Securities Lawyers Blog
The investment lawyers at Gana Weinstein LLP have experience helping investors determine whether their portfolio losses at investment firms, such as Thrivent Investment Management Inc., were caused by broker misconduct. There are many different ways that your broker can impermissibly drain your accounts. Our attorneys can help you understand the cause of your investment losses, uncover misconduct, and apply the law to hold accountable those responsible.
Thrivent Investment Management is a broker-dealer and investment adviser that offers mutual funds, annuities, investment advisory programs, and financial planning, together with life insurance and estate planning solutions through its affiliates. Based in Minneapolis, the firm is part of Thrivent, a national financial services organization whose financial advisors work with clients from local offices across the country.
Thrivent Investment Management Inc. – By the Numbers:
- CRD #: 18387
- Regulatory Events: 8
- Broker Employees: 3,623
Thrivent Investment Management Inc. – Investment Advisors:
- SEC #: 29618
- Assets Under Management: $20,769,867,010
- ADV Form Employee: 3,901
Thrivent Investment Management Inc. – In the News:
FINRA v. Thrivent Investment Management Inc. (Case #2023079075201) – From July 2017 to the present, Thrivent failed to establish and maintain a supervisory system reasonably designed to detect possible instances of signature forgery or falsification. During this period, at least 15 Thrivent registered representatives electronically signed customer names on over 260 documents, including documents that were required books and records of the firm. As a result, Thrivent violated FINRA Rules 3110 and 2010, Section 17(a) of the Securities Exchange Act of 1934 (“Exchange Act”), Exchange Act Rule 17a-3, and FINRA Rules 4511 and 2010.
FINRA v. Thrivent Investment Management Inc. (Case #2016049975701) – Between January 2011 and April 2016 (the “Relevant Period”), Thrivent failed to establish, maintain and enforce a supervisory system reasonably designed to ensure that: (1) Class A shares held by certain institutional account customers were timely converted to Class I shares (or investment class shares); (2) certain small retirement accounts were properly linked and aggregated so that customers received available breakpoint discounts; (3) certain customers were placed in available Load Waived A Programs in non-proprietary mutual funds; (4) certain retirement plan and charitable organization customers were placed in eligible preferred share classes; and (5) certain customers who made fund trades directly through non-proprietary funds (via “check & app process”), in amounts under $10,000, received available breakpoint discounts (together “Eligible Customers”). Thrivent’s failure to place Eligible Customers into the most advantageous share classes and to ensure that they received the benefits of available breakpoint discounts resulted in Eligible Customers paying higher fees than they were required to pay. By failing to reasonably supervise mutual fund sales to ensure that Eligible Customers received the benefit of applicable sales charge waivers and breakpoint discounts, Thrivent violated NASD Rule 3010 (for misconduct before December 1, 2014), FINRA Rule 3110 (for misconduct on or after December 1, 2014), and FINRA Rule 2010.
Gana Weinstein LLP has successfully handled hundreds of customer investment disputes with their brokerage firms. Our attorneys can help you detect and uncover suspicious activity in your accounts. Our consultations are free and we welcome all inquiries.