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

High-net-worth (HNW) client percentage measures the share of a firm’s clients who meet the SEC’s high-net-worth threshold—generally around $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. Higher percentages often mean the firm focuses on more complex, bespoke planning for wealthier clients, while lower percentages suggest broader access and more standardized services.

In Utah, among multi-team firms—those with 30 to 300 advisors or managing over $3 billion in assets—the median HNW client percentage is about 14.8%, which is lower than the national median of 20.2%. With 156 firms and 937 advisors represented, this distribution suggests that many Utah firms cater to a wider range of clients, including those below the high-net-worth threshold. This could reflect either firms in earlier growth stages still building their HNW client base or firms intentionally maintaining broader access with diverse service tiers. The range of HNW percentages in Utah spans from near zero up to over 60%, indicating a mix of firms focused on different client segments within the state.

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 typically means higher minimums and more tailored services, while a lower percentage often corresponds to more accessible, standardized offerings. Understanding where a firm falls on this spectrum can help you assess fit alongside other factors like service style and complexity of your financial needs. Or, if you'd rather skip the guesswork, Warmer can help you find a financial advisor who fits your needs.