LPL Financial CU Exec Hoaglin Leaves to Start Own Business
SAN DIEGO -- Mark Hoaglin, once the former CEO of XCU Capital Corp. the credit union-owned broker-dealer and investment advisory firm, has left his senior vice president post at LPL Financial Corp., which bought XCU in 2007, to start his own business.
Hoaglin told Credit Union Times he left LPL Financial Institution Services on Nov. 1 after roughly 15 months of service. In 2007, LPL created a new role for Hoaglin to help the broker-dealer giant build more alliances with credit unions. While there, he also headed a 10-member credit union advisory council.
LPL spokeswoman Jennifer Gill said Hoaglin left the firm on Oct. 31 and was replaced by Jim Norwood, senior vice president. Norwood has been with LPL for 13 years and has been instrumental in building relationships with credit unions during his tenure, Hoaglin said.
"It was really never my intention to stay with LPL for the long term," Hoaglin said. "Part of the deal was to help them get their credit union focus developed there."
That deal involved LPL Financial which bought Hoaglin's former employer, XCU Capital, in August 2007 for $3.62 million. The broker-dealer serves more than 200 credit unions.
Meanwhile, Hoaglin has launched Native Son Ventures, a holding company for small broker-dealer acquisitions and other endeavors. Hoaglin is also considering a coaching service for credit unions and banks that need help turning around their investment programs and with general business management.