In a surprise move only two years after Christian financial services firm Thrivent tapped Carolyn Armitage
Minneapolis-based Thrivent laid off Armitage and four other members of the management team at its hybrid registered investment advisory firm, Thrivent Advisor Network, as part of a change in strategy, she said in a July 12 interview.
"I was hoping TAN would be the last build for my career," Armitage said. "I will be looking for another group to lead and grow the firm, likely through acquisitions, mergers and organic growth."
She declined to discuss Thrivent's strategic shift. Industry news outlet
Without specifically naming a replacement for Armitage as the head of hybrid RIA or confirming the departures of the other managers, representatives for Thrivent confirmed she's no longer with the firm.
Armitage, an industry veteran of more than three decades, was one of Financial Planning's "
Thrivent's largest footprint in the industry is in its insurance and asset management divisions. In 2019, the firm folded 130 brokers from its legacy investment business into the RIA, which now
"Thrivent Advisor Network represents an important part of Thrivent's financial advisor spectrum, which also includes virtual advice, career advisors and our National Practice Group," spokeswoman Samantha Mehrotra said in an emailed statement.
"We're committed to maintaining a platform for independent wealth management-focused financial advisors and business owners who share Thrivent's values and desire increased flexibility and autonomy," she continued. "Carolyn Armitage is no longer with Thrivent; we are grateful for her service and wish her the best. We'll continue to evolve and position Thrivent Advisor Network for future growth while providing a great experience for employees, advisors, and clients."
Asked if any other information was available, Mehotra said that the company remains "committed to maintaining this platform for independent wealth-management focused financial advisors and business owners and positioning it for future growth."
Every year, many financial advisors known in the industry as "breakaways" leave wealth management firms owned by product manufacturers in search of more independence, said recruiter Samantha Sferas, the chief operating officer of Terrana Group. Advisors often seek more flexibility for themselves and their clients, with the opportunity to grow unfettered by a brokerage's corporate office. Management changes are part of the equation, too, Sferas said.
"As a business owner, that's an upheaval. Now you want to change and make a whole new direction," she said.
Thrivent Advisor unveiled its 25th team in
Armitage's career in the industry dates back to December 1988, when she became a branch manager with Cetera Investors, according to her LinkedIn profile. Prior to joining Thrivent, she spent time at HD Vest Financial Services (now Avantax), ING Advisors Network, Western International Securities, LPL Financial and investment bank and consulting firm Echelon Partners. She plans to take time off in the next couple of months with an eye toward starting in a new role next year, she said.
