HNW client percentage for Independent firms serving clients in Minnesota

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 serves: a higher percentage suggests a focus on wealthier clients with more complex financial needs, while a lower percentage points to broader access for clients with more modest assets.

In Minnesota, independent firms show a median HNW client percentage of about 17%, slightly below the national median of 18%. Among the 214 independent firms in the state, the distribution ranges from zero to nearly 77% HNW clients. This wide spread reflects the diversity of independent practices here—from those serving mostly mass-affluent or emerging-wealth clients to boutique firms focused primarily on high-net-worth families. Some firms may be early in their growth stage and still building their HNW client base, while others intentionally maintain a smaller, wealthier clientele. This variation means that two independent advisors in Minnesota can offer very different experiences and service models despite similar firm sizes.

For you, this means the HNW client percentage is a useful signal about a firm’s typical client profile and service approach, but it’s not a measure of quality. A higher percentage often means higher account minimums and more tailored, complex planning, while a lower percentage usually indicates more accessible services with standardized offerings. 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.