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

High-net-worth (HNW) client percentage measures 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 indicate the type of clients a firm is structured to serve: a higher percentage suggests a focus on wealthier clients with more complex financial needs, while a lower percentage points to broader access and potentially simpler planning.

In Massachusetts, among multi-team firms with 30 to 300 advisors, the median HNW client percentage is about 18.2%, slightly below the national median of 20.2%. With 227 firms and over 1,650 advisors statewide, the distribution ranges widely—from firms serving virtually no HNW clients to those where nearly 79% of clients meet the threshold. This spread suggests a diverse landscape: some firms may be early in developing their HNW practices or intentionally maintaining a broader client base, while others focus heavily on high-net-worth individuals. The presence of multiple teams within these firms means the overall percentage blends various client segments, from mass-affluent to ultra-high-net-worth.

For you, this means the HNW client percentage is a useful signal of a firm’s client focus but not a definitive measure of quality. A higher percentage often corresponds with higher minimums and more tailored, complex services, whereas a lower percentage may indicate greater accessibility and more standardized offerings. Consider this metric alongside others to find an advisor whose client mix and service style align with your financial situation and goals. Or, if you'd rather skip the guesswork, Warmer can help you find a financial advisor who fits your needs.