Wells Fargo Advisors Financial Network, the independent contractor unit of Wells Fargo known as FiNet, announced Tuesday that the firm’s president, John Peluso, has been named president of First Clearing Correspondent Services, the clearing firm that is a registered broker-dealer and a nonbank affiliate of Wells Fargo & Co.
Peluso (left) was named to the 2012 IA 25, a list of the 25 most influential people in the advisory business, in May.
During his tenure, Wells Fargo Advisors Financial Network grew to 1,100 financial advisors and more than $55 billion in client assets, topping $600 million in revenue. In his new role as president of First Clearing, “he will work with senior executives to further develop our clearing strategy founded on strong, strategic partnerships with current and prospective” broker-dealers, according to the company.
He began his career in the financial services industry in 1988 at Wheat First Securities (now Wells Fargo Advisors). After three years in the operations group, he moved to the clearing business to lead marketing and product development. He then spent time as the western wholesaler for new broker-dealer business development for First Clearing Corp.
Prior to his latest position with the firm, he was the managing director for Wells Fargo Advisors’ Private Client Group, in charge of business development for retail brokerage recruiting.
“John brings strong leadership skills to his new role at First Clearing,” Brand Meyer, senior managing director and president of the independent brokerage group of Wells Fargo Advisors, said in a statement. “During his tenure at the firm he has accomplished great things, including leading our independent channel, Wells Fargo Advisors Financial Network, to great heights as the premier platform in the independent brokerage space.”
The firm says a search is under way for a successor to lead Wells Fargo Advisors Financial Network, which “remains a critically important business for Wells Fargo Advisors as part of the firm’s multichannel business model.”