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The fee economics of private wealth management price on assets already under management, a model built for clients who arrive holding liquid capital.
Equity-rich employees at Anthropic and OpenAI are testing the limits of that structure: their wealth is largely held in private company stock, and it remains on paper until a liquidity event converts it.
Wealth managers are cutting fees to compete for this cohort before that conversion happens. The "paper millionaire" label is precise about the mechanics.
An Anthropic or OpenAI employee may carry significant equity value on a private company's cap table while holding limited access to the actual cash those stakes imply.
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