A former Merrill Lynch advisor with $820 million in advisory, brokerage and retirement plan assets has launched a new independent firm through affiliation with LPL Financial’s supported independence model, LPL Strategic Wealth Services, according to a news release.
Clayton Ortloff operates Heritage Private Wealth in Midland, Texas. He is joined by director of client relations Gloria Folsom and wealth manager assistants Allison Gordon and Rachael Sawyer.
Ortloff started in the industry with Merrill Lynch in 2007, according to BrokerCheck. The release said that after graduating college in 2006, he has built his business by serving wealthy multigenerational families in oil and gas. He provides personalized wealth management services, including diversification strategies and concentrated stock positions to legacy planning and charitable giving, the release said.
Ortloff said he wanted to break away from the wirehouse environment so that he could offer more services to clients “without corporate influence.” He said after much due diligence, LPL was the best partner to help him grow his business.
“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, he said in a statement. “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."
LPL’s private wealth experience will provide Heritage with “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,” the release said.
Scott Posner, LPL executive vice president, business development, said, Ortloff’s “dedication to his clients and deep roots in the community make him a wonderful addition to our network.”