Terry Rasmussen didn’t set out to run a Fortune 500 company. She began her career as a dental hygienist, paid for law school by cleaning teeth during breaks, and joined Thrivent Financial in 2005 as General Counsel. Today, she leads the $194 billion faith-based financial services firm and believes its values-first model makes it the “best-kept secret” in the industry.
“I grew up on a farm in west-central Minnesota, and I was the middle child—kind of clueless about what I wanted to do,” Rasmussen tells Fortune. “But what I discovered early on was that I love to learn. And that gift has carried me every step of the way.”
Her path to the corner office is anything but traditional. After law school and a stint in financial services, Rasmussen joined Thrivent’s legal team. Over time, she quietly accumulated broader responsibilities, including communications, marketing, government affairs, and business risk management.
That hands-on curiosity led to a pivotal moment in 2015 when then-CEO Bradford Hewitt asked her to run the company’s core business. “He said, ‘If you don’t like it, you can always go back to being General Counsel,’” she recalls. “But I knew I had to fully commit.”
By 2018, she was named CEO. It was an ascent built not on title-hopping or calculated power plays, she says, but on intellectual curiosity and a reputation for problem-solving.
“My legal team used to joke that we were transforming from the department of ‘no’ to the department of ‘know,’” she says. “I always wanted to help the business solve its problems, not just police them.”
Thrivent’s origins as a Christian fraternal benefit society still guide its mission more than a century later. But leading a values-driven business in a complex, often secular financial landscape requires delicate balancing. Rasmussen’s strategy is to lean into the company’s distinct ethos—faith, service, and financial stewardship—as a competitive advantage rather than a liability.
“Our clients believe money is a tool, not a goal,” she says. “They want to support their communities, care for their families, and live lives of purpose. That alignment gives us a kind of trust—and staying power—that’s hard to replicate.”
Thrivent now manages just under $200 billion in assets and ranks on the Fortune 500 list at No. 388. Still, Rasmussen says the firm remains “under the radar,” and she wants that to change.
“When we share our story with people, the reaction is often: ‘Wait, this company really exists?’ And we say, ‘Yes, we’re the real deal.’”
Rasmussen says her leadership style is rooted in human connection, which bleeds into the business. Thrivent is deepening client relationships, building out digital banking, and investing in a new generation of financial advisors—many of them career-changers.
“We’re investing in second-career professionals—former teachers, community leaders—people with strong values and the desire to serve,” Rasmussen says. “We train them. We team them. And they’re thriving.”
Yet one of the biggest hurdles she’s faced is convincing a healthy company to evolve. Thrivent is financially strong, she says, which makes urgency a harder sell. “But we are transforming into a diversified financial services company—and that requires vision, patience, and persistence.”
That transformation includes securing an industrial loan company bank charter and doubling down on its digital experience, moves aimed at extending Thrivent’s reach to younger generations and attracting top talent. “In 2008 and 2009, we picked up amazing investment talent because we were one of the few stable places left,” Rasmussen notes.
As she looks ahead, Rasmussen is focused on cementing Thrivent’s identity as both a purpose-driven and high-performing financial firm.
“When I became CEO, I realized people didn’t even know we were a financial services company. Some thought we were a charity,” she says. “But now, we’re changing that. We’re proving that you can be excellent at what you do—and do it with generosity, faith, and service at your core.”
She credits mentors like former Best Buy CEO Hubert Joly for helping her build early confidence in the role. “He told me, ‘Just get on the bike and start pedaling. It’s easier to steer once you’re moving,’” she recalls.
Seven years into the job, Rasmussen says she’s still learning and still driven by the same motivation that brought her to law school from a dental chair. “I told our workforce, ‘I’ll be a better CEO a year from now than I am today because I’ll keep growing,’” she says.
And in an industry often dominated by ego and short-term performance, that mindset might be Thrivent’s most valuable asset of all.
Ruth Umoh
ruth.umoh@fortune.com
Today’s newsletter was curated by Lily Mae Lazarus.
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