Wells Fargo appoints 34-year veteran to lead growing independent channel

Wells Fargo has appointed one of its long-serving employees as head of independent solutions for its Wealth and Investment Management business.

Erik Karanik has been with the firm since 1990 and has played a key role in many aspects of its operations including manager and advisor compensation plans, financial analysis and planning, and Wells Fargo Advisors’ retail real estate footprint. Most recently he was head of WIM’s control management team.

His new role is a newly created one, reporting to Wealth and Investment Management CEO Barry Sommers, and will focus on accelerating growth and market share within the independent business.

“We have a strong foundation with our independent channel,” Karanik said in a statement. “I’m excited to work with the team to continue gaining market share, especially as more advisors embrace independence to build their legacies.”

The firm’s independent channels include the Wells Fargo Advisors Financial Network and First Clearing; advisor teams also have a traditional wirehouse option, and there are advisors in the firm’s bank branches.

“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.”

As part of its pay plan for 2024, Wells Fargo Advisors recently announced better pay for advisors who sell alternative investments and offer loans to clients, and significant pay increases for those top-performing advisors who annually generate $1 million in fees and revenue.