Here's how you can do it:

0. Install WPLMS Customizer plugin
1. Go to WP Admin -> Plugins - >Editor -> wplms customizer -> customizer_class.php
2. Add the following line of code in _construct function:

PHP Code:

 

add_action('bp_member_options_nav',array($this,'wplms_bp_member_options_nav'));

 

3. Add the following function in the class:

PHP Code:

 

function wplms_bp_member_options_nav(){
            echo '<li id="settings-custom-li"><a id="custom-settings" href="http://Mycustomlink.com">MyCustom Anchor</a></li>';
        }

 


Optional: Role based menu link :

3. For role based left side menu link. consider below example

PHP Code:

 

function wplms_bp_member_options_nav(){
if(is_user_logged_in()){ // Detects is user is logged in
   if(current_user_can('edit_posts')){  // Detects Instructors and Administrators
        echo '<li id="settings-custom-li"><a id="custom-settings" href="http://Mycustomlink.com">MyCustom Anchor</a></li>';
   } 
}
}