Future of Thrivent Financial Network in question after Armitage firing

investmentnews.com:

The firing of five top executives at Thrivent Advisor Network Wednesday has raised questions about the future of the four-year-old platform made up of 25 advisory businesses that combine for $5 billion in client assets.

The RIA, known as TAN, appeared to send up the white surrender flag by firing president Carolyn Armitage, along with business development consultant Katie Tram, growth program manager Lori Sherman, and business development officers Tom Pistole and Erik Feldman.

In response to a request for comment, a <a href=«https://www.thrivent.com/advice?utm_source=brandsem&utm_medium=bing&utm_campaign=PPJ_Legacy_Thrivent_Brand&utm_adgroup=Thrivent_Financial&utm_term=thrivent+financial&gclid=e7923ac15cea1d80493a5e7169fb45df&gclsrc=» https: target="_blank" rel=«noreferrer noopener»>Thrivent

spokesperson emailed a statement that positions TAN as “an important part of Thrivent’s financial advisor spectrum, which also includes virtual advice, career advisors and our National Practice Group.

“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,” the statement continued.

Regarding Armitage, who was brought on two years ago to build out TAN as a platform for advisors seeking an independent model, the Thrivent statement confirmed her departure and added, “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.”

Chuck Failla, president of Sovereign Financial Group, who broke away from the wirehouse channel to go independent five years