(Wells Fargo) - Wells Fargo & Company today announced Erik Karanik as the head of Independent Solutions for its Wealth & Investment Management (WIM) business. He will report to WIM Chief Executive Officer Barry Sommers and will remain on the WIM Operating Committee.
In this newly created position, Erik will be responsible for accelerating growth across WIM’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,” said Sommers.
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 4,311 bank branches to forge a relationship with an advisor.
“I’ve never been more optimistic about our business,” said Sommers. “When you look at our multi‑channel model, financial advisors have more options in managing their careers at Wells Fargo than any other company.”
Head of Independent Advisor Group and President of FiNet John Tyers will report to Erik. 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.
“We have a strong foundation with our independent channel,” said Karanik. “I’m excited to work with the team to continue gaining market share, especially as more advisors embrace independence to build their legacies.”
Erik 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, Erik has served as the head of WIM’s Control Management, strengthening the firm’s risk and control environment.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a leading financial services company that has approximately $1.9 trillion in assets. We provide a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management. Wells Fargo ranked No. 47 on Fortune’s 2023 rankings of America’s largest corporations. In the communities we serve, the company focuses its social impact on building a sustainable, inclusive future for all by supporting housing affordability, small business growth, financial health, and a low‑carbon economy. News, insights, and perspectives from Wells Fargo are also available at Wells Fargo Stories.
Additional information may be found at www.wellsfargo.com
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About Wells Fargo Wealth & Investment Management
Wells Fargo Wealth & Investment Management (WIM) is a division within Wells Fargo & Company. WIM provides financial products and services through various bank and brokerage affiliates of Wells Fargo & Company and is one of the largest wealth managers in the U.S., with $2.1 trillion in client assets. WIM provides personalized wealth management, brokerage, financial planning, lending, private banking, trust, and fiduciary products and services to affluent, high‑net worth, and ultra‑high‑net worth clients. WIM operates through advisors in Wells Fargo Advisors and digitally through Intuitive Investor® and WellsTrade®. The Private Bank is an experience level for qualifying clients of WIM.
Bank products and services are available through Wells Fargo Bank, N.A., Member FDIC. Wells Fargo Bank, N.A., is a bank affiliate of Wells Fargo & Company.
Brokerage services are offered through Wells Fargo Advisors. Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC, and Wells Fargo Advisors Financial Network, LLC, Members SIPC, separate registered broker‑dealers and non‑bank affiliates of Wells Fargo & Company. WellsTrade® and Intuitive Investor® brokerage accounts are offered through Wells Fargo Clearing Services.
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Caroline Szyperski
February 22, 2024
