by gatorking Fri Sep 30, 2011 9:15 am, Post So it might help to do it for them. A few years ago I briefly thought about buying some Thrivent funds but after much study and consideration (the economic facts took about 2 seconds to understand, the rest of the time I spent trying to decide if I were missing something - I don't think I was), I decided to stick with VG. A pyramid scheme is a fraudulent investment strategy, deemed illegal in the United States. The firm is not a pyramid scheme. As a representative, our source was instructed to use emotional purchasing strategies to sell Thrivent Financial Services. The average Thrivent salary ranges from approximately $114,874 per year for a Financial Representative to $302,690 per year for a Vice President. By accepting all cookies, you agree to our use of cookies to deliver and maintain our services and site, improve the quality of Reddit, personalize Reddit content and advertising, and measure the effectiveness of advertising. , State Street Global Advisors. - Little to no recognition for brokerage and investment business. Aside from this amount, it is difficult to determine how much representatives earn at the organization. by Murray Boyd Sat Jul 26, 2008 2:40 pm, Post This indicates that the company is well-regarded by consumers and is a reliable investment option. As a representative, you will market the services of Thrivent Financial. Thrivent Financial at Home is a member of the Direct Selling Association. No guarantees are made as to the accuracy of the information on this site or the appropriateness of any advice to your particular situation. Doing so can help you get a better understanding of the overall experience of investing in the company. If you spend time exploring the Thrivent Financial website, youll realize that they dont disclose sufficient information regarding representative income. I am sure he didnt TELL them that the policy would restrict payment to a set of unattainable conditions., https://www.yelp.com/biz/thrivent-financial-minneapolis-mn, I worked at Thrivent full-time for more than a year, No leads are given to you, you will be calling your friends and family and networking.. In the end, Thrivent Financial did not pay her or her family members the full benefits, and they were criticized for skimming an older woman for a technicality. - Above average reimbursement program for marketing costs. by Murray Boyd Sat Jul 26, 2008 4:11 pm, Post However, its strength lies in its part-time workers/volunteers, who account for more than 1.9 million people. Charges for features or transactions you choose. It should be easy to show your friend that she doesn't have to pay anything for her VG funds, but will have to actually pay up to 5% to buy some other fund. - Not-for-profit company that gives a lot back. For adding new funds into an existing account. Now i am looking to get some of it back. any investment. Additionally, Thrivent Financial has been known to have slow response times when customers have questions or concerns. Thrivent financial advisors give our national reach a local presence. Excellent rating (third highest of the agencys 21 rating categories) from Moodys Investors Service (April 2022), Very strong rating (second highest of its 20 rating categories) from S&P Global Ratings (April 2022), Total consolidated enterprise revenue in 2021, Superior rating (highest of 13 rating categories) from A.M. Best. However, I decided to concentrate on sales tasks rather than recruitment. I suppose they realized there is a much bigger market for Christians. Need to file an insurance claim? The company has a $189 billion market value in asset management and revenue of $2.6 billion. Multi Level Marketing (MLM) schemes are a drain on our society. Before we can determine whether or not Thrivent Financial is a pyramid scheme, we need to look at the companys regulatory oversight, business model, and customer reviews. by tat2ng Sun Nov 10, 2013 7:10 am, Post Commentdocument.getElementById("comment").setAttribute("id","ae79faa9796e100318728b5722a5679c");document.getElementById("hec327e7e3").setAttribute("id","comment"); Save my name, email, and website in this browser for the next time I comment. Yet, when the investors' inflow stops, so do the payments. However, in a Ponzi scheme, there is no product to sell. By examining each of these areas closely, we can get a better understanding of whether or not Thrivent Financial is a legitimate investment opportunity. Booker T. Washington early life & education, Born into slavery in Virginia, Got up nearly every morning at 4 AM to practice and study, Walked 500 miles to Hampton Normal Agricultural Institute, Janitor until scholarship, Barracoon The Storyof the Last Black Cargotold by Cudjo Lewis aged 95 former slave, Among last Africans transported to the US, Up from Slavery, Chapter 2, Boyhood Days, Booker T. Washington,I recall that I had an intense longing to learn to read,If I accomplished nothing else in life, I would in some way get enough education to enable me to read common books and newspapers, Thrivent$35 million image campaign moment of change,Live Generously , Thrivent financial services with heart or heartbreak, They managed to swindle my elderly parents, Thrivent marketing model resemblespyramid scheme and MLM, Basic quid pro quo, Thriventgives grants to the church in exchange for the privelege of marketing to church members, The Soft American by President-elect John F. Kennedy Sports Illustrated December 26, 1960, JFK appointed Bud Wilkinson director of Presidents Council on Youth fitness, Lorraine Guenther Thrivent insurance policy purchased to cover burial costs dwindled to zero, Purchased through church, Son:built-in stick it to you., Thrivent complaints 2021,I thought this organization was faith based.Not so., no transparency, no accountability, only interested in sales, Parler surpasses Twitter in blocking anti mask vaccine message from Centner Academy, Parler changes Parley message https://t.co/rtu7oUtMJB, CDC: Half of alleged one million covid deaths were Flu and pneumonia, Check it yourself, Million died with covid n https://t.co/TJQcYSYTmH, Covid vaccines much riskier than covid19 for children, VAERS data proves, Science reveals near zero percent chance https://t.co/WI4IIE5cRv. Although the pay was poor, it was a safe and stable job. Sweet business model! I would not suggest Thrivent Financial to anyone who wants to work as a professional financial/insurance advisor. Do you have knowledge or insights to share? It does not require members to recruit new members or pay entrance fees in order to join. Being a financial advisor with Thrivent lets you run your own company and still get a lot of benefits a typical full-time job would include. At Thrivent, you'll focus every day on making a meaningful impact on the lives of those you serve. For over a century, Thrivent has been helping people build their financial futures and live more generous lives. Because there is so little information available, determining how much you would likely earn as a Thrivent Financial representative is challenging. Cant find what youre looking for? The firm is not a pyramid scheme. Wow, those Thrivent fees come to a huge total per year! Maybe it doesn't even occur to them to try. So, I would focus on the organization, its services, recruitment processes, and legal challenges. The Thrivent advisor my friend talked to is a former Lutheran pastor, which made a huge impression on her. According to the Federal Trade Commission, pyramid schemes " promise consumers or investors large profits based primarily on recruiting others to join their program, not based on profits from any real investment or real sale of goods to the public ." Rasmussen said Thrivent 's financial advisers have been asking for advertising at least since she joined the company 15 years ago. Jan 26, 2016 - Financial Representative in Houston, TX. As an agent, you can join the company in three ways which are the following. We amplify our clients incredible generosity through charitable giving programs and volunteer opportunities. by Mel Lindauer Sat Jul 26, 2008 1:20 pm, Post Examining Thrivent Financial's Business Model for Potential Pyramid Schemes. Not so much bad really, but don't even try. Ponzi schemes can be easier to detect while pyramid schemes can be hidden to make them look legitimate. - You will feel like you are pedaling annuities. They have recently opened up their products and services to all Christian denominations. . A decade later, it was approved by the board members to no longer be a Lutherans only organization, and Christians of other packs were open arm accepted. We started out back in 1902, providing much-needed insurance contracts to our Lutheran community. FYI: This thread was started in July 2008. Thanks for your posts. Thrivent denied the allegations; in a statement, he stated that Gregory M. Smiths employment with Thrivent ended less than a year after he was hired because, among other things, he failed to conduct himself according to the standards of leadership and integrity that Thrivent demands of all of its employees. This may work well for a while, but you are creating a negative image for yourself and becoming a multi level marketing company. A formerFinancial Representative employee provides a review of Thrivent: I worked atThriventfull-time for more than a year, Corporate leaders are out of touch and rarely helpful, but push advisors to attend corporate meetings., All advisors are pushed to sell annuities and life insurance over any other financial planning tool., You will feel that your plans must include variable annuities or life insurance. He mentioned how millions of American families are left with nothing once the primary earner passes away. So you are coerced into selling life insurance and annuities to friends and family (hence the pyramid scheme . The company is best known for offering various financial services. Once the scam artists got the scheme going the earlier investors helped keep it going. Your email address will not be published. Thrivent Financial discusses how working with them allows you to work on your own time and have a flexible schedule during your employment tenure. A pyramid scheme is an illegal financial scam masquerading as a legitimate business. If you have any questions or want a third-party opinon about your situation (non-legal advice), please feel free to write us. A Ponzi scheme is similar to a pyramid scheme in that new members end up paying existing members. No, credit unions are not insured by the FDIC. Top. by alec Sat Jul 26, 2008 2:06 pm, Post For reps who are "solo launching" this is far too little time to build an income-sustaining book of business. Hold on here a second..they helped me with a scholarship in University, pay for lots of events at the church I attend and, I believe, they are the largest financial supporter of Habitat for Humanity (the people that build houses in the Third World and poor sections of America). We profile the net worth and income sources of the rich and powerful that are either not covered by traditional media or not researched enough by casual websties. The scam was a typical ponzi scheme where original investors were paid off with the funds of later investors. Our target audience was Lutheran church members with significant own income. We feel like were being called to serve more people, said Dick Moeller, chairman of the board. by burt Sat Oct 01, 2011 7:16 pm, Post We may be compensated by the businesses we review. In the classic "pyramid" scheme, participants attempt to make money solely by recruiting new participants, usually where: The promoter promises a high return in a short period of time; The primary emphasis is on recruiting new participants. The scam artists had promised a generous donation for a building expansion program. by mickeyd Sat Jul 26, 2008 3:28 pm, Post Never invest with anyone because they are the same religion or ethnicity as you. by Beat The Street Sun Nov 10, 2013 9:01 am, Post - Above average reimbursement program for marketing costs. Thrivent Financial at Home is a program of Thrivent Financial for Lutherans. Is Thrivent a MLM? The firm is on the 2019 Fortune 500 list and has been ranked by Ethisphere as one of the worlds most ethical companies for 10 years running. High early withdrawal fees. "Money is a good servant, but a bad master" | Instead, the company operates within a multi-level marketing scheme, which is legal and regulated by governing bodies in Canada. I wouldnt call it a pyramid scheme because it lacks some of the abovementioned characteristics. He loves the combination of boring business concepts and interesting pop culture snippets. 40+ years ago the AAL rep for life insurance was a member of our church, my parents bought all the kids policies, and most of us still have it. This is far less than Thrivent Financials $2.6 billion sales reported for 2021 results. by maywood Fri Sep 30, 2011 7:32 am, Post Thrivent Trust Company serves as trustee for a wide variety of trusts. https://www.glassdoor.com/Reviews/Employee-Review-Thrivent-RVW9345699.htm#:~:text=%22An%20Endless%20Game%20of%20%22Who,in%20a%20Glorified%20Pyramid%20Scheme%22&text=%2D%20Flexible%20schedule.,commissions%20are%20below%20industry%20average). This can be frustrating and may lead to delays in resolving issues. Thrivent is honored to serve our clients from a position of financial strength and stability. With Thrivent, she sold diet chocolate bars to her friends while recruiting them into her downline, and had to quit when they were sued by another company called Thrivent who said they were sullying their name. I think the best advice is to attend and support your church and keep your own counsel on your personal finances. First, the company offers a wide range of investment products and services, meaning there are plenty of options for investors to choose from. - Ability to create your own income (although commissions are below industry average). Gordon, alec, mickeyd and Murray. Stop hiring advisors because of their pre-existing networks. Fortunately, Thrivent Financial does not display any of these warning signs. Examining the Legitimacy of the Investment Opportunity. If its 1.9 million agents joined in 2021, the corporation would have received around $37.9 million in sign-up fees. How much does a Financial Advisor at Northwestern Mutual make? Choice Dollars are the dollars made available to you from Thrivents charitable outreach funds, based on your eligibility, to designate to the charity of your choice. About 3 months ago my parents finally agreed to meet with a Thrivent rep who had been calling them for about a year. Unfortunately, Thrivent Financial has not made crucial information regarding these levels available. Enter the dollar amount you want to invest in the Initial Investment Amount field. We provide advice centered around you with product solutions and services designed to meet your financial needs and goals. None of these facts should lead you to imagine that working for Thrivent would provide you with easy money or passive income.. Youre Not Going to Make A Lot of money. The average salary for a Financial Advisor is $58,805 per year in United States, which is 18% lower than the average Thrivent salary of $71,777 per year for this job. Realize that they dont disclose sufficient information regarding these levels available the company has $... Accuracy of the overall experience of investing in the Initial investment amount field,... Keep it going chairman of the abovementioned characteristics Financial needs and goals been known to have slow times... 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