Secretary of Defense Lloyd Austin recently announced a comprehensive effort to enhance the well-being of military service members and their families. This initiative aligns with the Mission of First Command Financial Services, a Fort Worth-based company since 1958 and the city’s 10th largest private employer. We are dedicated to coaching service members in their pursuit of financial security. Sec. Austin’s initiative focuses on the following priority areas:
● Enhancing military families’ financial security
● Supporting military spouse employment
● Strengthening families and making moves easier for military families
Enhancing Military Families’ Financial Security
First Command has a long history of supporting military families through financial planning, employment opportunities for veterans and spouses, and financial assistance during permanent change of station (PCS) moves. We understand the unique needs of our nation’s military and their families because 91% of our Financial Advisors are veterans or military spouses.
In 2023, we delivered more than 36,000 complimentary financial plans to active-duty service members and their families. We also offer financial relief to our service members during government shutdowns and natural disasters, including no-interest payroll advances and loan assistance, as well as mail replacements for lost debit cards to war zones, if needed.
We are a medium-sized company, but we are proud that our philanthropy is on a “big company” proportion. Every year First Command donates more than 7% of profits, with no tax benefit to the company. Locally and nationally, we are committed to giving back to the military community. Last year our employees volunteered more than 25,000 hours to military and other charitable causes. We actively partner on giving programs with worthy organizations committed to helping our service members and their families.
Organizations we support on an ongoing basis include:
● Hiring Our Heroes: We provide financial support in conjunction with our standing pledge to directly hire eligible veterans and military spouses, or help them find opportunities with other organizations.
● Military Relief Organizations: We provide financial support to our military’s service relief programs for active duty members needing assistance in an emergency.
● The U.S. service academies: We support the athletic programs at the U.S. Military Academy, U.S. Air Force Academy, U.S. Naval Academy and U.S. Coast Guard Academy.
● First Command Educational Foundation: We provide financial readiness training for junior enlisted personnel and provide scholarships to dependents of military families.
Focus on Military Spouse Employment
Sec. Austin brought important attention to the staggering issue of military spouse unemployment (21%) and underemployment (31%). At First Command we have answered the call of the Dept. of Defense’s Military Spouse Employment Partnership by creating portable careers as Financial Advisors that easily move with frequent relocations and other challenges associated with military life. The company established a Military Spouse Advisor Council comprised of military spouses from each of its five divisions. This Council provides input and advice to senior leadership on all matters impacting military spouses within First Command. In recognition of First Command’s dedicated focus on hiring and retaining veterans and military spouses, the company has consistently earned accolades as both a Military Friendly Employer and Military Friendly Spouse Employer. First Command also was honored with the 2024 Top Veteran-Friendly Employer designation and was selected as one of the honorees for Chief Executive magazine and Thayer Leadership’s 2024 Patriots in Business Award based on our excellence in military and veteran-focused initiatives.
Strengthening Families and Military Moves
First Command works to ease the transition for service members and their families during PCS moves by providing comprehensive financial guidance from experienced financial advisors who offer tailored assistance on basic allowance for housing, dislocation allowance, and other housing-related financial considerations. Last year we became one of the original signatories of the 4+1 Commitment, which was launched by Hiring Our Heroes and Blue Star Families to reduce the 21% unemployment rate faced by military spouses.
I’m proud that our commitment to support our military’s critical needs and to align with Secretary Austin’s “Taking Care of Our People” initiative puts Fort Worth on the map as part of the solution. First Command will continue to be a part of the patriotic legacy that Fort Worth has embraced since its inception as an army outpost.
