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

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. Firms with higher HNW percentages typically focus on more complex, bespoke planning for wealthier clients, while those with lower percentages often provide broader access and more standardized services.

In Tennessee, among multi-team firms—those with 30 to 300 advisors or managing over $3 billion in assets—the median HNW client percentage is about 15.7%, which is lower than the national median of 20.2%. The distribution shows that most firms in the state have HNW client percentages clustered below 30%, with some reaching as high as 50%. This suggests that many Tennessee multi-team firms serve a diverse client base, blending affluent and mass-affluent households alongside high-net-worth clients. The lower median could reflect a mix of firms either in earlier growth stages or intentionally maintaining broader access rather than focusing exclusively on high-net-worth clients.

For you, this means the HNW client percentage is a useful signal about a firm’s client focus but not a definitive measure of quality. A higher percentage often means higher minimums and more tailored services, while a lower percentage indicates wider accessibility and potentially more standardized offerings. Consider this metric alongside others to find an advisor whose client mix 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.