Strategy

LPL's Financial Advisor Program Takes Military Turn

Tom Burroughes Group Editor November 13, 2018

LPL's Financial Advisor Program Takes Military Turn

The wealth and investment firm continues an observed trend of businesses opening doors to those with a military service background.

LPL Financial, the wealth management house, is partnering with the US Army Reserve to help soldiers pursue careers in financial advice, part of a trend this publication has noted of those with military backgrounds entering the sector.

As a corporate partner of the US Army Reserve Private Public Partnership program, LPL links military personnel to its Independent Advisor Institute, a new program that matches experienced advisors with novice advisors to speed up career development.

“The P3 partnership is a unique opportunity to support LPL’s efforts to increase diversity and grow our advisor population,” Jeffrey Czajka, LPL Financial vice president, corporate strategy, and head of the Independent Advisor Institute, said.

P3 program representatives are located throughout the country, LPL said. Associate advisors selected for the institute have their compensation subsidized for one year. Managing advisors provide ongoing mentorship and on-the-job training.

Several large US financial institutions make a point of helping military veterans make the transition into civilian jobs. For example, in May RBC Wealth Management US expanded its commitment to military service members through a new partnership with Hirepurpose, a New York-based organization that connects military veterans with civilian jobs. Also, US bank Morgan Stanley has pledged its commitment to support veterans in civilian employment, and Bank of America Merrill Lynch has programs to help ex-military personnel leaving the forces.

This publication has examined the military-wealth sector connection before. When it sought views from readers about their experiences, the editorial team was struck by the sheer number of examples sent in. Here is one such case.

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