Wealth managers are cutting fees and hiring staff in Silicon Valley to win over OpenAI and Anthropic workers before IPOs mint a new class of millionaires (Financial Times)
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- Wealth managers are cutting fees and hiring staff in Silicon Valley to attract OpenAI and Anthropic workers before expected IPOs create a new class of millionaires
- OpenAI and Anthropic workers are gaining negotiating leverage as their equity-rich status shifts bargaining power toward clients seeking wealth management services
Why it matters: Wealth managers' willingness to slash fees and expand local staffing reveals that pre-IPO equity at OpenAI and Anthropic has created a buyer's market for advisory talent, with firms trading margin for relationships before liquidity events flood Silicon Valley with new millionaires.
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