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Industry Spotlight > Wirehouse Firms

Wells Fargo Adds Role to Boost Growth in FiNet, First Clearing

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Wells Fargo has tapped executive Erik Karanik to be head of Independent Solutions for its Wealth & Investment Management unit, which includes Wells Fargo Advisors. In this newly created role, Karanik will lead efforts to expand growth across WIM’s independent businesses, the bank says.

Wells Fargo’s independent channels include Wells Fargo Advisors Financial Network, or FiNet, and First Clearing, a provider of clearing and custody services to broker‑dealers and registered investment advisors.

See: LPL Snaps Up $16B in Wintrust Assets From Wells Fargo

Since joining Wells Fargo in 1990, Karanik has worked on incentive compensation plans, branch supervision and support, retail real estate, product platforms, office operations, and financial analysis and planning. He’s also been the head of risk and control management for WIM.

“Erik is a decisive, trusted fixture at our firm whose breadth of expertise will further drive the significant progress we’ve made in operations and technology around the independent platform,” according to WIM CEO Barry Sommers.

“We have a strong foundation with our independent channel,” according to Karanik. “I’m excited to work with the team to continue gaining market share, especially as more advisors embrace independence to build their legacies.”

Wells Fargo stopped releasing headcount figures for advisors at the end of 2022, when it had about 12,025 employee and independent advisors. As of Dec. 31, 2023, its wealth unit had $2.1 trillion in total client assets.

Related: Best & Worst Broker-Dealers: Q4 Earnings, 2023

Credit: Bloomberg


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