HNW client percentage for Team 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, indicating the firm’s focus and service model. For team firms—those with 5 to 30 advisors or managing over $500 million in assets—this metric reveals whether the practice emphasizes complex, bespoke planning for wealthier clients or broader, more standardized services for a wider affluent audience.

In Michigan, among 264 team firms, the median HNW client percentage is 25.62%, somewhat below the national median of 32.28%. The distribution ranges from under 1% to nearly 75%, showing considerable variation in client focus. This suggests that many Michigan team firms serve a mix of clients, with some targeting broader affluent markets through scalable, repeatable planning, while others concentrate more heavily on high-net-worth individuals requiring specialized estate, tax, and investment strategies. The spread reflects the two common interpretations: firms either in an earlier growth stage expanding their HNW clientele or intentionally maintaining a more inclusive client base.

For you, this means the HNW client percentage can help clarify what kind of advisory experience to expect. A higher percentage often signals more tailored, complex service with higher minimums, while a lower percentage indicates broader access and more standardized offerings. There’s no single right number—it depends on your financial situation and service preferences. Use this metric alongside others to find a firm that aligns with your needs and goals.

Or, if you'd rather skip the guesswork, Warmer can help you find a financial advisor who fits your needs.