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 high-net-worth threshold, indicating whether a firm primarily serves wealthier clients with more complex financial needs or a broader client base. For multi-team firms—those with 30 to 300 advisors or managing over $3 billion in assets—this metric reflects a blend of various service tiers, from mass-affluent to ultra-high-net-worth, showing the overall client mix across multiple specialized teams.

In Minnesota, among 184 multi-team firms, the median HNW client percentage is 12.83%, which is notably lower than the national median of 20.2%. The distribution ranges widely, with some firms serving virtually no HNW clients and others having over half their clients in this category. This suggests that many Minnesota multi-team firms lean toward broader client access rather than focusing predominantly on high-net-worth households. The variation may reflect two types of firms: those in earlier growth stages building their HNW client base, and those intentionally maintaining a more inclusive client mix with lower minimums and less complex planning.

For you, this means the HNW client percentage is a helpful indicator of a firm’s typical client profile and service approach, but it’s not a measure of quality. A higher percentage often means more personalized, complex planning for wealthier clients, while a lower percentage suggests more standardized services and broader accessibility. Use this metric alongside others to find a firm that matches your financial situation and relationship preferences.

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