HNW client percentage for Team firms serving clients in Massachusetts

High-net-worth (HNW) client percentage measures the share of a firm’s clients who meet the SEC’s threshold for high net worth—roughly $1.1 million in managed assets or $2.2 million in net worth. This metric helps signal the type of clients a firm is built 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 Massachusetts, among team firms—those with 5 to 30 advisors or managing over $500 million in assets—the median HNW client percentage is 40.36%, notably higher than the national median of 32.21%. With 302 firms active in the state, the distribution shows many firms serving a substantial share of high-net-worth clients, with some firms focusing heavily on this segment, as indicated by the upper boundary reaching over 90%. This suggests that Massachusetts team firms often emphasize specialized, complex planning for wealthier clients, though some maintain a more balanced client mix. The variation can reflect either firms in growth phases building their HNW base or intentionally maintaining a broader client roster to offer more standardized services.

For you, this means the HNW client percentage can help clarify what kind of client experience to expect. A higher percentage often means higher minimums and more bespoke, in-depth planning, while a lower percentage may indicate more accessible, scalable services. There’s no single “right” number—it depends on your financial situation and service preferences. Use this metric alongside others to find an advisor whose approach matches your needs. Or, if you'd rather skip the guesswork, Warmer can help you find a financial advisor who fits your needs.