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

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 designed to serve: a higher percentage suggests a focus on wealthier clients with more complex financial needs, while a lower percentage points to broader access and potentially more standardized services.

In Montana, multi-team firms—those with 30 to 300 advisors or managing over $3 billion in assets—show a median HNW client percentage of 8.52%, which is notably lower than the typical national range for this category. The distribution reveals many firms with very low to moderate shares of HNW clients, suggesting that Montana’s multi-team firms often serve a broader client base rather than focusing heavily on high-net-worth individuals. This pattern could reflect either firms in earlier growth stages building their HNW clientele or intentionally maintaining a wider access model to serve diverse financial needs across the state.

For you, this means that when evaluating multi-team firms in Montana, a lower HNW client percentage doesn’t imply lower quality—it signals a different client focus. Higher percentages usually come with higher minimums and more personalized, complex planning, while lower percentages often mean more accessible services with potentially less customization. Use this metric alongside others to find a firm whose client focus and service style align with your financial situation and goals.

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