Wells Fargo & Company announced Erik Karanik as the head of Independent Solutions for its Wealth & Investment Management (WIM) business. And he will report to WIM Chief Executive Officer Barry Sommers and will remain on the WIM Operating Committee.
With this newly created position, Erik will be responsible for accelerating growth across WIM’s independent business.
Wells Fargo’s independent channels comprise Wells Fargo Advisors Financial Network (FiNet) and First Clearing, which offer clearing and custody services to broker‑dealers and registered investment advisors. And in addition to its independent channels, Wells Fargo offers a traditional wirehouse option for advisor teams working with wealthy clients and a bank‑based channel that allows customers in its 4,311 bank branches to forge a relationship with an advisor.
Head of Independent Advisor Group and President of FiNet John Tyers will report to Erik. And to attract new advisors and provide sales support to FiNet practices, Erik will collaborate closely with Sol Gindi, head of the Client Relationship Group and Wells Fargo Advisors.
Erik has been with Wells Fargo since 1990 and through the years, he has overseen manager and advisor incentive compensation plans, the supervision and support of branches, Wells Fargo Advisors’ retail real estate footprint, product platform, front‑, middle‑, and back‑office operations, and financial analysis and planning. And since 2021, Erik has served as the head of WIM’s Control Management, strengthening the firm’s risk and control environment.
KEY QUOTES:
“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.”
“I’ve never been more optimistic about our business. When you look at our multi‑channel model, financial advisors have more options in managing their careers at Wells Fargo than any other company.”
– Barry Sommers
“We have a strong foundation with our independent channel. I’m excited to work with the team to continue gaining market share, especially as more advisors embrace independence to build their legacies.”
– Erik Karanik
