Heritage Financial provides financial planning, portfolio management for individuals and small businesses, selecting other managers, and insurance. Financial planning was provided to 251–500 clients last fiscal year.
Heritage Financial reports 350 clients. They include 218 individual clients and 132 high-net-worth individuals. Of its assets, 89.4% ($365M across 1,369 accounts) are managed with discretion; $43.2M across 138 accounts are not. It advised 4 clients without assets under management last fiscal year.
| Client type | Clients | Assets |
|---|---|---|
| Individuals (other than HNW) | 62% | 18% |
| High-net-worth individuals | 38% | 74% |
| Pension and profit-sharing plans | Fewer than 5 | 6% |
| Charitable organizations | Fewer than 5 | 2% |
Client shares use reported counts. Client types without a reported count are excluded from that total.
Client breakdown and activity details
| Client type | Clients | Regulatory AUM | AUM share | Avg. per client |
|---|---|---|---|---|
| Individuals (other than HNW) | 218 | $71.9M | 17.6% | $330K |
| High-net-worth individuals | 132 | $304M | 74.5% | $2.3M |
| Pension and profit-sharing plans | Fewer than 5 | $26.1M | 6.4% | — |
| Charitable organizations | Fewer than 5 | $6.13M | 1.5% | — |
| Total | 350 | $408M | 100% | — |
- Clients
- 218
- Regulatory AUM
- $71.9M
- AUM share
- 17.6%
- Avg. per client
- $330K
- Clients
- 132
- Regulatory AUM
- $304M
- AUM share
- 74.5%
- Avg. per client
- $2.3M
- Clients
- Fewer than 5
- Regulatory AUM
- $26.1M
- AUM share
- 6.4%
- Avg. per client
- —
- Clients
- Fewer than 5
- Regulatory AUM
- $6.13M
- AUM share
- 1.5%
- Avg. per client
- —
Total
- Clients
- 350
- Regulatory AUM
- $408M
- AUM share
- 100%
- Avg. per client
- —
- Clients outside the U.S.
- 0%
- Clients advised without assets under management last fiscal year
- 4
- Private funds advised
- 0
- Financial planning clients last fiscal year
- 251–500
Heritage Financial charges 0.30%–1.50% a year for its Asset Management. The fee is billed in advance and is negotiable. The brochure also prices one other service, listed under fee details.
Fee details and sources
Other fees
- Stand-alone financial planning
- Stand-alone financial planning is a negotiable fixed fee of $1,000 to $20,000, or $475 an hour at the firm's discretion.
David Morton owns 50% to 75% of Heritage Financial. The leadership team of Heritage Financial includes Chief Compliance Officer Elizabeth Clark. It has 8 employees, 7 of them in advisory roles.
Staff
- 8 employees
- 7 in advisory functions
- 7 state-registered reps
- 1 insurance agent
- Owns 50% to 75% of Heritage Financial, LLC
David Morton
Control person · since October 2016
- Owns 25% to 50% of Heritage Financial, LLC
Elizabeth Clark
Control person · since October 2016
Heritage Financial’s regulatory assets grew 2.0× from $200M (March 2021) to $408M (June 2026); clients rose from 314 to 350 and employees from 7 to 8.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | StaffEmployees | Offices |
|---|---|---|---|---|
| Jun 2026June 2026 | $408M | 350 | 8 | 3 |
| Mar 2025March 2025 | $335M | 335 | 7 | 3 |
| Jun 2024June 2024 | $281M | 335 | 8 | 3 |
| Jun 2023June 2023 | $229M | 332 | 8 | 3 |
| Mar 2022March 2022 | $240M | 338 | 7 | 2 |
| Mar 2021March 2021 | $200M | 314 | 7 | 2 |
Besides its headquarters, Heritage Financial has 2 offices (2 private residences, listed without an address), with 1 listed address in 1 state.
Virginia · 1 listed address
- 7001 Heritage Village Plaza, Suite 190, GainesvilleHQ
Contact and registration details
- Legal name
- Heritage Financial, LLC
- Headquarters
- 7001 Heritage Village Plaza, Suite 190, Gainesville, VA 20155
- Website
- heritagefinancial.com
- Phone
- 703-754-1233
- SEC file
- 801-114336
- Founded
- 2016
- Structure
- Virginia LLC
- Fiscal year end
- December
Heritage Financial’s named custodians for separately managed accounts are Charles Schwab ($355M, 89%) and Capital Bank and Trust ($43.1M, 11%). Heritage Financial has custody of $153M for 218 clients.
- Charles SchwabCharles Schwab & Co., Inc. · Westlake, TX · $355M89%
- Capital Bank and TrustCapital Bank and Trust Company · Irvine, CA · $43.1M11%
At year end, Heritage Financial’s separately managed accounts were mostly in funds (87%).
What the accounts hold
- Stocks7%
- Funds87%
- Bonds1%
- Cash3%
- Other2%
- Variable annuities & opportunity zone products2%
How many clients does Heritage Financial have?
Heritage Financial has 350 clients and manages $408 million for them, as of June 2026. They include 218 individual clients and 132 high-net-worth individuals.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 9 June 2026
What services does Heritage Financial offer?
Heritage Financial provides financial planning, portfolio management for individuals and small businesses, selecting other managers, and insurance.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file; Part 2A brochure, Item 4
How much does Heritage Financial charge?
Heritage Financial charges 0.30%–1.50% a year for its Asset Management. The fee is billed in advance and is negotiable.
Source: 2026-06-09 HERITAGE FINANCIAL FORM ADV PART 2, filed 9 June 2026
Which custodians does Heritage Financial use?
Heritage Financial’s separately managed account assets are held at Charles Schwab & Co., Inc. (Westlake, TX), with $355M and Capital Bank and Trust Company (Irvine, CA), with $43.1M. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 9 June 2026
How many financial advisors does Heritage Financial have?
Heritage Financial has 7 investment adviser representatives registered with state securities authorities, out of 8 employees, and 7 perform investment advisory functions. 0 employees are registered representatives of a broker-dealer and 1 employee is a licensed insurance agent.
Source: Form ADV Part 1A, Items 5.A and 5.B, from the SEC's 2 October 2026 data file
What does Heritage Financial invest in?
At the end of its last fiscal year, Heritage Financial’s separately managed accounts held 87% registered funds (mutual funds, ETFs, BDCs), 7% exchange-traded equities, 3% cash and equivalents, 2% other and 1% U.S. government and agency bonds. The 2% other category is described as: Variable Annuities & Opportunity Zone Products.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns Heritage Financial?
Heritage Financial’s direct owners are David Morton (50% to 75%) and Elizabeth Clark (25% to 50%).
Source: Form ADV Part 1A, Schedules A and B, filed 9 June 2026
How does Heritage Financial get paid?
Heritage Financial is paid through a percentage of assets under management, hourly charges and fixed fees. Its Form ADV lists no commissions or performance-based fees among how it is paid.
Source: Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file
How do I contact Heritage Financial?
Heritage Financial’s main office is at 7001 Heritage Village Plaza, Suite 190, Gainesville, VA 20155. Its phone number is 703-754-1233. Its website is heritagefinancial.com.
