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

High-net-worth (HNW) client percentage represents the share of a firm’s clients who meet the SEC’s high-net-worth threshold, indicating the level of wealth a firm typically serves. For multi-team firms—those with 30 to 300 advisors or managing over $3 billion in assets—this metric helps reveal whether a firm focuses more on affluent clients requiring complex, bespoke planning or serves a broader client base with more standardized services.

In Utah, among 156 multi-team firms, the median HNW client percentage is 14.76%, which is below the national median of 20.2%. The distribution shows a range from firms with virtually no HNW clients up to those with over 60%, suggesting considerable variation in client focus across the state. This spread indicates that some Utah firms may be early-stage or intentionally designed to serve a wider audience with lower minimums, while others cater more heavily to high-net-worth individuals with specialized services. The diversity reflects the multiple service tiers common in multi-team firms, blending mass-affluent, affluent, and HNW client segments under one roof.

For you, this means the HNW client percentage can guide your understanding of a firm’s typical client base and service approach, but it’s not a measure of quality. A higher percentage often signals more tailored, complex planning for wealthier clients, while a lower percentage suggests broader access and potentially lower minimums. 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.