HNW client percentage for Independent firms serving clients in Maryland

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 reveal the type of clients a firm is built to serve: a higher percentage often means the firm focuses on complex, bespoke planning for wealthier clients, while a lower percentage suggests broader access with simpler, more standardized services.

In Maryland, independent firms show a median HNW client percentage of about 16.8%, slightly below the broader category median of 18.3%. Among the 348 independent firms in the state, the distribution ranges widely—from firms with virtually no HNW clients to those serving predominantly high-net-worth households. This spread reflects the diversity of independent practices here: some are early-stage or focused on mass-affluent clients, while others specialize in serving affluent or ultra-high-net-worth families. The variation signals that even within the same firm size, Maryland advisors can differ greatly in their client focus and service complexity.

For you, this means the HNW client percentage is a useful indicator of whether a firm’s clientele and service model align with your financial situation and needs. There’s no single “right” number—higher percentages often come with higher minimums and more personalized planning, while lower percentages may offer broader access and simpler solutions. Use this metric alongside others to find an advisor whose approach fits your goals and circumstances. Or, if you'd rather skip the guesswork, Warmer can help you find a financial advisor who fits your needs.