HNW client percentage for Independent firms serving clients in Tennessee

High-net-worth (HNW) client percentage reflects 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 signal the type of clients a firm is built to serve: higher percentages indicate a focus on wealthier clients with more complex financial needs, while lower percentages suggest broader accessibility and simpler planning.

In Tennessee, independent firms show a median HNW client percentage of about 15%, slightly below the broader national median of 18%. Among the 190 independent firms in the state, the distribution ranges widely, with some firms serving almost exclusively high-net-worth clients and others focusing on a more diverse client base. This variation suggests that Tennessee’s independent advisors include both early-stage practices still growing their HNW clientele and intentionally small firms catering to a wider range of investors. The spread indicates a mix of boutique wealth management and more accessible advisory models operating side by side.

For you, this means the HNW client percentage can help you understand whether a firm is likely to have higher minimums and offer more specialized, complex planning or if it provides broader access with more standardized services. There’s no single “right” percentage—it depends on your financial situation and what kind of relationship you want. Use this metric alongside others to find an advisor whose client focus matches your needs.

Or, if you'd rather skip the guesswork, Warmer can help you find a financial advisor who fits your needs.