Wells Fargo has tapped Erik Karanik to serve as head of independent solutions for the firm’s Wealth and Investment Management business. This is a newly created role, the firm said, and will be focused on growth initiatives across Wells Fargo Advisors Financial 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’ll report to Barry Sommers, CEO of the WIM business. John Tyers, head of the independent advisor group and president of FiNet, will report to Karanik. He’ll work closely with Sol Gindi, head of the client relationship group and Wells Fargo Advisors, the firm’s wirehouse 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 advisor headcount of 12,027 at the end of 2022, but the wirehouse 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 custody services to fee-only RIAs for the first time. The firm chose TradePMR, the introducing broker/dealer, to provide middle-office support to independent RIAs that join the custodial service.