American Express Financial Advisors (AEFA), a division of American Express and
Well Fargo today announced an alliance to sell certain investment products via each other's distribution networks.
The firms also announced The two companies also announced the pending introduction of two new annuities, the
Wells Fargo Advantage Variable Annuity and the
Wells Fargo Advantage Builder Variable Annuity issued by
American Enterprise Life Insurance Company, another division of AmEx.
Wells Fargo currently distributes its products through its 850 affiliated "financial consultants" and AEF through its 11,300 financial advisors. Under the new agreement, all of the intermediaries involved would sell both Wells and AEF mutual funds, as well as the two new variable annuities. The two firms may also look into ventures in "trust, insurance and "other investment services," according to a statement.  
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