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 built to serve: higher percentages suggest a focus on wealthier clients with more complex financial needs, while lower percentages indicate broader accessibility to a wider range of investors.

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 13.88%, which is notably lower than the national median of 20.2%. With 227 firms and 1,808 advisors represented, this distribution suggests that many Michigan multi-team firms serve a more diverse client base, including a significant portion of mass-affluent or affluent clients alongside HNW households. This pattern can reflect either firms in earlier growth stages expanding their HNW clientele or firms intentionally maintaining broader access with lower minimums. The wide range, from 0% up to over 86%, highlights the variety of business models within the state’s multi-team firms.

For you, this means the HNW client percentage is a useful signal of a firm’s client focus but not a definitive quality measure. A higher percentage often means more tailored, complex planning with higher minimums, while a lower percentage may offer more standardized services and greater accessibility. Consider this metric alongside others and your personal financial situation to find the best fit for your needs. Or, if you'd rather skip the guesswork, Warmer can help you find a financial advisor who fits your needs.