Thrivent Financial Financial Representative Reviews | Glassdoor

Thrivent Financial Financial Representative Reviews

Updated July 15, 2017
34 reviews

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Financial Representative

2.3
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Thrivent Financial President & CEO Bradford L. Hewitt
Bradford L. Hewitt
18 Ratings

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Pros
Cons
  • There is a strong top-down emphasis on product - particularly insurance and annuities (in 8 reviews)

  • Very white and male - very few women and people of color at the company, even fewer in leadership positions; often has an old boys network feel to it (in 7 reviews)

More Pros and Cons

  1. Helpful (3)

    "Great values...but pay isn't always reliable."

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Financial Representative in Charleston, SC
    Former Employee - Financial Representative in Charleston, SC
    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

    I worked at Thrivent Financial full-time (More than 3 years)

    Pros

    Thrivent helped me give to my Charities and offered marketing dollars while starting out. Nice local leadership.

    Cons

    They push you to split deals with others reps, "Joint Field Work." I was pushed to split business on prospects I brought to the table myself which led to me making a lot of money (over $30,000) for someone else that wasn't reciprocated. Also encouraged to poach your church by offering programs under false pretenses. I was discouraged from getting my series 7 which is the best way to build a long term career with Thrivent as you don't get renewals on insurance products. Definitely do your research.

    Advice to Management

    Instate renewals for the new guys. The MRI grids are a joke for those starting out. Also Joint Field Work program could work, but be choosy as to who you let be a coach and hold them responsible to hold up their end of the bargin.


  2. Helpful (1)

    "Slowly sinking into poverty"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Comp & Benefits
    • Senior Management
    Current Employee - Financial Representative in Grand Island, NE
    Current Employee - Financial Representative in Grand Island, NE
    Doesn't Recommend
    Negative Outlook
    No opinion of CEO

    I have been working at Thrivent Financial full-time (Less than a year)

    Pros

    Great Christian mission, generosity programs are out of this world and people love the idea of investing with a company that matches their beliefs. Training pay is a great incentive and the mentoring program during studying for exams is great.

    Cons

    Not enough communication of deadlines and demands on performance. All costs are up front and not many are reimbursable. Training pay ends 30 days after three day training at headquarters and you're only trained on how to conduct a meeting, not how to sell a product or explain products to prospects. If solo starter and you don't have/can't afford office space -- meetings must occur in restaurants, coffee shops or prospect homes. This does not make for good confidentiality. Too many hidden fees paid by FR's and no one can explain how to figure the commission on a mutual fund sale. Your initial prospects are your friends, family and your church. Unless you attend a Lutheran church, many people have never heard of Thrivent and are leery of investing with you, a new representative, or a company they've never heard of (although the Christian approach to the company appeals to many church members). You find you have more lunch/coffee dates with no follow ups than you do legitimate sales. All meetings with home office are done via phone conference and there's little support when you're struggling. You're just told to "keep trying", "don't get discouraged" and "call if you need anything". I was encouraged to reach out to veteran representatives in my area but found a closed door atmosphere when I asked for help. It almost seemed that veterans would smile and agree to help when asked by management but then would give little advice/assistance when working with a new representative. I really feel alone in my work and I'm slowly falling behind/failing more and more daily.

    Advice to Management

    New reps should be paired with a veteran for at least six months to learn products and how to break them down to sell them. Training pay should be lengthened to the same six month period to allow time to learn and not go broke trying. Candidates should be informed of all out of pocket expenses expected of them in their first year so they can decide if they are financially able to afford the start up costs. All travel for company required meetings should be reimbursable including mileage and/or air fare to and from conferences.

  3. Helpful (2)

    "Just like the rest of the industry"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Financial Representative in Pine Valley, CA
    Former Employee - Financial Representative in Pine Valley, CA
    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO

    I worked at Thrivent Financial full-time (More than 8 years)

    Pros

    Unlimited income, work in the financial services industry and meet new and great clients. build long term relationships

    Cons

    Whether your logo has a cross and a heart or it or not you have to care for the employees that make the company tick. Terrible compensation plan that no one including home office compensation staff truly understood. If as a company you were actually all the things I told my members we were and stood for I would still be there. I simply got tired of feeling like I was lying to people of my own faith to make a dollar. Just admit what you are as a company, a financial services company just like any other.

    Advice to Management

    Appreciate the people whos hard work creates YOUR paycheck


  4. Helpful (2)

    "Middle of the road"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Financial Representative in Hawthorn Woods, IL
    Current Employee - Financial Representative in Hawthorn Woods, IL
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    I have been working at Thrivent Financial (More than 8 years)

    Pros

    Simple suite of product offerings, clean reputation, reasonable autonomy, optimistic management, focused on Christian market,

    Cons

    Commissions much lower than competitors, focused on life insurance, constantly changing compensation, financially on your own, little to no brand recognition

    Advice to Management

    develop competitive products, make compensation/commissions to be on par with the industry, do regular traditional advertising,


  5. Helpful (6)

    "Not a bad company, but not good training"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Financial Representative
    Former Employee - Financial Representative
    Doesn't Recommend
    Negative Outlook

    Pros

    - Decent company
    - Good people
    - They mean well, and def try to make a positive impact in other people's lives.
    - They have a strong partnership with Habitat for Humanity.

    Cons

    - Lacking in sufficient training. As a new advisor, you get one week (5 business days) in MN, and then they release you into the wild and follow up with some online/video training. Not very good imo. Can also depend on your managing partner, and if they help invest time in your and your practice. I haven't seen many good ones. They're a dime a dozen and they come and go, leaving you hanging. I wouldn't place much faith in them because in the end, they only look out for themselves.
    - You have to have a sufficient amount of capital to get started. You have to pay for everything (office space, supplies, assistant if you need one, etc.). The company does pay for some things, but you have to reach certain quotas. So if you don't reach those quotas, you're sinking more and more of your money into your practice that may not be showing results.
    - If you're not surrounded by either affluent people, or are deeply involved in the Lutheran community, or have a strong network of Christian individuals....building a successful practice is extremely hard. Thrivent started out as a faith based organization of Lutherans, so they're well known in that community. They just opened up their doors to all denominations recently, but most churches and their communities are wary of Thrivent. If your network is of either low-mid net worth individuals, or a non church community, look else where.
    - They say you get "paid training for 8 weeks", but $15/hour doesn't account for much these days.

    Advice to Management

    Spend much more time with the new advisors, as it's very difficult. Having a "team" meeting once a week doesn't do much. I was left to my own devices more than 3/4 of the time and didn't have much guidance. If you think you're to spread out in terms of your new advisors and can't make all the meetings, don't hire so many. You're just hurting people in the end.


  6. Helpful (3)

    "Company has a heart for helping communities"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Financial Services Representative in Bluffton, IN
    Former Employee - Financial Services Representative in Bluffton, IN
    Doesn't Recommend
    Positive Outlook
    No opinion of CEO

    I worked at Thrivent Financial (More than 5 years)

    Pros

    Good work environment. You have freedom to plan your own schedule as a field sales rep. Everyone is pleasant and your customers are very welcoming.

    Cons

    Upper mgmt. gears success and rewards by numbers only. While they tell you to give excellent service to all of your accounts the commission grid says otherwise. There isn't much help or incentive for small producers. They change their compensation on products when ever they want to so it makes it hard for new reps to make a decent living.

    Advice to Management

    Care more about your new field reps-their development should be more important. Keep your commission more consistent so everyone can earn a living. The hours of travel put in for your remote areas requires a large investment for your agents. Don't just talk the talk--walk the walk.


  7. Helpful (6)

    "Disappointing"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Financial Representative
    Current Employee - Financial Representative
    Doesn't Recommend
    Negative Outlook

    Pros

    Thrivent's not-for-profit status allows for worthwhile community development projects.

    Cons

    The compensation structure doesn't allow it's financial advisors to sustain anything close to a healthy standard of living.

  8. Helpful (2)

    "I will retire with Thrivent!"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Financial Representative in Los Angeles, CA
    Current Employee - Financial Representative in Los Angeles, CA
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at Thrivent Financial full-time (More than a year)

    Pros

    I have been involved with Thrivent for many years through my parents and recently became employed as a Financial Representative in Los Angles. The on-boarding process is intense, but there is great support from Partners, staff and colleagues. I am as successful as my own drive allows me to be while setting my own flexible schedule. This position has opened up many opportunities to become involved in my community through Habitat LA and Actions Teams. Thrivent has launched new products and training that are relevant to the needs of the changing economic environment, they are very forward-thinking. They are in line with my values and I am blessed to work with an amazing team.

    Cons

    The only down-side is that I am very competitive. I like to hear my name on the weekly Best Practices Financial Rep call and it can be tough to grow your client base, especially if you don't have an established natural market. However, Thrivent has an incredible marketing team and resources, plus a Community Engagement team that offers suggestions and support.

    Advice to Management

    I have been lucky to work with transparent management in the majority of my careers and Thrivent is no different. They take feedback and if they can't make something happen, they at least explain the reasoning. I am excited to have begun this new career and look forward to many years of success.


  9. Helpful (1)

    "Treat their employees great"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Financial Representative
    Former Employee - Financial Representative
    Recommends
    Positive Outlook
    Approves of CEO

    I worked at Thrivent Financial full-time (More than 3 years)

    Pros

    They have many incentives for their employees and they treat everyone very well. You feel like you are working for the greater good and for purpose.

    Cons

    Due to the commission structure, they push you to push your members to purchase certain products that may or may not be suitable.

    Advice to Management

    No advice. Management was respectful and respectable.


  10. Helpful (8)

    "An Endless Game of "Who do you Know" in a Glorified Pyramid Scheme"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Financial Representative in Houston, TX
    Former Employee - Financial Representative in Houston, TX
    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO

    I worked at Thrivent Financial full-time (More than a year)

    Pros

    - Flexible schedule.
    - Ability to create your own income (although commissions are below industry average).
    - Above average reimbursement program for marketing costs.
    - Not-for-profit company that gives a lot back.

    Cons

    - Corporate leaders are out of touch and rarely helpful, but push advisors to attend corporate meetings.
    - Extremely high turnover rate can be de-motivating.
    - All advisors are pushed to sell annuities and life insurance over any other financial planning tool.
    - Compensation is unethically higher on Insurance products.
    - You will feel like you are pedaling annuities.
    - Little to no recognition for brokerage and investment business.
    - Production minimums on Life, Health, and Annuity products.
    - No leads are given to you, you will be calling your friends and family and networking.
    - Marketing techniques can be degrading and demotivating.
    - Do not take this job if you are looking to be a financial planner. You will market yourself 80% of the time and create plans 20% of the time. You will feel that your plans must include variable annuities or life insurance. You will find yourself feeling pressured to sell annuities for the wrong reasons.

    Advice to Management

    Figure out what type of organization you want to provide. If you want to be a full service financial planning institution, hire people that show competency as financial planners. Stop hiring advisors because of their pre-existing networks. This may work well for a while, but you are creating a negative image for yourself and becoming a multi level marketing company. Get rid of "community engagement" all together and increase advisors commissions, or hire these people with large networks and no financial services experience as community engagement leaders. Develop leads through these community engagement leaders and send the leads to the advisors that earned their position because of their experience, not because of who they know.