The spokesperson explained that as a member-owned organization, Thrivent is specifically challenging the parts of the law that could result in a member essentially suing him or herself.
"Thrivent has long supported the best-interest standard for financial services," the statement reads.
"Sure, it does narrow the market, but on the other hand, the whole industry is moving toward specialized values-based planning," Mr. "I think it's where the financial services world is going, and it's causing a focus to change from transactional-based to planning-based in meeting the clients' needs." Mr.
Hewitt echoes many of those sentiments, describing Thrivent's mission as "helping people be wise with money and live generously.
In terms of the seemingly narrow focus on Christian clients, Mr.
Stonestreet does not see a challenge, and believes the broader financial services industry is opening up to such subcategories.
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Asked about the apparent conflict of representing middle-America while challenging a rule designed to protect consumers, a Thrivent spokesperson responded with a company statement explaining that the legal challenge is narrow in scope and relates to the unique nature of a member-owned organization like Thrivent.Thus, the measured pace of Thrivent's growth strategy. Hewitt said about a quarter of the advisers left the newly formed Thrivent following the merger of the two Lutheran organizations in 2002. And by focusing on entry-level representatives, Mr.Hewitt said the rep numbers have been growing by between 1% and 3% per year, but asset growth over the past three years has averaged about 6%.As part of the rules enabling Thrivent to maintain its tax-exempt fraternal organization status, anyone purchasing insurance must sign a form attesting to being an active Christian.And as a fraternal organization, Thrivent is required to solicit votes from those two million insurance-holding members before any major business decisions are made.