Is there a way to simplify it further?

(?<INITIALS>\*[a-zA-Z]+)

Because the /i modifier is used, this can be simplified to:

 (?<INITIALS>\*[a-z]+)

This is demonstrated in this playground example.

Are there any flaws with this regex and are there foreseeable issues where it would fail with what I need?

Should the INITIALS have a minimum or maximum number of characters, e.g. 2-3? or more? Also, while it likely doesn't happen very often, a person could include a digit in their initials - e.g. RG3 - A.K.A. Robert Griffin III

Is there a way to simplify it further?

(?<INITIALS>\*[a-zA-Z]+)

Because the /i modifier is used, this can be simplified to:

 (?<INITIALS>\*[a-z]+)

This is demonstrated in this playground example.

Is there a way to simplify it further?

(?<INITIALS>\*[a-zA-Z]+)

Because the /i modifier is used, this can be simplified to:

 (?<INITIALS>\*[a-z]+)

Is there a way to simplify it further?

(?<INITIALS>\*[a-zA-Z]+)

Because the /i modifier is used, this can be simplified to:

 (?<INITIALS>\*[a-z]+)

This is demonstrated in this playground example.