Wealth managers cut fees to win AI’s paper millionaires

Wealth managers are reducing their fees to attract the growing number of high-earning tech employees, particularly those working at companies like Anthropic and OpenAI. This shift in strategy comes as these "paper millionaires," whose wealth is largely tied to their equity stakes, gain more negotiating power. This change underscores a broader trend where financial services adapt to the evolving landscape of wealth creation, highlighting the increasing influence of tech industry fortunes on traditional financial markets.