American Express of Minneapolis and Wells Fargo of San Francisco have agreed to distribute each other's annuity and mutual fund products through their retail channels, said Lynn Abbott, director of strategic alliances for American Express.
American Express representatives will begin selling Wells Fargo's 61 funds and Wells Fargo will sell 31 funds that American Express currently offers, said Dan Conway, a spokesperson for Wells Fargo.
"The alliance means we will be able to reach more customers with a greater selection of financial products, ultimately helping them be more successful," said Dennis Mooradian, president of Wells Fargo private client services, in a statement.
Each company will use each other's financial advisor networks to sell the products. American Express has 11,300 advisors and Wells Fargo has 850.
The companies are also launching two new annuities; the Wells Fargo Advantage Variable Annuity and the Wells Fargo Advantage Builder Variable Annuity. American Enterprise Life Insurance Co., a division of American Express, will issue the annuities.