HNW client percentage for Multi-team firms serving clients in North Dakota

High-net-worth (HNW) client percentage measures the share of a firm’s clients who meet the SEC’s high-net-worth threshold, indicating the firm’s focus and the complexity of planning it offers. For multi-team firms—those with 30 to 300 advisors or managing over $3 billion in assets—this metric reflects a blend of diverse client segments, from mass-affluent to ultra-high-net-worth households, across multiple specialized teams.

In North Dakota, multi-team firms have a notably lower median HNW client percentage of 0.96%, compared to the broader national trend where medians often fall between 30% and 60%. Among the 51 firms in the state, many report very low or zero HNW client shares, with a few outliers reaching higher percentages. This distribution suggests that firms in North Dakota generally serve a broader client base with fewer high-net-worth households, or they may be in earlier stages of developing specialized HNW teams. Alternatively, some firms may intentionally focus on more accessible wealth segments rather than concentrating on high-net-worth clients.

For you, this means that when evaluating multi-team firms in North Dakota, a low HNW client percentage doesn’t imply lower quality—it signals broader access and potentially lower minimums. Conversely, firms with higher percentages may offer more tailored, complex services suited for wealthier clients. Understanding this metric alongside others can help you find a firm that matches your financial situation and service preferences. Or, if you'd rather skip the guesswork, Warmer can help you find a financial advisor who fits your needs.