Wells Fargo has tapped Erik Karanik to function head of unbiased options for the agency’s Wealth and Funding Administration enterprise. It is a newly created function, the agency mentioned, and will probably be targeted on progress initiatives throughout Wells Fargo Advisors Monetary Community, the agency’s unbiased dealer/vendor, and First Clearing, its clearing and custody unit.
Karanik has been with Wells Fargo since 1990, most just lately as head of WIM’s management administration. He’ll report back to Barry Sommers, CEO of the WIM enterprise. John Tyers, head of the unbiased advisor group and president of FiNet, will report back to Karanik. He’ll work intently with Sol Gindi, head of the consumer relationship group and Wells Fargo Advisors, the agency’s wirehouse channel, to recruit new advisors and supply gross sales help to unbiased practices.
John Peluso left his put up as president of First Clearing final yr to hitch Thurston Springer Advisors, an Indianapolis-based RIA, as government vice chairman and associate, in keeping with printed studies. Albert Caiazzo, who joined First Clearing in 2004, has taken over as president of the clearing and custody agency. He studies to Tyers.
Wells Fargo had a complete advisor headcount of 12,027 on the finish of 2022, however the wirehouse now not studies headcount.
In 2019, Wells Fargo detailed its plan to launch a brand new service for unbiased advisory companies, with First Clearing to offer custody companies to fee-only RIAs for the primary time. The agency selected TradePMR, the introducing dealer/vendor, to offer middle-office help to unbiased RIAs that be a part of the custodial service.
