Wells Fargo has named Erik Karanik, a seasoned employee with over three decades of experience at the firm, as the head of independent solutions for its Wealth and Investment Management (WIM) business. He will report directly to Wealth and Investment Management CEO Barry Sommers.

In a statement to InvestmentNews, Karanik emphasized the firm's strong foundation in the independent channel and expressed his commitment to further advancing market share, particularly as more advisors opt for independence to shape their professional legacies.

In line with its commitment to advisor compensation, Wells Fargo Advisors recently announced enhancements to its pay plan for 2024. These include improved compensation for advisors engaged in alternative investments and loan offerings to clients, and significant pay raises for top-performing advisors generating annual revenues of $1 million.

Financial Advisor Transitions consults advisors nationwide to explore employment transition options and to preserve and protect their practice in any transition that they make.