Pacstar Financial Group, led by financial advisor Alan Kodama, has joined LPL Financial’s broker-dealer, corporate registered investment advisor (RIA) and custodial platforms, the companies announced today.
Pacstar, which focuses on retirement planning, insurance and investments, was formerly with Ameriprise Financial, where Kodama and his team managed about $420 million in client assets.
Kodama founded the Honolulu-based practice in 1987, immediately after graduating college. Kodama relied on cold calling and seminars to generate client leads at first, but as the firm grew he was able to purchase seven practices, expanding Pacstar into a full-service financial firm with additional registered offices in Kauai, Pearl City and Maui, Hawaii, according to a press release.
Kodama’s Pacstar team includes advisors Thomas Lodico, John Araki and Rose Antonio, and four office support members. They team decided two years and numerous advisor conferences ago to seek out a new affiliate partner. After interviewing five firms, Kodama and his team decided to move their business to LPL, the release said
“Ultimately, it came down to what was best for our clients,” he said in a prepared statement. “They are No. 1 in my book. With LPL, we believe we will be able to offer additional resources and investment options to clients at lower costs. Additionally, LPL’s integrated technology is helping our team provide enhanced services to clients.”
Kodama also said that LPL’s West Coast home office was an added bonus in communicating with them.
Headquartered in Fort Mill, S.C., San Diego and Boston, LPL Financial supports more than 18,000 financial advisors, 900 institution-based investment program and 450 independent RIA firms nationwide.