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Industry Spotlight > Switching Firms

LPL Nabs $820M Merrill Team in Texas

By John Manganaro

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LPL Financial said a former Merril Lynch advisor working with $820 million in client assets is becoming an independent advisor within its Strategic Wealth Services channel. The new practice, Heritage Private Wealth, is led by Clayton Ortloff and based in Midland, Texas.

Heritage Private Wealth is the 43rd team to join LPL’s Strategic Wealth Services, which now includes advisors with roughly $23 billion in total assets under management. The program lets advisors use LPL’s business management services and support and was introduced about four years ago.

“Clayton’s dedication to his clients and deep roots in the community make him a wonderful addition to our network,” said Scott Posner, LPL’s head of Business Development, in a statement.

“We are committed to supporting advisors with innovative technology and strategic business solutions that add value to their practice and create differentiated experiences for clients,” Posner explained.

Ortloff cited his desired to “put clients’ best interest first” as a key driver of the decision to break away from the wirehouse and build an independent practice.

“I wanted to own my practice and offer more services to my clients, without corporate influence,” he said in a presss release. “The added layer of support from the LPL Financial Strategic Wealth Services team is invaluable.”

Ortloff started his career in 2006 an now mainly serves high-net-worth families with ties to the oil and gas industry. His team that includes Gloria Folsom, director of client relations, and wealth manager assistants Allison Gordon and Rachael Sawyer.

Credit: LPL Financial 

John Manganaro

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