-High cost of doing business. Most of the costs come directly out of your pocket or directly out of your paycheck, providing you get one. Must use leased computer from Thrivent, pay to use proprietary and non-proprietary software tools(many of which have been stripped of features). If you want to sell investment products you are required to have a brick & mortar office spaces and fees of $100 to $350/mo for access to them. In addition to rent, you have general office expenses such as, copy paper, internet, electricity, water, Laser printer, fax machine, copier, phone number/fax number, gasoline and other misc. items. For me it was easily over $1,300/mo or almost $16,000/yr. (which includes rent, computer/software, utilities, phone, and gasoline) before $1 went in to my pocket At one point I was required to have my office rent pulled directly from my paycheck. You have pay for marketing material if your name goes on it, including business cards, letter head, brochures, etc. Most forms are online and require you to print them out yourself. Company doesn't like email, they prefer faxed documents.
-Financing or a draw is/was available for 18-24 months. Not sure what it currently is or for how long. During this period, any commissions earned go to paying off your draw. Also there is a required number of appointments that need to be run to get 100% of that pay periods draw. Most products take 30-60 days to process if it is new business. Can be shorter if it is a small life insurance policy or adding money to an existing annuity or mutual fund. After designated period of financing, if you continue to work for Thrivent you must pay this off at 10% per paycheck. If you leave historically, you can walk away from the financing/draw. (Yeah, that makes sense).
-Company has come full circle in that it wants to be an insurance company. Must have enough sales in insurance and annuity to keep your contract to work at Thrivent. Several people that have left in the past year had huge brokerage accounts and making midrange six-figures of the commissions, left because they didn't want to have to sell insurance or annuities.
-Thrivent claims to have its members as their top priority, but that is only if they want annuities or life insurance. Compensation is geared to pay more for these products than mutual funds. Since Mutual Funds don't help you keep your job, you are put in a difficult position ethically as to which is the best product offering for the member. Comp is also based on how much business you write. The more you write, the bigger the bonus. The problem lies in the fact that Thrivent uses a pendulum for compensation, and if the sales force sells to much, they come back and reduce bonus structure. If you are commission only why would you want to be penalized for selling too much! Most proprietary product offerings don't have trailers. Those that do typically last 3 years, so you have to constantly sell to get paid. The non-prop products that do pay trailers, pay so low that there is very little incentive to sell them unless asked for. The haircut is huge for very little work by the Home Office.
-Company has the attention span of 3 year old with ADHD. Thrivent has been around over 100 years as AAL & LB, but since they merged, they can't come up with culture or direction to take the company. The target is constantly moved. Comp plans change mid-year, with 30-day notice, yet you are supposed to come up with a business plan for an entire year.
-Veteran reps typically do well because of attrition or they know how to work the system. They swoop in and gather the top clients when reps leave. Leaving only the picked over people for new reps.
-The Regional Management team's goals don't align with the sales reps. There isn't an incentive for the Regional Management to help you grow your sales, other than if you leave then they will have to find your replacement. They will ask "What can we do?", then you ask them, "What can you do?" and they can't do anything. At least in my region there was tons of favoritism. More move-in were sent your way, marketing assistance, funds available, travel covered.
-New hires now no longer get a database of names. all cold calling or referral. Seems like Thrivent is becoming a Primerica, where you sign up all your friends and family, then don't make it and they are stuck in Primerica products.
-Flexible schedule is great, However, flexible means evenings and weekends. Most people who are saving for retirement work 9-5 and don't take time off visit you during "bank hours". These same people also prefer that you come to their home to meet. So you pay for an office that is rarely used. Meeting at their house has some advantages, such as they have access to bank statements, and investment info, but you don't paid for driving to see someone.
