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—approximately $1.1 million in managed assets or $2.2 million in net worth. This metric helps reveal the type of clients a firm is designed to serve: a higher percentage indicates a focus on wealthier clients with more complex financial needs, while a lower percentage suggests broader accessibility and more standardized planning.

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 30.8%, closely aligning with the national median of 32.2%. The distribution ranges widely, with some firms serving virtually no HNW clients and others having nearly 90% HNW clientele. This spread suggests a diverse landscape where some teams focus on affluent professionals and pre-retirees with more scalable, standardized services, while others concentrate on high-net-worth families requiring deeper, more personalized estate, tax, and investment planning. The presence of firms across this spectrum reflects both early-stage teams building their HNW base and established teams intentionally targeting a wealthier clientele.

For you, understanding a firm’s HNW client percentage offers insight into their typical client profile and service approach. There’s no single “right” percentage—it depends on your financial situation and the level of personalized attention you seek. Higher percentages often mean higher minimums and bespoke services, while lower percentages may indicate broader access and more standardized offerings. Use this metric alongside others to find a firm that matches your needs and preferences. Or, if you'd rather skip the guesswork, Warmer can help you find a financial advisor who fits your needs.