Serving Main Street Americans: Q&A with FSI Chairman Scott Spiker

Scott Spiker – Chairman of First Command Financial Services, a network of 600-plus advisors serving active-duty military and their families nationwide – got his first taste of FSI membership 12 years ago.

He certainly appreciated FSI then, but it wasn’t until he became Board Chair that he fully realized just how vital and impactful the organization is, not only for FSI members but Main Street Americans as well. 

Over the past year, Spiker has weathered regulatory headwinds, lobbied on Capitol Hill, advocated for greater diversity among independent financial advisors, and more. As he prepares to wrap up his time as Board Chair, FSIVoice caught up with him to reflect on his experience.

FSIVoice: What’s the biggest thing you learned as Board Chair? 

Spiker: The role has taught me quite a bit, but what really stands out is just how much value the member firms place in belonging to FSI. For autonomous firms serving Main Street investors with independent products and pricing, it’s much more than just a business model – it’s a mission. FSI’s resources, approach to advocacy and boundless energy allow firms to realize it. Members treasure that. 

FSIVoice: What’s your biggest concern about the industry moving forward? 

Spiker: Regulatory headwinds. Regulations seem to abound at increasing amplitude, month by month, year by year. There are emerging challenges that threaten our industry’s ability to serve Main Street America. These restrictions are made even more dire by the threat of a simultaneous erosion of federal safety nets like Social Security and Medicare. There’s an aggressive agenda by certain regulators to reduce the services that people need at a time when they’ve never needed them more.

FSIVoice: Do regulators understand the industry as well as you would hope?

Spiker: I think it’s two-fold. First, they don’t understand the industry the way they think they do. Second, I believe some willfully choose not to understand the industry because they are committed to a particular agenda. In other words, they have decided long ago what’s important to them, so, unfortunately, when audiences provide input that clashes with their ideas, they don’t always do a great job of listening, even if it impacts investor access to advice.  

FSIVoice: What’s your biggest source of optimism?

Spiker: Though some legislators and regulators remain skeptical, FSI has done a fantastic job at explaining the importance of independent advice, so I am optimistic about the organization’s ability to continue to make our voices heard. And when regulators don’t listen, FSI has been remarkable in making our case in the courts. 

FSIVoice: You’ve spoken with lawmakers and their staff on Capitol Hill? How do those meetings go?

Spiker: Those meetings typically go one of two ways. On the one hand, you have those who experience a lightbulb moment when we explain our mission and recommend courses of action. They can become advocates. On the other hand, some are hardened in their ability to listen because, like regulators, they have agendas they want to pursue. I wish they all listened with the intention of serving Americans best, but these agendas sometimes override the truth of what’s going on. In those instances, we do our best to explain our position in a way that captures their attention, but it’s a challenge and requires repetition.

FSIVoice: You said earlier this year that industry demographics are a major area in need of improvement. How do you think the industry has done since then? 

Spiker: I’m especially proud of two advances I’ve seen FSI facilitate in the past year. First, we forged a partnership with the Association Of African American Financial Advisors (AAAA) that will open doors for member firms focused on recruiting and retaining people of color. We’ve also conducted several workshops, discussing various approaches to bringing greater diversity to our firms. Second, FSI has empowered CEOs and members with frequent forums to discuss and debate various methods to expand their footprints and broaden the demographics they serve more effectively. Our strides have been impressive, but there’s still a lot of work to be done. 

FSIVoice: Do you have any parting thoughts?

Spiker: Serving as board chair has been an eye-opening and positive way to understand how important FSI is. It’s a remarkable organization doing great work for independent financial services firms and advisors. FSI makes a difference not only for its members but also for the Main Street Americans those members advise every single day. It’s been an honor to serve as board chair for an organization as passionate and impactful as FSI.