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

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 structured to serve: 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 planning.

In South Dakota, among multi-team firms with 30 to 300 advisors or managing over $3 billion in assets, the median HNW client percentage is 8.52%, which is notably lower than the national median of about 20%. This suggests that many multi-team firms in South Dakota serve a broader client base with fewer clients meeting the high-net-worth threshold. The distribution shows a wide range, with some firms having virtually no HNW clients and others serving over half their clients at that level. This pattern may reflect a mix of firms that are either early in developing a high-net-worth clientele or intentionally focused on serving a wider market with lower minimums.

For you, this means the HNW client percentage can help clarify whether a firm’s client base aligns with your financial profile and service expectations. There’s no single “right” percentage—it’s about fit. Higher percentages often mean more tailored, complex advice but may come with higher minimums, while lower percentages may offer more accessible services with standardized planning. Use this metric alongside others to find an advisor whose approach matches your needs.

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