Veterans Day LPL Financial

LPL’s Military Roots Shape Our Commitment to Service

November 10, 2017

LPL Financial

We’re grateful for all the veterans who have protected and served our country—and those who continue to do so. As we recognize and thank them for their service this Veterans Day, it’s also a time to reflect on our own military roots as a company formed by two veterans with a vision and passion for independence.

Two naval pilots join forces

Former Navy pilot Bob Ritzman founded a business called Private Ledger, Inc. in San Diego in the late 1960s as a way to serve the unique investment needs of fellow aviators and other clients. At first, Private Ledger sold securities through a broker/dealer partner, but Bob began to consider the benefits of creating his own broker/dealer business. At a recommissioning ceremony for an aircraft carrier, he met Naval Captain Al Monahan, a pilot who’d served at Iwo Jima and was considered a pioneer as a naval aviator. The two developed a business plan and launched Private Ledger Financial Services as a broker/dealer subsidiary of Private Ledger Inc. LPL was formed in 1989 when Linsco merged with Private Ledger.

Both men have given credit to their military experience and values for shaping Private Ledger and its mission to serve others. Private Ledger’s foundation was built on an extraordinary commitment to service, and Bob and Al’s commitment to help clients succeed. Those principles continue to guide LPL today.