HNW client percentage for Supported 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 who a firm is designed to serve: higher percentages suggest a focus on wealthier clients with more complex financial needs, while lower percentages point to broader access and more standardized planning.

In Tennessee, supported firms—which typically have 1 to 4 advisors with staff or manage over $200 million in assets—show a median HNW client percentage of 24%. This is somewhat below the national median of about 29%, reflecting a distribution where many firms serve a mix of affluent and pre-retiree households rather than exclusively high-net-worth clients. The range spans from firms with very few HNW clients to those with over 80%, indicating a variety of business models. Some Tennessee firms may be intentionally designed to serve a broader, more scalable client base with lower minimums, while others focus on a more bespoke, high-net-worth clientele with complex planning needs.

For you, this means the HNW client percentage is a useful signal of a firm’s client focus but not a measure of quality. A higher percentage often means more personalized, complex services with higher minimums, while a lower percentage suggests broader accessibility and more standardized offerings. Use this metric alongside others to find an 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.