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, indicating the level of wealth a firm is built to serve. For multi-team firms—those with 30 to 300 advisors or managing over $3 billion in assets—this metric reflects a blend of client segments, from mass-affluent to ultra-high-net-worth, and signals the firm’s overall client mix and service focus.

In South Dakota, among 76 multi-team firms, the median HNW client percentage is 6.01%, notably lower than the national median of 20.42%. The distribution shows many firms with very low to moderate shares of HNW clients, suggesting that these firms tend to serve a broader client base with fewer high-net-worth households. This pattern may reflect a combination of firms in earlier growth stages building their HNW clientele and others intentionally maintaining lower minimums to offer more accessible services. The wide range—from firms with virtually no HNW clients to some with over 55%—illustrates diverse approaches within the state’s multi-team firms.

What this means for you is that a lower HNW client percentage in South Dakota often corresponds to firms with broader access and potentially lower minimums, while higher percentages indicate a focus on more complex, bespoke planning for wealthier clients. There is no single “correct” percentage; instead, consider how this metric aligns with your financial situation and service expectations. Use it alongside other factors to find a firm or team that matches your needs.

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