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Former Merrill Lynch Adviser With More Than $800 Million in AUM Goes Independent With LPL

Financial adviser Clayton Ortloff has launched a new independent practice, Heritage Private Wealth, through affiliation with LPL Financial’s supported independence model – LPL Strategic Wealth Services. He reported having served approximately $820 million in advisory, brokerage, and retirement plan assets and joins LPL from Merrill Lynch.

This is at least the second set of advisers coming to LPL Strategic Wealth Services from Merrill Lynch in the past month.

Based in Midland, Texas, the father of three is a third generation Midlander with deep ties to the community. Ortloff started his career in financial services in 2006 right out of college and has steadily built his business serving high-net-worth multigenerational families in oil and gas. He specializes in providing personalized wealth management services that range from diversification strategies and concentrated stock positions to legacy planning and charitable giving. He is supported by a dedicated team that includes Gloria Folsom, director of client relations, and Allison Gordon and Rachael Sawyer, both wealth manager assistants.

Clayton Ortloff

“I’ve always enjoyed building long-term relationships with my clients and helping them navigate the complexities of today’s financial landscape,” Ortloff said. “I care about each client and have always aspired to go the extra mile to take care of their financial needs.”

Recognizing a shift in the financial services industry, Ortloff decided it was time to break away from the wirehouse environment to build an independent practice where he can put his clients’ best interests first. After a period of due diligence, Ortloff selected LPL as to help him grow his business and provide differentiated service experiences for his clients.

“I wanted to own my practice and offer more services to my clients without corporate influence,” he said. “I was drawn to LPL’s commitment to independence and the freedom to run my practice on my terms, which is especially important given the conservative nature of my clients. It’s important for my team to create a practice that feels like a family focused office where we can provide tailored resources and more high-touch experiences for clients.”

Ortloff chose to affiliate via LPL’s comprehensive supported independence solution, LPL Strategic Wealth Services (SW), which combines the freedom and flexibility of entrepreneurship with hands-on business services and support to help practices thrive, both operationally and strategically. In addition to having access to LPL’s innovative wealth management platform and sophisticated resources, SW advisers experience an integrated service that includes simplified pricing, technology, and dedicated support to launch their practice. After the transition, SW teams receive ongoing operations support managed by their team of experienced professionals including a business strategist, marketing partner, chief financial officer, and administrative assistant. Advisers have one point of contact, a dedicated team, and priority access to advocacy and project management for complex business issues.

“The added layer of support from the LPL Financial Strategic Wealth Services team is invaluable,” he said. “My clients will always be my top priority, and this move will enable me to continue delivering a high level of service, while also being an entrepreneur and independent business owner.”

The Heritage team will also have access to LPL resources and customized solutions to support more complex situations such as advanced estate and philanthropy planning, income tax strategy, trustee services, a robust alternative investment platform, banking and lending solutions, and complex life insurance planning.

“We welcome Clayton and his team to LPL. Clayton’s dedication to his clients and deep roots in the community make him a wonderful addition to our network. We are committed to supporting advisers with innovative technology and strategic business solutions that add value to their practice and create differentiated experiences for clients,” said Scott Posner, LPL executive vice president of business development.

LPL Financial Holdings Inc. serves nearly 23,000 financial advisers, including advisers at approximately 1,100 enterprises and 570 RIA firms nationwide. Headquartered in San Diego, its total advisory and brokerage assets totaled more than $1.35 trillion as of Dec. 31, 2023.

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