CEO transition at First Command Financial Services
November 19, 2019
Mindy Diamond Quoted
By Jeff Benjamin
First Command Financial Services, a $29 billion hybrid firm with 500 advisers, is transitioning its executive-level leadership, with a new CEO starting Jan. 1.
Mark Steffe, 50, the current president and chief operating officer, will take over as chief executive in January, replacing current CEO Scott Spiker, who joined First Command in 2007 following a leadership overhaul at the company.
Mindy Diamond, president of the recruiting firm Diamond Consultants, said some of the positives of new leadership at the top involve “fresh ideas and the hope for a positive impact on growth.”
The flip side, she added, can sometimes mean increased turnover among the ranks.
“I think it’s fair to say that any time there is a leadership change, it creates the possibility that some advisers will be unhappy with it,” she said. “And that can always have an impact on attrition.”