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

High-net-worth (HNW) client percentage measures the share of a firm's clients who meet the SEC’s threshold for high net worth—roughly $1.1 million in managed assets or $2.2 million in net worth. This metric helps indicate the type of clients a firm primarily serves: a higher percentage suggests a focus on wealthier clients with more complex financial needs, while a lower percentage points to broader accessibility and potentially simpler service offerings.

In Minnesota, among multi-team firms—those with 30 to 300 advisors or managing over $3 billion in assets—the median HNW client percentage is 13.14%, which is notably lower than the national median of 20.2%. With 182 firms represented, the distribution shows many firms serving a smaller proportion of HNW clients, with the upper range reaching about 57.5%. This pattern suggests that Minnesota’s multi-team firms often balance serving high-net-worth clients with a substantial focus on mass-affluent or affluent segments. Some firms may be early in developing dedicated HNW teams, while others intentionally maintain broader client access rather than concentrating heavily on high-net-worth households.

For you, this means that when evaluating multi-team firms in Minnesota, a lower HNW client percentage doesn’t imply lesser quality but rather a different client focus and service model. Higher percentages typically indicate firms with higher minimums and more personalized, complex planning, while lower percentages may offer more standardized services and greater accessibility. Use this metric alongside others to understand how a firm’s client mix aligns with your financial situation and service expectations.

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