HNW client percentage for Multi-team firms serving clients in Arizona

High-net-worth (HNW) client percentage represents the share of a firm’s clients who meet the SEC’s high-net-worth threshold, indicating the level of wealth a firm is structured to serve. For multi-team firms—those with 30 to 300 advisors or managing over $3 billion in assets—this metric helps reveal the balance between serving ultra-wealthy clients and broader segments. Since these firms often have multiple specialized teams, the overall HNW percentage reflects a blend of client types across the organization.

In Arizona, among 259 multi-team firms, the median HNW client percentage is 11.14%, which is notably lower than the national median of 20.2%. The distribution shows a wide range, with some firms serving almost exclusively non-HNW clients and others approaching 60% HNW clients. This suggests that many Arizona multi-team firms lean toward broader access and may have lower minimums or more standardized services, while a smaller portion focus heavily on high-net-worth clients. The variation also reflects two possible scenarios: some firms might be early in developing their HNW segments, while others intentionally maintain a more inclusive client base.

For you, this means the HNW client percentage is a useful signal of a firm’s typical client profile but not a measure of quality. A higher percentage often means more complex, bespoke planning geared toward wealthier clients, while a lower percentage indicates wider accessibility and potentially more standardized offerings. Consider this metric alongside others to find a firm that matches your financial situation and service preferences.

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