Do the Right Thing: Interview with Mark Steffe, CEO of First Command Financial Services
I recently went one on one with Mark Steffe, CEO of First Command Financial Services.
Adam: How did you get here? What experiences, failures, setbacks, or challenges have been most instrumental to your growth?
Mark: I’ve always had a natural curiosity and willingness to not take the linear path to reach my goals—and I find great value in trusting my gut. In my financial services career I took on different roles, starting with mid- and large organizations. Then I followed a different path and was a leader in a start-up business within a business. I’m glad I made those unexpected turns along the way because I gained a broader, deeper understanding of business best practices, and even financial services. My variety of professional experiences have guided me in my role as First Command CEO.
I joined First Command in 2010 as the chief of staff for the leader of the field force. Then I ran one of the First Command geographical divisions and in 2014, I returned to the home office to run the field force. Our prior CEO, Scott Spiker, had developed a timeline to retire, which prompted the creation of a succession plan for that role, which I was humbly asked to fill.
Then about two months into my role as CEO, Covid hit. The “smooth” transition was secondary to taking action in a global pandemic. Everything I learned in my previous roles and during the transition gave me a rock solid foundation for stepping into the CEO role. That preparation allowed me to turn my attention to working with my executive team and leading the company through a once-in-a-lifetime period.
Adam: In your experience, what are the key steps to growing and scaling your business?
To grow and scale a business you need to plan and have the right team in place. For the last 30 years I’ve focused on learning as much as I could about the business to anticipate client needs and pivot, as needed. I continue to learn and try new things every day because ultimately those learnings will help First Command grow.
When it comes to the CEO role, having a robust succession plan is so important to maintaining the company’s momentum and not disrupting the employees, the field force or our clients. My CEO succession plan, which spanned about 3.5 years, was very in-depth and rigorous at times—and also tremendously helpful because it helped me see the CEO role from a different perspective. Through Scott’s partnership and mentorship, I was set up for a successful transition, starting in January 2020. Of course, Covid hit right after, and during that tumultuous time we focused on balancing two things: 1) getting through the here and now of a global pandemic and 2) keeping sight of our five-year strategic vision and keeping the company on track for future goals.
As I reflect on my career, when I’ve been vulnerable and willing to listen to people who have tried to help, I’ve gotten better. If you can't make yourself vulnerable and hear criticism and understand that you have room for improvement, you try to play it off like you don't need help—and there’s no growth. We could all learn something new or different. You just have to be open to it.
Adam: What do you believe are the defining qualities of an effective leader?
Mark: To be an effective leader you need to earn trust and confidence. First, people have to believe you. Then, people have to believe IN you. They have to believe what you're saying, and they have to believe that you've got the competence to lead the organization where it needs to go. You also have to give trust and confidence. I like to think that my executive leadership team trusts me and has confidence in me. I've also got to have enough trust and confidence in them that they know how to execute within their given roles and as part of this overall team. It’s a two-way street. The trust and confidence have to match up with the actions and the results because when people see a disconnect or an inconsistency the trust is going to erode first, and that's pretty damaging.
Strong leaders also communicate clearly and frequently. Most of my presentations fall within the theme of “connecting the dots.” That's where I spend a lot of my time because most people at First Command see only parts of the work we’re doing. If you only see pieces of the work, you don't know how all these things connect and what is the overall strategy. I help people understand how all of the disparate work that we do actually connects and leads us toward our mission of coaching those who serve in their pursuit of financial security. If people can't figure out what you're trying to do, then they can't really play a role in reaching that goal. Instead, they sit on the sidelines waiting to be told what to do. If they understand where we’re going and what our intent is, then they will figure out how they can play a role in getting us there.
Adam: How can leaders and aspiring leaders take their leadership skills to the next level?
Mark: The number one thing a good leader can do is listen to your team. I've always believed that great ideas can come from anywhere. I don't get caught up in titles or rank. My expectation is that if you're in the meeting, it's not a request for you to speak up. It's an expectation. I try to engender an environment where everybody feels comfortable speaking up. Just because you're not a senior vice president doesn't mean you don't know the business. Usually people with the lower titles are closer to the actual work. If we would just listen to people who are in the work all day, every day, we’d learn a lot. You never know where the best idea or solution is going to come from.
Hire the most talented people, listen to them and let them shine. First Command has such a tremendous amount of talent, and a big reason for that is people are really drawn to our mission of serving the military. Our work isn’t only about a paycheck. When I look at the talent on my Executive Leadership Team, I see incredibly smart people who go beyond their specialty areas and contribute at an enterprise level. Some leaders are intimidated by having that level of knowledge and talent because they need or want to be the smartest person in the room and have all the answers. I learned a long time ago, I'm not always the smartest guy in the room. I learned that my job is not to know all the information and have all the answers. I’m comfortable with that, and allowing others to shine. It doesn't matter who gets the credit. It matters that you're solving problems and moving the company forward.
Adam: What are your best tips applicable to emerging leaders and to senior leaders?
Mark: You’ve got to put your clients first and make a sincere effort to serve them. When we consistently put our clients first, it's clarifying and it's unifying. It strips away the ambiguity and politics that some companies carry. When everybody is committed to serving the client—which is where our focus should be in the first place— it's not about you or your org chart. Instead, the focus is on having the right talent, structure, tools and resources to best serve the client. When everybody rallies around that, it makes the mission pretty clear.
When it comes to leading a team, I've got a true story about baseball, but it also applies to First Command. My oldest son was a pretty decent pitcher, but in any game, there was a period where he just couldn't find the strike zone. Inevitably, to be helpful, some parent in the stands would yell, “Hey, let’s throw some strikes.” I told my son, “The next time someone in the stands tells you to throw strikes, I’ll give you $100 if you look up in the stands and say, “No kidding!” The point is he knows the game and is trying to win, but his mechanics are off. He needs the coach to walk out to the mound, roll up his sleeves and help him figure out why he’s not throwing strikes and get him back on the right path.
That applies in business too. We don’t need leaders who say, “Do better. Be more productive.” Everyone wants to do their best. If they’re having a hard time, it’s because they can’t figure out how to do better. At First Command we have a culture of people who will take time to help their team figure out how they can be more productive or effective in their roles. If your folks need help, get in there. Help them. Just yelling “do better” isn't going to help anybody.
Adam: What is your best advice on building, leading, and managing teams?
Mark: I’ve tried to be a CEO who leads by example and creates an environment where people feel welcomed and encouraged to speak up. At First Command, we focus on inclusivity because the importance of having a diverse workforce should be understood by now. But also making sure that the workforce feels comfortable speaking up and contributing—that’s critical. If people feel comfortable bringing their true, authentic selves to work, they feel good about the work they're doing and that they're making a true contribution to that work, that will lead to company success. This approach creates a diverse workforce because, who doesn’t want to be part of a noble mission, delivering top-notch work and being your authentic self?
Honest communication also is critical in leadership. If you're not truthful, your team is going to pick up on that in a hurry—and that's going to erode the trust and confidence piece. When hiring talent, we focus on attracting the best people possible who are talented and willing to deprioritize their personal needs for the greater good. That’s what sets First Command apart is that we put the needs of others ahead of our own. It’s actually one of our core values. Selfishness will kill any team.
Adam: What are your best tips on the topics of sales, marketing, and branding?
Mark: You have to be authentic in your desire to do the best job you can for your clients. Kellie Richter, our chief marketing and client experience officer, always talks about the difference between brand and reputation. Your brand is what you say about yourself. Reputation is what others say about you. Our brand and reputation have to be aligned with who we say we are and who the public says we are. Keeping this in mind, we try to be very clear, authentic and client focused. These days, you're going to set yourself apart by what the world says about you. They're going to say the things you want them to say if you're doing the right things, being authentic and honest.
Adam: What is the single best piece of advice you have ever received?
Mark: When I was a new branch manager, I called a friend in the industry and asked him, “What’s the secret to success?” When he boiled it down to “Do the right thing,” I tried to call his bluff. He insisted that when you're faced with a decision, if your gut tells you, it's the right thing to do, it probably is. Conversely, if your gut tells you that something seems off, don’t do it. Follow your instincts and everything will work out.
Adam Mendler is an entrepreneur, writer, speaker, educator, and nationally-recognized authority on leadership. Adam is the creator and host of the business and leadership podcast Thirty Minute Mentors, where he goes one on one with America's most successful people - Fortune 500 CEOs, founders of household name companies, Hall of Fame and Olympic gold medal-winning athletes, political and military leaders - for intimate half-hour conversations each week. A top leadership speaker, Adam draws upon his insights building and leading businesses and interviewing hundreds of America's top leaders as a top keynote speaker to businesses, universities, and non-profit organizations. Adam has written extensively on leadership and related topics, having authored over 70 articles published in major media outlets including Forbes, Inc. and HuffPost, and has conducted more than 500 one on one interviews with America’s top leaders through his collective media projects. Adam teaches graduate-level courses on leadership at UCLA and is an advisor to numerous companies and leaders. A Los Angeles native, Adam is a lifelong Angels fan and an avid backgammon player.
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