Thrivent Financial for Lutherans is set to make a significant move in 2025 by hiring nearly 600 new financial advisors. This plan aims to boost their advisory workforce at a pace that outstrips the average growth seen in the industry. Thrivent is targeting a 2% increase in its advisor staff, while the industry has only seen a 0.3% growth rate over the last ten years.
The new positions will cover a range of roles within Thrivent’s advisory models, including both employee and independent advisor roles. This recruitment effort comes at a time when there is a growing demand for financial advisors, especially among younger individuals. At the same time, many current advisors are nearing retirement, creating a pressing need for new talent in the field.
About one-third of financial advisors are expected to retire in the next decade. Meanwhile, millions of Americans aged 45 to 60 are looking for financial guidance as their wealth increases. Thrivent’s initiative will focus on key markets like Atlanta, Dallas, Denver, Milwaukee, and Minneapolis, while also looking to expand its independent advisor base.
In addition to financial advice, Thrivent offers insurance, investment, and banking services, as well as programs for charitable giving. The company operates as a fraternal benefit society, originally serving Lutheran communities but has recently broadened its outreach to include a wider Christian audience.
The broader insurance industry is facing similar challenges. There is a rising demand for financial advisors among younger generations, but many advisors are retiring. Despite growth projections, over half of insurance employers report difficulty in finding qualified candidates. This is largely due to the aging workforce and a lack of effective strategies to attract younger talent.
Additionally, there is an increasing need for professionals skilled in data analytics, digital marketing, and cybersecurity as the industry embraces new technologies. As artificial intelligence becomes more prevalent in insurance operations, there are also concerns about its impact on hiring and job retention.
Thrivent’s ambitious hiring plan reflects a proactive approach to addressing these workforce challenges and meeting the evolving needs of clients in today’s financial landscape.