LPL Nabs $820M Merrill Team in Texas

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.