HNW client percentage for Independent firms serving clients in Utah

High-net-worth (HNW) client percentage reflects the share of a firm’s clients who meet the SEC’s threshold for high net worth—generally around $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: a higher percentage often means the firm focuses on complex, bespoke planning for wealthier clients, while a lower percentage suggests broader access with lower minimums and more standardized services.

In Utah, independent firms tend to have a lower median HNW client percentage of about 10.3%, compared to the broader category median near 18.2%. Among 142 firms, many report very low percentages, with the distribution showing a significant number serving mostly non-HNW clients. This suggests a diverse landscape where some advisors focus on emerging or mass-affluent clients, while others may be early-stage practices working toward building an HNW clientele. At the same time, a smaller portion of firms specialize in high-net-worth or ultra-high-net-worth families, reflecting a range of business models and client niches within the state.

For you, this means the HNW client percentage can help clarify what kind of firm you’re looking at and whether it aligns with your financial situation and planning needs. There’s no single “right” percentage—higher values often indicate more tailored, complex services with higher minimums, while lower values suggest broader accessibility. 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.