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

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: higher percentages suggest a focus on wealthier clients with more complex financial needs, while lower percentages point to broader access and potentially simpler planning.

In Michigan, among multi-team firms—those with 30 to 300 advisors or managing over $3 billion in assets—the median HNW client percentage is 12.83%, which is notably lower than the national median of 20.2%. The distribution here ranges widely, from firms serving virtually no HNW clients up to those with over 86% HNW clients. This spread suggests that Michigan’s multi-team firms vary considerably in their client focus. Some may be early-stage or intentionally designed to serve a broader client base with lower minimums, while others concentrate more heavily on high-net-worth households. The presence of firms with very low and very high HNW percentages indicates a diverse marketplace accommodating different client needs and service models.

For you, this means the HNW client percentage is a useful signal about a firm’s typical client profile but not a definitive measure of quality. A higher percentage often corresponds to more personalized, complex planning aimed at wealthier clients, while a lower percentage may reflect more standardized services and greater accessibility. Understanding where a firm falls on this spectrum can help you assess fit relative to your own financial situation and goals. Use this metric alongside others to get a fuller picture of what an advisor or firm offers.

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