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Carolyn Armitage

Practice Management > Building Your Business > Leadership

Head of Thrivent Advisor Network Let Go Amid Restructuring

By Jeff Berman

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Carolyn Armitage, who was appointed head of the Thrivent Advisor Network just two years ago, was let go by the company, along with four members of her team as part of a restructuring, she told ThinkAdvisor on Thursday.

She was informed of the firm’s decision on June 26, and her last day at Thrivent was July 10, she said by email.

The team members also laid off included executives Tom Pistole Sr. and Erik Feldman, business development officers, and Lori Sherman, growth and education manager, Armitage said in a LinkedIn post on Thursday. Also let go was Katie Tram, business development consultant.

“It was an honor to work toward positioning TAN as an independent wealth management firm for the past two years,” Armitage said in her LinkedIn post. “While Thrivent is restructuring, the TAN offices/Advisor Owners are positioned to do good and do well and will thrive.”

While restructuring, Thrivent has also halted hiring new advisors.

In response, James Slaughter, president and co-founder of Sierra Ridge Wealth Management, said, “Thrivent was moving in the right direction with recruiting new advisors to their independent side. This halt on recruiting new advisors to its RIA is [a] major step backwards. I feel sorry for all the candidates in their pipeline.”

In a statement provided to ThinkAdvisor on Thursday, Thrivent spokesperson Samantha Mehrotra said, “Thrivent Advisor Network represents an important part of Thrivent’s financial advisor spectrum, which also includes virtual advice, career advisors and our National Practice Group.”

Mehrotra added, “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.”

Confirming that Armitage was “no longer with Thrivent,” Mehrotra said, “We are grateful for her service and wish her the best. We’ll continue to evolve and position Thrivent Advisor Network for future growth while providing a great experience for employees, advisors, and clients.”

Armitage joined Thrivent after four-plus years at Echelon Partners, where she focused on helping CEOs make strategic planning decisions and build high-performance teams. Prior to that, she led LPL Financial’s Large Enterprise Business Management Consulting team for three years.

In addition to having an executive role at Western International Securities, Armitage spent more than 12 years as head of Advisory Service Wealth Management at ING Advisors Network, now Voya Financial Advisors. She also worked for HD Vest Financial Services and was a producing branch manager for Cetera Investments.

Jeff Berman

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