Thrivent Investment Management Review

Pros and Cons of Thrivent Investment Management

Types of Clients

Thrivent Investment Management works with an array of clients, including:

• Standard and high-net-worth individuals
• Pension and profit-sharing plans
• Companies and non-profit organizations
• Trusts and estates

Before opening an account with the firm, you must meet its minimum requirements. The threshold varies by the type of program and service Thrivent offers. For most of the company’s managed account solutions, however, the minimum asset level is $25,000.

 The table below lists minimums for each of the company’s managed programs:

Program	Account Type	Minimum Investment
Advisor	Non-discretionary	$25,000
Advisor Guided	Discretionary	$25,000
SELECT	Discretionary	$25,000
Income Focused	Discretionary	$25,000
Genesis	Discretionary	$25,000
Shepherd	Discretionary	$25,000
Impact	Discretionary	$25,000
Advantage	Discretionary	$25,000
Shield	Discretionary	$25,000
Separately managed account (SMA)	Discretionary	$100,000 to $250,000 (varies by asset allocation)
Unified managed account (UMA)	Discretionary	$250,000

Financial Advisor Services

Thrivent Investment Management offers advisory services in two primary formats, financial planning and portfolio management. Both categories include specific programs you can enroll in as a client. For managed accounts, particularly, this will influence the kind of investment plans you receive and the authority your advisor has over your account.

Here’s a closer look at Thrivent’s services:

Financial Planning

Thrivent’s financial planning service includes its Dedicated Planning program. Offered either as a one-time consultation or a continuous arrangement, this involves meeting with a financial advisor one-on-one, reviewing your financial situation, and receiving a comprehensive written plan.

According to the client brochure for the program, you’ll provide your advisor with information about goals and financial circumstances, including your assets, expenses, investments, risk tolerance. Then, you and your professional will help deliver guidance surrounding one or more of the following areas:

• Retirement
• Investing
• Managing risk
• Large purchases
• Education
• Taxes
• Business succession
• Divorce

Since this is a dedicated planning arrangement, you’ll still be responsible for implementing the recommendations you received from your Thrivent advisory professional. The firm does, however, offer planning as a combination with its managed account solutions under a separate program labeled as WealthPlan.

Portfolio Management

At a starting minimum of $25,000, Thrivent offers several managed account programs on both discretionary and non-discretionary bases. In the former, your advisor will be able to make trades on your behalf to implement your strategy. With the latter, you’ll need to approve any change before it’s made within your account.

Below is a list of the managed account programs available at Thrivent, and a summary of what they include:

• Advisor. A non-discretionary option that includes various assets, including individual securities, mutual funds, unit investment trusts (UITs), exchange-traded funds (ETFs), bonds, options, and certificates of deposit (CDs).
• Advisor Guided. A discretionary option that has a similar asset mix as the standard Advisor program. Thrivent notes that this is only available through a small group of advisors.
• SELECT. A discretionary program that includes no-load and load-waived mutual funds, closed-end funds, ETFs, as well as Thrivent-specific mutual funds and ETFs.
• Income Focused. A discretionary arrangement comprising model portfolios that include similar assets to the SELECT program, but with a focus on generating income via dividends and interest.
• Genesis. A discretionary program that involves investing in a model portfolio designed by an unaffiliated third-party made up of various BlackRock ETFs, aimed at diversification.
• Shepherd. Like Genesis, this is a discretionary program that involves investing in third-party model portfolios made up of Vanguard ETFs.
• Impact. A discretionary program that uses both model portfolios derived from Thrivent and unaffiliated providers. These may comprise ETFs or mutual funds and focus on ESG or faith-based investing.
• Advantage. No longer available to new clients (but still existing investors), this is a discretionary program that invests in a model portfolio of Thrivent mutual funds and ETFs.
• Shield. Aimed at minimizing market volatility, this is a discretionary program that invests in third-party model portfolios comprising mutual funds, ETFs, and exchange-traded notes (ETNs).
• Separately managed account (SMA). A discretionary option where a Thrivent advisor or sub-advisor will manage your portfolio and build an asset allocation according to your investing goals, time horizon, and risk tolerance.
• Unified managed account (UMA). A program where Thrivent uses SMA sub-advisors and multiple investment strategies to manage your account.

Fee Structure

Fees at Thrivent Investment Management vary depending on the service and program. If you’re only receiving the Dedicated Planning service at the firm, you’ll pay a minimum flat fee of $300 and no more than $10,000. According to Thrivent, your exact rate will depend on a range of factors, like your situation and the overall experience of your financial advisor.

For the Advisor, Advisor Guided, SELECT, Income-Focused, Genesis, Shepherd, Impact, and Shield programs, fees are based on a tiered annual percentage of assets under management (AUM). Typically, the rate is higher for smaller accounts and decreases for larger portfolios. Accounts under $100,000 may be charged up to 2% annually, with the percentage declining for higher asset levels. SMAs generally have higher minimums and fee rates, reflecting more customized management.

Here is the breakdown by program:

Advisor, Advisor Guided, SELECT, Income-Focused, Genesis, Shepherd, Impact, and Shield

AUM	Maximum Dedicated Planning Fee	Maximum Program Fee
Up to $99,999	0.80%	2.00%
$100,000 to $249,999	0.75%	1.85%
$250,000 to $499,999	0.70%	1.70%
$500,000 to $999,000	0.60%	1.55%
$1,000,000 to $2,999,999	0.33%	1.45%
$3,000,000 to $4,999,999	0.20%	1.25%
$5,000,000 to $9,999,999	0.10%	1.00%
$10,000,000+	0.05%	0.90%

Advantage

AUM	Maximum Dedicated Planning Fee	Maximum Program Fee
Up to $99,999	0.80%	1.60%
$100,000 to $249,999	0.75%	1.55%
$250,000 to $499,999	0.70%	1.50%
$500,000 to $999,000	0.60%	1.45%
$1,000,000+	0.33%	1.35%

SMA and UMA

AUM	Maximum Dedicated Planning Fee	Maximum Program Fee
Up to $99,999	0.80%	2.50%
$100,000 to $249,999	0.75%	2.50%
$250,000 to $499,999	0.70%	2.50%
$500,000 to $999,000	0.60%	2.40%
$1,000,000 to $2,999,999	0.33%	2.30%
$3,000,000 to $4,999,999	0.20%	2.20%
$5,000,000 to $9,999,999	0.10%	2.00%
$10,000,000+	0.05%	1.90%

Investment Philosophy

Before entrusting an advisory firm to manage your portfolio or influence your financial decisions, it’s critical to learn about its investment philosophy. This allows you to better understand whether it’s the right company for you, and one with which you can build a long-term collaborative relationship.

Thrivent provides discretionary and non-discretionary management styles. However, the latter is only available in one program. While managing client accounts, the firm utilizes model portfolios, either designed by Thrivent or a third-party, comprising various asset classes, such as equities (stocks, mutual funds, ETFs, UITs, etc.) and fixed-income assets.

Across its programs and model portfolios, Thrivent also offers a diverse array of focuses for prospective clients. This includes portfolios aimed at diversification and growth, others geared toward income, and even some with more ideological focuses, such as environmental, social, and corporate governance (ESG) and faith.

Disclosures

Thrivent Investment Management, Inc. is registered as an investment advisor with the U.S. Securities and Exchange Commission (SEC) and a broker-dealer with FINRA. A critical requirement of the former is filing an annual Form ADV with the SEC, which allows both the public and overseeing agencies to track the firm’s disciplinary and regulatory history. These are also known as disclosures.

According to FINRA’s BrokerCheck, Thrivent has eight disclosures on file, which are classified as regulatory events. To research the firm further, it’s advisable to look up the company and its representatives both on BrokerCheck and the SEC’s IAPD database.

Customer Service and Becoming a Client

If you need to contact Thrivent, you have a few options:

• Visit the firm’s Contact Us page and fill out the form.
• Call (800) 847-4836.
• Contact your financial advisor directly if you’re a current client.

Becoming a client with Thrivent is a straightforward process. To start, you can search for a financial advisor in your ZIP code or state by visiting the home page and using the search function. From there, you can contact a professional directly and schedule an initial discovery call or meeting.

Methodology

This review is based on publicly available information directly from Thrivent Investment Management’s website and the SEC. Neither the firm nor its representatives have any say on what we’ve included on this page.

Frequently Asked Questions

Is Thrivent a fiduciary?

Yes, Thrivent is a fiduciary financial advisor firm. Because it’s registered with the SEC as an investment advisor, the company must prioritize your needs and best interests as a client and disclose conflicts whenever they arise. Its employees must also carry out this standard.

It’s important to note, however, that Thrivent also holds broker-dealer status with FINRA. This means that while it primarily earns compensation by charging fees for advice, there’s a chance that the firm and its representatives may earn a commission or revenue from products or services you use through them.

Is Thrivent Investment Management good?

Thrivent is a well-known and wide-reaching advisory firm that has been around for a long time. It offers a comprehensive financial planning service and a strong lineup of portfolio management programs, with varying degrees of asset allocations and management styles. Its minimums are also accessible, beginning at $25,000 for most of its programs.

Whether the firm is good for you, however, will depend on what you’re looking for. For plenty of investment management options, it might be the right choice. But for beginners, Thrivent may be a little steep, with fees starting at 2% AUM for those up to $100,000 in investable assets.

Does Thrivent only serve Christians?

Because Thrivent is a membership-owned fraternal benefit society based in the Christian faith, membership is exclusive to people who identify as Christian. However, its financial advisor services are open to anyone, meaning you don’t have to be a Thrivent member or a Christian to become a client.