HNW client percentage for Supported firms serving clients in Michigan

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 reveal who a firm is designed to serve: higher percentages indicate a focus on wealthier clients with more complex financial needs, while lower percentages suggest broader access to a wider range of clients.

In Michigan, among supported firms—which typically have 1 to 4 advisors with staff or manage over $200 million in assets—the median HNW client percentage is 18.09%, notably lower than the national median of 29.39%. With 299 firms represented, the distribution shows many Michigan firms serve a smaller proportion of high-net-worth clients, often focusing on affluent or pre-retiree households rather than exclusively HNW individuals. This pattern suggests a mix of firms: some intentionally maintain a broader client base with more standardized planning, while others may be in earlier stages of developing a higher-net-worth focus. The range also indicates that while some Michigan firms cater to more complex, bespoke needs, many prioritize scalable, accessible services.

For you, this means the HNW client percentage can guide your understanding of a firm’s target clientele and service model, but it’s not a measure of quality. A lower percentage often corresponds to lower minimums and more standardized advice, while a higher percentage usually means more tailored, complex planning with higher minimums. Use this metric alongside others to find a financial advisor whose approach matches 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.