Wells Fargo named Erik Karanik head of independent solutions for its wealth and investment management (WIM) business. Karanik will report to Barry Sommers, CEO of the WIM business, and will remain on the WIM operating committee.
In this newly created position, Karanik will be responsible for accelerating growth across Wells Fargo’s wealth and investment management division’s independent business.
“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,” Sommers said.
Wells Fargo’s independent channels are comprised of Wells Fargo Advisors Financial Network (FiNet) and First Clearing, which provides clearing and custody services to broker‑dealers and registered investment advisors. 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 4,500 bank branches to forge a relationship with an advisor.
“I’ve never been more optimistic about our business,” Sommers said. “When you look at our multi‑channel model, financial advisors have more options in managing their careers at Wells Fargo than any other company.”
John Tyers, head of the independent advisor group and president of FiNet, will report to Karanik. To attract new advisors and provide sales support to FiNet practices, Karanik will collaborate with Sol Gindi, head of the client relationship group and Wells Fargo Advisors, said.
“We have a strong foundation with our independent channel,” Karanik said. “I’m excited to work with the team to continue gaining market share, especially as more advisors embrace independence to build their legacies.”
Karanik has been with Wells Fargo since 1990. 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. Since 2021, Karanik has served as the head of control management for Wells Fargo’s wealth and investment management business.
