Thrivent to Hire 600 Advisors for Second Straight Year

It’s not about the money. OK, it’s not only about the money.

Thrivent, a Minneapolis-based financial services firm built on Christian principles, hired 600 advisors for its Thrivent Advisor Network last year and plans a repeat performance in 2026, the firm announced this week. “Our recruiting, almost exclusively right now, is new to the industry — people in their second careers and college graduates,” said Nick Cecere, Thrivent’s executive vice president and chief distribution officer. “Our main philosophy around recruiting is looking for good people who believe in the Thrivent mission, our values and our culture.”

The hiring push comes as wealth management faces two major shifts: the rapid expansion of the independent RIA channel and an approaching advisor shortage driven by retirements. As competition for talent intensifies, firms are experimenting with different recruiting strategies. A larger paycheck alone isn’t enough to attract and retain advisors, Cecere said. “Chances are they’re going to leave you to go to another firm for more money, which happens a lot,” he told Advisor Upside.

The Wire(house)

Other firms are also ramping up recruiting. Bank of America’s wealth management division is pursuing a more aggressive hiring strategy this year as it looks to expand its roster of roughly 15,000 financial advisors, according to AdvisorHub. In the late 2010s, Merrill Lynch largely stepped away from bidding wars for top-tier talent and instead focused on advisor training programs. But over the past three years, the wirehouse has increased its emphasis on “getting and retaining” advisors “at a higher rate,” Bank of America Co-President Dean Athanasia said during an RBC conference this week.

Advisors are looking for a firm that is deeply invested in their long‑term success, said Kenneth Correa, head of business and client development at the firm. “That’s where Merrill continues to lean in through investment in platforms, resources and training that help advisors grow, scale and deliver more value to clients,” he told Advisor Upside.

Still, there’s a lot of competition from independent RIAs. Wirehouses have deep pockets (Morgan Stanley’s recruiting loan tab is near $5 billion) but retaining advisors is becoming more difficult as many consider moving to the independent channel, according to a recent Cerulli report:

• Some 71% of advisors say they would choose an independent channel if they were to switch.
• Also, 88% of independent RIAs say they are very likely to remain affiliated with their current firm for the next 12 months.
• Nearly all advisors say they would switch to another independent RIA if they did move.

What’s in a name? Wirehouses still have brand name on their side, but beyond that, they need to convince advisors that they are a tailwind and not overly onerous from a compliance, legal, risk, ops perspective, said Jason Diamond, president of Diamond Consultants. “Instead of trying to pound the table on capabilities, try to solve the issues that advisors actually point to when they leave a wirehouse: culture and lack of freedom, flexibility and control,” he told Advisor Upside.