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

In Michigan, among team firms—those with 5 to 30 advisors or managing over $500 million in assets—the median HNW client percentage is 25%. This is somewhat lower than the national median of about 32%, and the distribution shows a wide range from under 1% up to nearly 75%. This suggests that many Michigan teams serve a diverse client base, with some firms focusing more on affluent professionals and others on higher-net-worth families. The variation may reflect differences in firm strategy: some teams may be early in their growth phase, building toward a higher HNW focus, while others intentionally maintain broader access with lower minimums and more scalable service models.

For you, this means the HNW client percentage is a useful signal about a firm’s typical client profile and service approach, but it’s not a measure of quality. A higher percentage often means more personalized, complex planning with higher minimums, while a lower percentage usually indicates more standardized offerings and broader accessibility. 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.