net-worth (HNW) client percentage represents the share of a financial advisor’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 serves: a higher percentage suggests the firm focuses on wealthier clients with more complex financial needs, while a lower percentage points to broader access and potentially lower minimum investment requirements.

In Illinois, independent firms show a median HNW client percentage of 20%, slightly above the national median of 18.18%. Among 569 independent firms in the state, the distribution ranges from firms with virtually no HNW clients to those serving exclusively high-net-worth individuals. This wide spread reflects the diversity of independent practices in Illinois—from advisors catering to emerging wealth or mass-affluent clients to boutique firms or small family offices focused almost entirely on HNW and ultra-HNW families. The variation suggests that some firms are early in their growth toward serving wealthier clients, while others have intentionally specialized in complex, high-net-worth planning.

For you, understanding a firm’s HNW client percentage offers insight into its typical client base and service model. A higher percentage often means higher account minimums and more personalized, intricate financial planning, whereas a lower percentage may indicate more accessible services tailored to a broader range of clients. There’s no single “right” number; instead, consider this metric alongside others to find an advisor whose client focus and approach 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.