Carolyn Armitage, who joined Thrivent Financial two years ago to lead the firm’s hybrid independent advisor platform, Thrivent Advisor Network, was laid off as part of a larger reorganization of the wealth management business, she confirmed. She plans to take the summer off and start looking for other opportunities in the fall and winter.
Thrivent laid off four other people on Armitage’s team, including business development officers Tom Pistole and Erik Feldman, Growth Program Manager Lori Sherman and Business Development Consultant Katie Tram. Sherman supported the firm’s advisors and put together its internal conference.
Armitage declined to provide details behind the reorganization. She did say Thrivent was pushing back on recruiting new advisors on the independent side. “We had to tell our entire pipeline ‘No, thank you,’” she said.
The firm’s career and virtual channels are still recruiting.
“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,” said Samantha Mehotra, a spokeswoman for Thrivent, in a statement. “Carolyn Armitage is no longer with Thrivent; we are grateful for her service and wish her the best.”
In late May, TAN announced it added Perspective Financial Services, a Phoenix-based firm with $230 million in client assets, as its 25th affiliate. TAN has 134 advisors and over $5 billion in total assets under management.
Armitage was hired to replace Luke Winskowski, who the firm tapped at that time to lead its new advice and wealth management division. Winskowski left the firm in January, after 20 years in various roles with the company.
“Nearly 20 years ago I started as an intern with Thrivent,” he wrote on LinkedIn. “Today is my final day with an amazing organization and group of people. The mission of Thrivent has shaped who I am. I’ve grown up here and will forever be grateful.”
Thrivent launched TAN in late 2019, bringing over 130 of its own advisors from the legacy insurance broker/dealer.