"We know that 70% of Americans have less than
"We know that 70% of Americans have less than $1,000 saved for emergencies, and most live paycheck to paycheck and die in debt." Although a target market for Thrivent is still Christians, Mr.Hewitt said the firm is dedicated to serving all "middle America," which helps explain the $52,000 average household income of Thrivent clients.||
"We know that 70% of Americans have less than $1,000 saved for emergencies, and most live paycheck to paycheck and die in debt." Although a target market for Thrivent is still Christians, Mr.,000 saved for emergencies, and most live paycheck to paycheck and die in debt." Although a target market for Thrivent is still Christians, Mr.Hewitt said the firm is dedicated to serving all "middle America," which helps explain the ,000 average household income of Thrivent clients.
"We're glad to serve anybody, but it will mostly resonate with Christians." On the issue of potentially missing out on non-Christian clients, Mr.
Stonestreet recalled a time when he worked as a managing director at Merrill Lynch and was helping Ronald Blue set up a platform for wealthy clients.
And as a fraternal organization, Thrivent is required to solicit votes from those two million insurance-holding members before any major business decisions are made.
Thus, the measured pace of Thrivent's growth strategy. Hewitt said about a quarter of the advisers left the newly formed Thrivent following the merger of the two Lutheran organizations in 2002. And by focusing on entry-level representatives, Mr.
The burning question for the chief executive of the organization that employs 2,400 financial representatives with more than 6 billion under management and advisement is, what took so long?
"This is a 50-year plan, not a five-year plan," said Brad Hewitt, who joined Thrivent in 2003 as the chief fraternal officer and has been CEO since 2010. Well, it's just one of those things where we saw the potential to reach the broader Christian community," he said.
"I met a Ronald Blue client who happened to be Jewish, and I asked him about working with a Christian firm," Mr. "He said, 'I don't know much about the bible things they talk about, but I know I can trust that guy.'" Ronald Blue, the man who founded the Christian advisory firm in 1979 and went on to start Kingdom Advisors in 2003, also believes the industry is moving toward "values-based investing," that should feed into the Thrivent model.
"Sure, it does narrow the market, but on the other hand, the whole industry is moving toward specialized values-based planning," Mr. "I think it's where the financial services world is going, and it's causing a focus to change from transactional-based to planning-based in meeting the clients' needs." Mr.
"Our target market is not, generally speaking, the top 1% or 2% of affluence in America, but we're happy with the other 99%," he said.
"The reality is, for most young families starting out, they actually need insurance products as much or more than they need investment advice." The insurance side of Thrivent is where you get to the origins of the company that was created in 2002 through the combination of the Lutheran Brotherhood and the Aid Association for Lutherans, which have histories dating to the early 1900s.
Hewitt said the rep numbers have been growing by between 1% and 3% per year, but asset growth over the past three years has averaged about 6%.