
Personal financial management and investing are often primarily thought of as a way to enhance the financial interests of the individual. But, investors who put their money and faith in the hands of the associates of Thrivent Financial can grow their community’s assets as well as their own.
Working out of the Tampa Bay office of Thrivent, located in Forest Hills, less than 30 minutes south of most of New Tampa, financial associates Pam Hansen and Michael Joeckel help investors connect their faith and finances.
Hansen and Joeckel possess a combined 50 years of financial planning experience and are registered with the Financial Industry Regulatory Authority (FINRA). Their areas of expertise include retirement income planning, estate strategies, life insurance and long-term care insurance.
“The reason some folks might be familiar with us is because we have our roots in the Lutheran faith,” says Joeckel.
Thrivent began in 1902, when it was chartered as a fraternal benefit society called Aid Association for Lutherans (AAL). The aim in those pre-Social Security days was to provide mutual security to counter the financial risks individuals faced. AAL combined with a similar organization, the Lutheran Brotherhood (LB), in 2001 to form Thrivent Financial for Lutherans.
In 2013, the company expanded its membership base to include all Christians. Today, there are about 2.5 million member-owners of Thrivent Financial and it is ranked number 318 on the Fortune 500 list for 2016. As of 2015, Thrivent reported having more than $109 billion in assets under management/advisement.
Joeckel, who is a designated Fraternal Insurance Counselor (FIC), which is conferred by the Fraternal Field Managers Association (FFMA), has passed FINRA exams for Uniform Securities Agent, Investment Company/Variable Products Limited Representative, and General Securities Representative. He says Thrivent is not a church and is first and foremost a financial services organization, much like other institutions such as banks, credit unions and brokerage houses.
“We’re not selling Christianity, but we offer services based on Christian principles,” he says.
Thrivent is classified by the Internal Revenue Service (IRS) as a not-for-profit fraternal benefits society, giving it a tax-exempt status. Prospective clients qualify as members by affirming they are Christian, as part of the application process.
According to Joeckel, there is no inquiry or judgment as to an applicant’s specific Christian affiliation or beliefs in meeting the IRS’ fraternal standard. “There is no litmus test,” says Joeckel, who moved to Tampa Palms from Connecticut last year.
In cases of mixed-religion families, non-Christian family members can be sponsored and benefits are payable to them just as with other financial service companies, according to Joeckel. “At the end of the day, we’re a fraternal financial services company,” he says. “We’re trying to be the best Christian company we can be.”
As representatives of a Christian financial services organization, Joeckel says Thrivent associates follow Biblical principles such as living within your means and using debt wisely when working with clients to help them manage their finances, protect their assets, create financial security and plan a financial legacy.
Joeckel considers his relationship with his clients to be a process of leading them to “greener pastures.” He says some clients may begin their relationship with Thrivent just surviving or struggling financially but through financial planning and management they often can achieve financial security and even surplus, allowing them to “live generously” and give back to their communities and provide a legacy to their beneficiaries.
“We are equipped in this office to handle people in all strata of life,” says Joeckel. “We’ll take your $100,000 account, but we’ll also take your $1,000 account. We pride ourselves on being a valuable resource to our clients.”
Thrivent’s door also is open to people who are unsure about the financial road map they may already be using to guide them on their fiscal journey, says Hansen, who has earned the following industry designations through continuing education courses at the American College of Financial Services in Bryn Mawr, Pennsylvania: Chartered Financial Consultant (ChFC), Chartered Life Underwriter (CLU), and Retirement Income Certified Professional (RICP). She also has earned her FIC designation from FFMA and passed FINRA exams for Uniform Securities Agent, Investment Company/Variable Products Limited Representative, and General Securities Representative.
“Second opinions are free,” she says. “If you’re working with someone we can provide a second opinion and do an analysis of where you’re at.”
Establishing a professional relationship with Thrivent begins with a lengthy, introductory conversation with a financial associate who, according to Joeckel, will ask plenty of questions, such as, “If you had to, could you live the next five years on what you have so far?”
Asking questions and examining financial facts — ranging from pay stubs to budget sheets — will reveal how effectively people are progressing toward their goals.
“We help you determine whether your actions will help you reach your intentions.” Joeckel says.
Taking time to understand a client’s situation is important, and Joeckel says he is committed to doing that, as an initial consultation will typically last two hours.
“We’re not product people, we’re process people,” he says, “so we’ll meet again and again.” Joeckel refers to this approach as “relationship-based” financial counseling and planning.
Sometimes the meeting topics will be about things a lot of people don’t like to discuss, but eventually will. Hansen says it is better to do so sooner, rather than later.
“Everybody wants to grow money, but we’ll also talk about what happens when you die,” she says. “We’re not averse to having those tough conversations (with you).”
Philanthropic Options, Too!
Connecting faith and finances through philanthropy is another feature of Thrivent, as its tax-exempt status allows it to direct money normally paid as taxes to the government to be distributed to charitable causes and to fund projects benefiting local communities.
According to the Thrivent website, more than $325 million has been distributed to churches and nonprofits nationwide since 2010, including more than $3 million to St. Jude Children’s Research Hospital in Memphis, TN. Members participating in the Thrivent Choice Dollars program also can recommend directing funds to eligible nonprofit organizations they wish to support, giving them a say in where the company’s local money goes.
Thrivent members also can apply for $250 grants to fund projects they initiate within their local communities. And, Thrivent Builds is a partnership between Thrivent and Habitat for Humanity that undertakes projects to build and repair homes.
Securities Exchange Commission (SEC) rules prohibit testimonials on behalf of financial advisors, but ratings by industry organizations such as A.M. Best, a an insurance industry rating agency, are permitted. Thrivent is rated A++ “Superior” by A.M. Best as of June 2016 and Thrivent’s credit rating as determined by Fitch Ratings Inc., is AA+ (“Very strong”) as of May 2016. Ratings reflect the overall financial integrity and claims-paying ability of Thrivent and do not apply to the investment performance of investment products.
For more info about Thrivent Financial, you can visit Connect.Thrivent.com/tampa-bay-office, or call 443-5088. Thrivent’s Tampa Bay office is located at 1202 W. Linebaugh Ave., Suite C, in West Tampa.