HNW client percentage for Team firms serving clients in Minnesota

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 leans toward serving broader affluent clients or a more exclusive HNW clientele. Higher percentages suggest more complex, bespoke planning, while lower percentages indicate broader access with standardized services.

In Minnesota, among 203 team firms, the median HNW client percentage is 33.4%, closely aligning with the national median of 32.28%. The distribution ranges from about 4% to 74%, showing a mix of firms with varying client focuses. This suggests that many Minnesota team firms balance serving affluent professionals at scale with a significant portion of HNW clients. The variation reflects two common interpretations: some firms are intentionally structured to serve a wider client base with moderate minimums, while others prioritize a higher concentration of HNW clients for more tailored, complex planning.

For you, understanding a firm’s HNW client percentage helps clarify what kind of service and client minimums to expect. There is no single “correct” percentage—it’s about fit. A higher percentage often means more personalized, complex advice but may require higher minimum assets, while a lower percentage may offer more accessible, standardized planning. 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.