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

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 on serving wealthier individuals with more complex financial needs. For multi-team firms—those with 30 to 300 advisors or managing over $3 billion in assets—this metric reflects a blend of client segments, from mass-affluent to ultra-high-net-worth, across various specialized teams. Understanding this percentage helps clarify the firm’s typical client profile and service approach.

In Maryland, among 202 multi-team firms, the median HNW client percentage is 15.29%, which is somewhat lower than the broader national median of 20.2%. The distribution shows many firms with relatively modest HNW client shares, suggesting that a significant number of Maryland multi-team firms serve a broader client base beyond just high-net-worth individuals. This pattern could reflect firms that are either in earlier growth stages or intentionally structured to provide access to a wider range of clients, balancing specialized HNW services with more standardized offerings. Firms at the higher end of the spectrum tend to focus more exclusively on wealthier clients, while those at the lower end may prioritize accessibility and scalability.

What this means for you is that the HNW client percentage is a useful indicator of a firm’s typical client focus but not a definitive measure of quality. A higher percentage often implies higher minimums and more tailored, complex planning, while a lower percentage suggests broader access and more standardized services. Use this metric alongside others to find a firm that aligns with 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.