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

High-net-worth (HNW) client percentage represents 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 built to serve: a higher percentage suggests a focus on wealthier clients with more complex financial needs, while a lower percentage points to broader access and potentially simpler planning.

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 17.8%. This is somewhat lower than the national median for similar firms, reflecting a mix of client types across the state. The distribution shows many firms serving a smaller proportion of HNW clients, with some reaching up to around 50%. This pattern suggests that Tennessee’s multi-team firms often balance between serving affluent clients and maintaining broader access. Some firms may be in earlier growth stages or intentionally designed to serve a wider client base, while others focus more heavily on high-net-worth households.

For you, this means the HNW client percentage is a useful indicator of a firm’s typical client profile but not a definitive quality measure. A higher percentage usually means higher minimums and more tailored, complex services, whereas a lower percentage often implies more standardized offerings and easier access. Use this metric alongside others to 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.