Wells Fargo has tapped Erik Karanik to serve as head of independent solutions for the firm's wealth management and investment business. This is a newly created role, the firm said, and will focus on growth initiatives across the Wells Fargo Financial Advisor Network, the firm's independent broker/dealer and First Clearing, its clearing and custody unit.
Karanik has been with Wells Fargo since 1990, most recently as head of WIM's control management. He will report to Barry Sommers, CEO of the WIM business. John Tyers, head of the independent advisory group and president of FiNet, will report to Karanik. He will work closely with Sol Gindi, group head of client relations and Wells Fargo Advisors, the firm's channel, to recruit new advisors and provide sales support to independent practices.
John Peluso left his post as president of First Clearing last year to join Thurston Springer Advisors, an Indianapolis-based RIA, as executive vice president and partner, according to published reports. Albert Caiazzo, who joined First Clearing in 2004, has taken over as president of the clearing and custody firm. He reports to Tyers.
Wells Fargo had a total of 12,027 advisors at the end of 2022, but the TV office no longer reports headcount.
in 2019, Wells Fargo detailed its plan to launch a new service for independent advisory firms, with First Clearing to provide custodial services to RIAs for first-time fees only. The firm selected TradePMR, the introducing broker/dealer, to provide middle office support for independent RIAs joining the custody service.