Successfully hired 600 consultants for the second straight year

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It’s not about the money. Well, it’s not only About money.

Thrivent, a Minneapolis-based financial services company founded on Christian principles, hired 600 advisers last year and plans to do so again in 2026, the company announced this week. “Our recruiting, almost exclusively right now, is new to the industry — people in their second careers and college graduates,” said Nick Cesar, Thrivent’s CEO and chief distribution officer. “Our core philosophy on hiring is looking for great people who believe in Thrivent’s mission, our values ​​and our culture.”

The hiring push comes as wealth management faces two major changes: the rapid expansion of the independent RIA channel and a decline in close advisors driven by retirements. As the competition for talent intensifies, companies are experimenting with different recruitment strategies. Big pay alone isn’t enough to attract and retain advisers, Cesar said. “Chances are they’ll let you go to another company for more money, which happens a lot,” that consultant told Upside.

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Other companies are also hiring. Bank of America’s wealth management division is pursuing a more aggressive hiring strategy this year as it expands its roster of about 15,000 financial advisors, according to AdvisorHub. In the late 2010s, Merrill Lynch largely moved away from bidding wars for top talent and instead focused on consultant training programs. But over the past three years, the wirehouse has increased its emphasis on “acquiring and retaining” advisers at higher rates, Bank of America co-chairman Dan Athanasia said during an RBC conference call this week.

Advisors are looking for a company that is deeply invested in their long-term success, said Kenneth Correa, director of business and client development at the company. “This is where Merrill is leaning by investing in platforms, resources and training that help advisors grow, scale and deliver more value to clients,” he told Advisor Upside.

Still, there is plenty of competition from independent RIAs. Wirehouses have deep pockets (Morgan Stanley’s recruitment debt tab is close to $5 billion) but advisors are becoming increasingly difficult to retain as many consider moving to the independent channel, according to a recent Cerulli report:

• About 71% of consultants say they would choose an independent channel if they were to switch.

• Also, 88% of independent RIAs say they are very likely to remain affiliated with their current firm for the next 12 months. Almost all of those advisors say they would go to another independent RIA if they had to move.

What’s in a name? Wirehouses still have the brand name on their side, but beyond that, they need to convince advisors that they are a tipping point and not too tough from a compliance, legal, risk and operational perspective, said Jason Diamond, president of Diamond Advisors. “Instead of trying to pile on the talent table, try to address the issues that consultants are actually pointing to when they leave the wirehouse: culture and lack of freedom, flexibility and control,” he told Consultant Upside.

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