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.
Insiders say the Wall Street giant is looking to let clients count certain crypto holdings as collateral or, in some cases, assets in their overall net worth.
The two wealth tech firms are bolstering their leadership as they take differing paths towards growth and improved advisor services.
“We think this happened because of Anderson’s age and that he was possibly leaving,” said the advisor’s attorney.
The newly appointed leader will be responsible for overseeing fiduciary governance, regulatory compliance, and risk management at Cetera's trust services company.
Certain foreign banking agreements could force borrowers to absorb Section 899's potential impact, putting some lending relationships at risk.
How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave
From direct lending to asset-based finance to commercial real estate debt.
