HNW client percentage for Independent firms serving clients in New York

High-net-worth (HNW) client percentage measures the share of a firm’s clients who meet the SEC’s high-net-worth threshold—about $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 accessibility and simpler planning.

In New York, independent firms tend to have a higher median HNW client percentage of 26.36%, compared to the broader median of 18.24%. Among 901 independent firms in the state, the distribution ranges widely—from firms with virtually no HNW clients to those where over 70% of clients meet the threshold. This spread reflects the diversity of independent practices in New York: some serve emerging or mass-affluent clients with lower minimums, while others specialize in high-net-worth or ultra-high-net-worth families, offering complex, tailored services. The variation also suggests that many firms are at different stages of growth or have intentionally chosen distinct niches within the market.

For you, understanding a firm’s HNW client percentage can clarify whether its client base aligns with your financial profile and needs. A higher percentage often means higher account minimums and more customized planning, while a lower percentage may offer greater accessibility and standardized services. There is no single “right” number—consider this metric alongside others to find a firm that matches your situation and goals. Or, if you'd rather skip the guesswork, Warmer can help you find a financial advisor who fits your needs.