A day after the nation commemorated Veterans Day, LPL Financial went a step further: The company is working with the U.S. Army Reserve to train veterans as financial advisors.

The Boston-based retail investment advisory firm and independent broker-dealer on Monday announced a new cooperative program, called the U.S. Army Reserve Private Public Partnership (P3), that will enable members of the military to train alongside seasoned financial advisors through its Independent Advisor Institute (IAI).

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

“Our military and our advisors share a commitment to serve,” he said. “We are proud to offer veterans a chance to transition to a new career through our Independent Advisor Institute.”

The P3 program matches soldiers that have the skills and training to succeed in a new career as financial advisors with advisors located throughout the country. The veterans work at the advisor firms as "apprentice advisors," with their salaries subsidized by LPL during their first year of employment, according to LPL advisor Dryden Pence, chief investment officer for Pence Wealth Management and a retired U.S. Army colonel who assisted in the design and development of the program.

LPL subsidizes about 70 percent of the first year's salary for the typical participant, but the amounts can vary depending on the candidate's training and experience.

The program’s participants receive structured training and development at IAI, which includes learning LPL’s new technologies, as well as sales and advice skills necessary to helping investors pursue their financial goals, LPL said, adding that managing advisors provide ongoing mentorship and on-the-job training to participants.

“Soldiers value loyalty, dedication, responsibility and a commitment to independence,” Pence said. “Those qualities, paired with training and support, can serve clients well.”

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