LPL has made a significant addition to its network in Texas as it welcomes a breakaway advisor from Merrill Lynch.
The firm announced that Clayton Ortloff, who focuses on multi-generational high-net-worth families in the oil and gas sector, has established an affiliation through its supported independence model, LPL Strategic Wealth Services.
Based in Midland, Texas, Ortloff has launched his own independent practice, Heritage Private Wealth, which aims to deliver personalized wealth management services, which run the gamut from diversification strategies and concentrated stock positions to legacy planning and charitable giving.
He reportedly managed an $820 million book of advisory, brokerage, and retirement planning assets at Merrill Lynch, the firm announced Monday. He’s joined by director of client relations Gloria Folsom and wealth manager assistants Allison Gordon and Rachael Sawyer.
“I’ve always enjoyed building long-term relationships with my clients and helping them navigate the complexities of today's financial landscape,” said Ortloff, whose career in the industry began in 2006.
“I care about each client and have always aspired to go the extra mile to take care of their financial needs,” he said.
The decision to establish an independent practice was driven by a desire to prioritize client interests without corporate constraints.
“I wanted to own my practice and offer more services to my clients, without corporate influence,” Ortloff explained. “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.”
The affiliation with LPL Strategic Wealth Services provides Heritage Private Wealth not only with innovative wealth management tools and resources but also with ongoing operational and strategic support. This includes simplified pricing, technology solutions, and a team of experienced professionals that offer continuous support post-transition.
Heritage Private Wealth also gains access to LPL’s Private Wealth experience, which supports complex client needs such as advanced estate and philanthropy planning, as well as income tax strategies.
Last week, LPL welcomed another Texas-based team from Wells Fargo as they also launched their own independent practice, Spotlight Financial.
Also last week, Merrill added $3.5 billion to its private wealth business by onboarding an ultra-high-net-worth team from JP Morgan in Florida.
From outstanding individuals to innovative organizations, find out who made the final shortlist for top honors at the IN awards, now in its second year.
Cresset's Susie Cranston is expecting an economic recession, but says her $65 billion RIA sees "great opportunity" to keep investing in a down market.
“There’s a big pull to alternative investments right now because of volatility of the stock market,” Kevin Gannon, CEO of Robert A. Stanger & Co., said.
Sellers shift focus: It's not about succession anymore.
Platform being adopted by independent-minded advisors who see insurance as a core pillar of their business.
RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.
As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.
