Wells Fargo Advisors promoted John Peluso to president of  First Clearing Correspondent Services, a registered broker-dealer and a non-bank affiliate of Wells Fargo & Co.

First Clearing, which is based in St. Louis, provides correspondent services to broker-dealers.

During the last decade, Peluso ran Wells Fargo Advisors Financial Network.  During his tenure, the unit increased its total advisor count to 1,100, increased assets under management to $55 billion, and revenue to $600 million.

Wells Fargo said in a press release that a search is underway for someone to replace Peluso at the helm of Wells Fargo Advisors Financial Network, “which remains a critically important business for Wells Fargo Advisors as part of the firm’s multi-channel business model.”

In his new role as president of First Clearing, Peluso will work with senior executives to further develop Wells Fargo’s clearing strategy through partnerships with current and prospective broker-dealers. 

Peluso has worked for Wells Fargo since 1988. Prior to his role with Wells Fargo Advisors Financial Network, he was a managing director in the private client group, where he led the business development efforts for retail brokerage recruiting and was the national director of Profit Formula.  Before that, he served as the western region sales director for First Clearing Correspondent Services.

Peluso is past chairman and a current member of the SIFMA Independent Firms Committee and a former board member of the Wealth Advisory Institute.