Wealth Managers Slash Fees to Woo AI’s Paper Millionaires

Surging valuations at Anthropic and OpenAI have created a fast-growing class of employees whose concentrated private-company stakes are worth millions on paper but remain difficult to sell. Both companies have submitted IPO paperwork to the US Securities and Exchange Commission, with potential valuations of about $1 trillion each. The prospective windfall has made these young technology workers prized long-term clients and given them leverage to challenge the wealth-management industry’s traditional fee of roughly 1% of assets.

On July 10, 2026, Chicago-based Choreo, which manages more than $28 billion, said it was extending its recruitment drive to employees of Anthropic and OpenAI. Choreo had already secured a group of more than 100 current and former SpaceX workers at an annual management fee below 0.5%, establishing a template for collective bargaining over advisory costs. Titan is separately marketing Anthropic-specific services at a 0.4% annual asset fee or a flat planning charge of $1,500 to $5,000 a year.