Financial advisor Alan Kodama affiliated with LPL

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After spending his entire career with Ameriprise, a 34-year-old veteran financial advisor abandoned the company in favor of his biggest rival, an independent broker.

Alan Kodama of Honolulu-based Pacstar Financial Group and a team of three other advisors and four office workers at four locations in Hawaii affiliated with LPL Financial, the company said on July 12. Pacstar managed $ 420 million in client assets with Ameriprise. The recruiting announcement followed LPL surpassing 19,000 advisers in its workforce with assets exceeding $ 1,000 billion for the first time in the history of the company by the end of the second trimester.

An acquisition by LPL and two megamoves in the banking channel broke records, as did the firm’s massive recruitment targeting large firms like Pacstar. In addition to operating his own practice, Kodama acquired seven more over his decades in the industry while expanding into Kauai, Pearl City and Maui. The company chose LPL out of five the team interviewed during a two-year due diligence research, he says.

Financial advisor Alan Kodama is the founder of Pacstar Financial Group, based in Honolulu.

“We chose LPL because of the variety of investments and the products and services offered to customers,” Kodama explains. “The technology is great and their head office is in San Diego. We’ve been in contact with LPL for several years to get more information, and here we are.

Representatives of Ameriprise, which itself unveiled a large company based on a credit union who chose the company rather than LPL earlier this summer, declined to comment on Kodama’s decision.

He officially aligned with LPL and his company RIA on June 21, according to FINRA BrokerCheck. Besides Kodama, the practice includes financial advisers Thomas Lodico, John Araki, and Rose Antonio. As part of his new comic, Kodama aims to further develop the practice.

When asked for advice for other advisors considering buying a practice or changing CAs, Kodama said buyers should have “a great relationship” with the seller and potential hires should speak up. with peers who know the business and get a feel for its corporate culture and staffing levels.

In the quarter he moved to LPL, the company added 2,141 net advisors to reach a total of 19,114, the largest in the industry, managing $ 1.11 trillion in client assets. In the past 12 months, LPL had recruited $ 80 billion in client assets, including $ 35 billion in the second trimester only.

“With our size and scale, LPL is able to offer a range and depth of innovative capabilities and resources that enable independent advisors to differentiate their practices and successfully meet the ever-changing needs of their clients,” Scott Posner, Executive Vice President of LPL Business. development, said in a statement. “We look forward to providing the support and service the entire Pacstar team needs to help create long-term value with customers and continue to win in the market. “


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