Why Thrivent Wants to Hire Nearly 600 Advisors this Year

They say there’s strength in numbers.

Not-for-profit financial services group Thrivent aims to hire nearly 600 wealth managers by the end of 2025, which would see the organization increase its advisor pool by 2% this year. The industry average growth rate is at just 0.3% and has remained flat over the past decade, according to McKinsey & Co. Thrivent, along with some of its competitors, is setting lofty, competitive recruitment goals to meet growing client demands. 

“We’ve always been open for business, but this push is more about meeting the moment,” said Nick Cecere, Thrivent chief distribution officer. While there is a shrinking pipeline of financial advisors, there’s also a rising demand for financial guidance from younger clients, he added. 

Man Your Battle Stations

The industry is currently facing an advisor shortage, and it’s only supposed to get worse. McKinsey predicts firms will be short more than 100,000 wealth managers by 2034. “The war on talent is absolutely here, and we see ourselves ready to lead,” Cecere told Advisor Upside, adding that talent movements in the industry have become “tectonic” as more and more advisors reach retirement:

• Thrivent currently has 3,200 client-facing advisors, and is looking to attract experienced advisors as well as those who are new to the industry.  
• The organization aims to expand its regional offices in Atlanta, Dallas, Milwaukee, and Minneapolis, where advisors can remotely service clients across the country. 

“We anticipate this competitive market will continue for a while and we’re investing in growth to meet client needs,” Cecere said.

Poached Eggs. Thrivent hasn’t specifically mentioned targeting free-agent advisors in the wake of LPL Financial’s buyout of Commonwealth, but the timing of its announcement coincides with other firms’ efforts to poach talent away from the nation’s largest independent broker-dealer. 

Cetera President Todd Mackay published an open letter urging Commonwealth advisors to join his company, and Ameriprise has been meeting with advisors across the industry, including those from Commonwealth.