LPL Financial has launched a new support program to help affiliated advisors serving in the military maintain the stability of their practices when they’re called to active duty.
Under the Military Deployment Practice Continuation Program, advisors in the U.S. Armed Forces will designate a qualified continuity partner to service their clients while they’re deployed and for up to 90 days when they return. Or, if needed, LPL will support their book of business. Over 1,600 reps with LPL have some kind of military affiliation.
Under FINRA’s Active Military Leave policy, the self-regulatory organization places registered reps on inactive status during active duty, temporarily pausing registration and continuing education requirements.
Advisors in LPL’s program will agree to a revenue split with the continuity partner or LPL, and they’ll receive their portion of the revenue during their deployment.
“Financial advisors who answer the call to serve their country should not have to choose between fulfilling their military duty and protecting the future of their practice,” said Jeremy Holly, executive vice president of LPL Capital Partners, in a statement. “Our Military Deployment Practice Continuation Program provides clarity, structure and continuity—for advisors, their clients and the partners who support them—during what can be an incredibly challenging transition.”
Through the program, LPL will provide guidance that active-duty advisors may need throughout the process, including revenue-sharing guidance, state registration considerations, carrier processing timelines and assistance with FINRA registration.
Programs that support military advisors are few and far between. In 2012, Edward Jones launched its FORCES program (Focused on Recruiting Canadian and U.S. Servicemembers) to transition military veterans into financial advisor careers. In 2022, Raymond James launched the Veteran Financial Advisors Network aimed at helping financial advisors who are military veterans build their businesses and attract active duty or recently retired service members to the industry.