Thrivent Financial has hired Carolyn Armitage, former executive director of investment bank and RIA advisory firm Echelon Partners, as the new head of Thrivent Advisor Network, the company’s hybrid independent advisory platform. Armitage starts in the new role on June 14th.
She replaces Luke Winskowski, who was appointed to lead Thrivent’s new advisory and asset management division earlier this year.
“We have a shared desire to serve that really drives us to come together to create this new space, sense of belonging and community for financial advisors to thrive as independent people,” said Armitage. “This claim is really unique in an industry that can sometimes be overly transactional. My passion is really about building these long-term relationships and helping consultants grow. “
Armitage has over 30 years of industry experience. Most recently, she assisted Echelon Partners RIAs, hybrid firms and brokers / dealers with strategic planning and mergers and acquisitions. Prior to joining Echelon, she spent three years at LPL Financial, leading the company’s advisory team for large companies.
She hopes to grow the Thrivent Advisor Network through practice management services for existing consultants, as well as through recruitment and possibly acquisitions, a growth path the network has traditionally not followed.
Winskowski said it remains to be clarified whether TAN will become an active acquirer in the RIA area.
“We will continue to evaluate our strategy,” he said. “We started as an independent membership model and part of what we will ask Carolyn, with her broad experience in various forms of membership and ownership models, is to evaluate how we want to play in this area.”
Thrivent introduced TAN at the end of 2019 and brought over 130 of the old insurance broker / dealer’s own consultants with them. Since then, the company has been quietly building this platform; it started recruiting outside consultants last summer. Earlier this year, the RIA joined the Broker Recruitment Protocol, which allows outgoing advisors to absorb certain client information and recruit clients.
The company has also attracted top talent in the industry, including Gary Foster, former Vice President of Business Development at LPL Financial, as Senior Business Development Officer. Just last week, the company brought on Ryan Armock, the former chief operations officer of the RIA-friendly broker / dealer Private Client Services (PCS), as TAN’s Director of Operations.
“They are doing a very impressive job building the network they need now to properly fill and manage it,” said Tim Welsh, President, CEO and Founder of Nexus Strategy.
TAN has grown to $ 6.7 billion in assets under management and 180 consultants, 37 of whom were externally recruited.
News of Armitage’s appointment was first posted by Citywireusa.com.