April 2025
Case
HBS Case Collection

Thrivent: From Insurance Agents to Financial Advisors

By: Hubert Joly, Leonard A. Schlesinger and Tom Quinn

Format:Print
| Language:English
| Pages:22

Abstract

Thrivent, a midwestern financial services company with a centuries-long history rooted in Lutheranism, had reached $10 billion in revenue mostly by selling life insurance. In the 2020s, however, CEO Terry Rasmussen began a transformation process centered around the company’s financial advisors, who urged Thrivent to emphasize holistic financial planning. The transformation journey involved adjusting recruiting, compensation, technology, and many other aspects of the company. Rasmussen needed to account for several different types of advisors and other frontline employees as she tried to broaden the company’s customer base and plan around an evolving financial services market.

Keywords

Change Management; Transformation; Talent and Talent Management; Customer Focus and Relationships; Customer Value and Value Chain; Forecasting and Prediction; Employee Relationship Management; Retention; Selection and Staffing; Job Design and Levels; Human Capital; Leading Change; Mission and Purpose; Organizational Change and Adaptation; Organizational Culture; Insurance Industry; Financial Services Industry; United States; Minneapolis

Citation

Joly, Hubert, Leonard A. Schlesinger, and Tom Quinn. "Thrivent: From Insurance Agents to Financial Advisors." Harvard Business School Case 325-047, April 2025.