HNW client percentage for Team firms serving clients in Illinois

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 the type of clients a firm primarily serves: a higher percentage suggests the firm focuses on more complex, high-net-worth planning, while a lower percentage points to broader access and more standardized services.

In Illinois, among team firms—those with 5 to 30 advisors or managing over $500 million in assets—the median HNW client percentage is about 30.7%, close to the national median of 32.3%. With 400 firms included, the distribution ranges widely from 0% up to nearly 88%, indicating a diverse landscape. This spread suggests that some Illinois teams cater primarily to affluent clients with more standardized planning, while others focus heavily on high-net-worth individuals requiring more specialized, complex services. The presence of firms across this spectrum reflects both early-stage teams still building their HNW client base and established teams intentionally targeting wealthier clients.

For you, this means the HNW client percentage is a helpful signal about a firm’s client focus and service style, but not a measure of quality. A higher percentage often means higher minimums and more bespoke planning, while a lower percentage usually means broader access and more scalable services. Use this metric alongside others to find a firm that matches your financial situation and relationship preferences. Or, if you'd rather skip the guesswork, Warmer can help you find a financial advisor who fits your needs.