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 built to serve. Firms with higher HNW percentages often focus on complex, bespoke planning for wealthier households, while those with lower percentages tend to offer broader access and more standardized services.

In Massachusetts, among multi-team firms—those with 30 to 300 advisors or managing over $3 billion in assets—the median HNW client percentage is about 18.2%, slightly below the national median of 20.2%. The distribution ranges widely, with some firms serving almost exclusively HNW clients and others focusing on a more diverse client base. This spread suggests that Massachusetts firms vary in their client focus: some may be early-stage multi-team firms still building their HNW clientele, while others intentionally maintain a broader mix to serve both affluent and mass-affluent clients. The presence of multiple service tiers within these firms means the overall percentage blends different client segments, so the firm-wide number is a useful starting point but not the full picture.

For you, this means the HNW client percentage can help gauge a firm’s typical client profile and service approach, but it’s not a measure of quality. A higher percentage usually signals higher minimums and more personalized planning, while a lower percentage indicates wider accessibility and more standardized offerings. Use 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.