No: Thrivent is paid through brokerage commissions, sales charges and sales of its own insurance, annuities and funds, as well as advisory fees. Its financial professionals offer brokerage and advice through Thrivent Investment Management Inc. (TIMI), a broker-dealer and adviser in one firm whose Form CRS says “it is more profitable for us to sell products issued by Thrivent Financial for Lutherans and its affiliates.” Its separate adviser, Thrivent Advisor Network (TAN), charges only advisory fees for advice, but it’s also a licensed insurance agency, and some of its advisors earn commissions as brokers and insurance agents. TIMI’s core managed accounts charge up to 1.55% a year on $500,000.
So neither Thrivent firm meets the fee-only definition, though TAN comes closer. Here’s how each is paid, from its own filings.
How Thrivent is paid
Thrivent Financial for Lutherans is a fraternal benefit society that issues life insurance and annuities. Its brochures say it markets life, health and disability insurance to Christians in all 50 states. Two of its subsidiaries give investment advice.
Thrivent Investment Management (CRD 18387) is the dual registrant. Its Form CRS, dated March 2026, says brokerage clients pay “transaction-based fees.” On mutual funds you’ll typically pay “an up-front sales charge or load,” plus ongoing fees such as 12b-1 fees. On variable annuities and variable life insurance you “indirectly pay a commission” that the issuer pays to TIMI. Its advisory side runs a managed accounts program and Dedicated Planning Services. TIMI doesn’t monitor brokerage accounts.
Thrivent Advisor Network (CRD 304569) is an SEC-registered adviser only. Its Form CRS, dated October 2026, says you pay a quarterly advisory fee based on your assets, or a fixed or hourly fee for planning. Its brochure says TAN “does not buy or sell securities to generate securities commissions.” TAN doesn’t require account minimums, though some managers and advisors set them.
On their Form ADV Part 1 filings, both firms report being paid by a percentage of assets and fixed fees for advice. TIMI, filed October 7, 2026, also reports a broker-dealer business. TAN, filed October 9, 2026, also reports hourly fees and an insurance broker or agent business.
The CFP Board’s standards allow “fee-only” only when neither the advisor nor a related party receives sales-related compensation. Commissions, sales loads and insurance sales are sales-related pay. TIMI receives them directly. At TAN, the firm’s insurance agency and some of its advisors do.
What else the filings disclose
TAN’s commissions. TAN’s brochure, effective October 9, 2026, says certain advisors are registered representatives of TIMI and “will receive commission-based compensation,” including 12b-1 fees, when they implement transactions there. Advisors who are licensed insurance producers receive “a portion of the fixed insurance commission” when clients buy insurance through the agencies they introduce. “TAN is a licensed insurance agency, and as such, offers insurance products on a commission basis.”
Thrivent’s own products. Both Form CRS documents say it’s more profitable to sell products from Thrivent Financial and its affiliates, which creates an incentive to recommend them. TIMI’s menu includes Thrivent Mutual Funds, Thrivent ETFs and Thrivent variable annuities and life insurance, and some of its managed account models use Thrivent funds.
How TIMI advisors are paid. Most are independent contractors. They earn commissions on brokerage sales and a share of advisory and planning fees. The Form CRS says TIMI also pays on production, including “total volume of product sales,” how long you keep paying premiums or stay invested, and “the profitability of the products.” The managed accounts brochure says Thrivent may subsidize advisors’ retirement and insurance benefits “based on commissions they receive.”
Payments from other companies. TIMI receives revenue sharing from affiliates and other companies for distribution, training and marketing. TAN receives benefits from custodians, such as recruiting support, software and expense reimbursement.
Referral and loan arrangements. TAN advisors can receive referral fees from Thrivent Trust Company, and Thrivent Financial pays them for bringing donor gifts to Thrivent Charitable Impact & Investing, which isn’t a Thrivent affiliate. Some can receive loans that may be forgiven if their team exceeds sales targets for advisory services or other products.
Disciplinary history. Both Form CRS documents answer “Yes.” The details are on BrokerCheck and IAPD.
What Thrivent costs
TIMI’s managed accounts are a wrap fee program. Its brochure, dated September 2026, sets a maximum yearly Program Fee based on your household’s assets in the program. For its core programs (Advisor, Advisor Guided, SELECT, Income-Focused, Genesis, Shepherd, Impact and Shield), the maximums are:
| Household assets in the program | Maximum Program Fee |
|---|---|
| Up to $99,999 | 2.00% |
| $100,000 to $249,999 | 1.85% |
| $250,000 to $499,999 | 1.70% |
| $500,000 to $999,999 | 1.55% |
| $1,000,000 to $2,999,999 | 1.45% |
| $3,000,000 to $4,999,999 | 1.25% |
| $5,000,000 to $9,999,999 | 1.00% |
| $10,000,000 and above | 0.90% |
The Advantage program tops out lower, at 1.35% to 1.60%. Separately and unified managed accounts run higher, from 1.90% to 2.50%. If you add ongoing planning through WealthPlan, the combined fee still can’t exceed these maximums. Fees are negotiable, and fund expenses are on top. Many programs have a $25,000 minimum.
Reading the core schedule as written, with the rate for your household’s band applied to the account:
- $500,000: up to $7,750 a year (1.55%)
- $1 million: up to $14,500 a year (1.45%)
Standalone planning at TIMI costs $600 to $10,000, its March 2026 planning brochure says.
At TAN, the brochures set only ceilings: an advisory fee of no more than 2% a year in non-wrap accounts and 2.5% in its wrap program. One-time planning typically costs $300 to $20,000, and hourly work is billed at up to $500 an hour.
These are maximums, so ask for your rate in writing. For comparison, fee-only firms that publish a percentage fee charge a median 1% of assets, or $5,000 on $500,000 and $10,000 on $1 million at that rate. Fee-only planners who charge a flat fee for ongoing planning charge a median $4,500 a year (middle half $2,400 to $7,200), and a one-time plan has a median of $2,000. Our guides to what an advisor costs on $500,000 and on $1 million go further.
Who Thrivent may suit
Thrivent may suit someone who wants to work with a Christian fraternal organization, with charitable giving built into their plan and life insurance or annuities from the same advisor. Its advisors can help with donor-advised funds through Thrivent Charitable Impact & Investing. TAN may suit someone who wants a Thrivent-affiliated adviser with no account minimum and a choice of custodian.
Someone who wants advice from a firm paid only by them, or a second opinion on a policy or annuity, may want to compare a fee-only planner first. A fee-only planner earns nothing from the products they recommend. Our guides to insurance agent vs financial advisor, charitable giving strategy and fee-only vs fee-based vs commission go further.
How to check it yourself
- Find out which firm your advisor is with. A TIMI advisor and a TAN advisor work under different rules. Read the matching Form CRS, linked from each firm’s SEC record. See what a Form CRS tells you.
- Ask which role your advisor is in for each recommendation: adviser, TIMI broker or insurance agent.
- Ask what your advisor earns on any annuity, policy or Thrivent fund.
- Ask for your fee schedule in writing, including your household band and fund expenses.
- Look up your advisor on BrokerCheck.
Our guide to telling whether an advisor is fee-only walks through each check, and questions to ask a financial advisor gives you the rest.
Compare similar firms
Other insurance companies we’ve checked against the fee-only definition: Northwestern Mutual, MassMutual, New York Life, Prudential, State Farm, Primerica, Lincoln Financial, Equitable, Principal, Nationwide, Ameriprise. See all 50 firms.