Advisor Alan Kodama, head of Pacstar Financial Group in Honolulu, joined LPL Financial after 34 years with Ameriprise Financial. The practice managed $420 million in total client assets.
Pacstar advisors Rose Antonio, John Araki and Thomas Lodico and four office support members joined Kodama, according to the announcement. Pacstar includes three other offices in Kauai, Pearl City and Maui that Kodama has purchased throughout the years.
The Pacstar team spent two years interviewing several firms before moving its business to LPL’s broker/dealer, corporate registered investment advisor and custodial platforms. In a statement, Kodama said the practice needed a wealth management firm that provided additional services to support the investment management, financial planning and insurance planning it offers, and lower-costing investment options for its clients.
LPL’s four new advisors will join the slew of others LPL added in recent months. The independent broker/dealer added a Fort Worth, Texas, advisor who managed $125 million in assets through its partnership with global insurance company HUB International in July.
In June, LPL recruited an office of supervisory jurisdiction managing $1.6 billion in assets from Cetera. Brian M. Woods Financial Services brought 30 advisors to LPL. Its wirehouse transition program, Strategic Wealth Services, also helped two Wells Fargo teams, one that managed $1.3 billion and another that managed $580 million in assets, launch new firms. Earlier in June, LPL partnered with CUNA Mutual Group to serve as its broker/dealer.