As Bloomberg notes, wealth management can be a hugely profitable venture once the money comes in the door. Managers charge a percentage of the assets they oversee and profit margins can reach up to 50%. Andreessen is no stranger to breaking the norm in the venture world. In 2019, Andreessen formally became a registered investment adviser, which meant that the firm no longer had to limit its stakes, including in its general fund.

https://techcrunch.com/2022/08/03/a16z-now-wants-to-manage-the-money-of-the-entrepreneurs-it-backs/