Wells Fargo recently announced the promotion of long-time executive Erik Karanik to lead the expansion of its independent advisor business. Karanik now holds the position of head of independent solutions within Wells Fargo’s Wealth and Investment Management unit, reporting directly to WIM CEO Barry Sommers.
Strong Foundation with Promising Future
Barry Sommers expressed his optimism about the future of the business, highlighting the array of options available for financial advisors within Wells Fargo’s multi-channel model. Karanik, who has been with Wells Fargo since 1990, previously oversaw control management within Wealth and Investment Management.
Embracing Independence for Growth
Karanik emphasized the solid foundation of Wells Fargo’s independent advisor channel and expressed excitement about collaborating with the team to further expand market share. He also mentioned the increasing trend of advisors opting for independence to shape their professional legacies.
Collaborative Efforts for Talent Acquisition
In line with the growth strategies for its advisor businesses, Karanik will closely work with Sol Gindi, who leads the wirehouse unit, to attract new talent to Wells Fargo. John Tyers, President of FiNet, will now report directly to Karanik as they steer the independent broker-dealer towards further success.
Diverse Advisor Business Landscape
Wells Fargo’s array of advisor businesses includes Wells Fargo Advisors Financial Network, known as FiNet, and First Clearing, providing clearing and custody services. Additionally, the company operates a large wirehouse and bank-channel but does not disclose specific unit sizes.
Impressive Client Assets
As of the fourth quarter, Wells Fargo’s wealth management unit managed $2.1 trillion in client assets. While the company has not revealed overall advisor headcount figures, it has signaled an increase in the number of advisors.
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