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

High-net-worth (HNW) client percentage measures the share of a firm’s clients who meet the SEC’s high-net-worth threshold, indicating the firm’s focus and client base. For multi-team firms—those with 30 to 300 advisors or managing over $3 billion in assets—this metric reflects a blend of service tiers, from mass-affluent to ultra-high-net-worth clients. A higher HNW percentage suggests a focus on more complex, bespoke planning, while a lower percentage indicates broader access and potentially lower minimums.

In Illinois, among 311 multi-team firms, the median HNW client percentage aligns with the national median at 20.2%. The distribution ranges widely, with some firms serving almost exclusively high-net-worth clients and others catering to a broader clientele. This spread suggests that Illinois firms vary significantly in their client focus. Some may be early-stage or intentionally designed to serve a wider market, while others concentrate on high-net-worth individuals and families with more complex financial needs. The presence of firms at both ends of the spectrum highlights the diversity of options available within the state.

For you, this means the HNW client percentage is a useful indicator of a firm’s typical client profile but not a definitive measure of quality. Higher percentages often come with higher minimums and more personalized service, while lower percentages may offer greater accessibility and standardized solutions. Use this metric alongside others to find a financial advisor whose approach matches your financial situation and relationship preferences. Or, if you'd rather skip the guesswork, Warmer can help you find a financial advisor who fits your needs.