Wells Fargo Adds Role to Boost Growth in FiNet, First Clearing

Wells Fargo has tapped executive Erik Karanik to be head of Independent Solutions for its Wealth & Investment Management unit, which includes Wells Fargo Advisors. In this newly created role, Karanik will lead efforts to expand growth across WIM’s independent businesses, the bank says.

Wells Fargo’s independent channels include Wells Fargo Advisors Financial Network, or FiNet, and First Clearing, a provider of clearing and custody services to broker‑dealers and registered investment advisors.

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Since joining Wells Fargo in 1990, Karanik has worked on incentive compensation plans, branch supervision and support, retail real estate, product platforms, office operations, and financial analysis and planning. He’s also been the head of risk and control management for WIM.

“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,” according to WIM CEO Barry Sommers.