Lance R. Scott
Lance R. Scottage 35
Founder and president, Bay Harbor Wealth Management
- Wanted to be a garbage man growing up
- Has a black Lab named Earl
- Evening beverage of choice is an Arnold Palmer
Lance Scott got his first taste of entrepreneurship from his father – for 25 years, Mr. Scott’s father ran a Baltimore-based company offering yacht financing throughout the U.S.
Mr. Scott, now the founder and president of Bay Harbor Wealth Management, worked as a liaison in the company’s “super yacht financing” group, working with clients whose boats cost upwards of $5 million.
In the process, he gained enlightenment into the world of private banking and how the “red carpet was being laid out” for ultra-high-net-worth individuals.
“I was influenced by my father and the ideas of money and finance very early on,” Mr. Scott said.
About five years ago, Mr. Scott turned down a partnership in an advisory firm to go out on his own. His firm specializes in bringing the investment practices and strategies tapped by institutions such as foundations and endowments to individual clients with between $1 million and $5 million in investible assets.
“I had the entrepreneurial spirit as well,” Mr. Scott said. “I don’t think I was ever going to be satisfied working for someone else.”
Mr. Scott has grown his business, based in Baltimore County, Md., “completely organically,” and has more than 260 accounts.
Mr. Scott said his wife’s success in the field of optometry, where she specializes in ocular disease, paved the way for his own success – he had the wherewithal to start over and go out on his own because of it.
– Greg Iacurci