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

In Montana, among multi-team firms—those with 30 to 300 advisors or managing over $3 billion in assets—the median HNW client percentage is 8.52%, notably lower than the national median of 20.2%. With 100 firms and 432 advisors represented, this distribution suggests that many Montana firms serve a broader client base with fewer high-net-worth households compared to the national landscape. This could reflect either firms in earlier growth stages building their HNW client base or firms intentionally maintaining lower minimums to provide more accessible services. The range of HNW percentages in Montana also indicates diversity in firm focus, from those with very few HNW clients to others approaching a more specialized clientele.

For you, this means the HNW client percentage is a useful signal about a firm’s client mix and service approach but not a definitive measure of quality. Higher percentages often come with higher minimums and more tailored planning, while lower percentages may offer greater accessibility and more standardized services. Consider this metric alongside others to find a firm that aligns with 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.