Lance R. Scott AIF®
Lance Scott is the Founder and President of Bay Harbor Wealth Management, where he also serves as the Chief Compliance Officer. He established Bay Harbor in 2011 at the age of 29, with a mission to provide fiduciary, relationship-driven financial advice based on trust, independence, and the success of his clients.
Lance is a graduate of the McDonogh School and earned his Bachelor of Arts in Political Science with a minor in Business Administration from the University of Vermont. He studied abroad at Griffith University in Australia and later completed the Investment Strategies and Portfolio Management Program through the Wharton School’s Aresty Institute of Executive Education. He earned the Accredited Investment Fiduciary® (AIF®) designation in 2018, demonstrating his knowledge of fiduciary standards and commitment to acting in the best interests of investors.
Lance began his career in financial services at his father's boat financing company, which had offices on both the East and West Coasts of the U.S. His early experiences were influenced by his father's banking background and entrepreneurial spirit, instilling in him the importance of prioritizing clients – a philosophy that continues to guide him today.
When his father sold his company to a subsidiary of one of the largest banks in France, Lance gained valuable insights into the world of private banking. After seeing how the wealthiest individuals were treated, he realized those benefits should also be available to mainstream investors. This experience motivated him to extend that same level of care and accessibility to individuals and families often neglected by larger institutions and ultimately led him to establish Bay Harbor Wealth Management.
With a mission to deliver a unique value he felt was missing in his industry – particularly for business leaders, entrepreneurs, individuals, and families in Maryland – Lance founded his firm as a fiduciary, embodying the philosophy his father had instilled in him throughout his business career.
As the leader of an independent firm, Lance is not subject to the restrictions and bureaucracy imposed by large Wall Street or national wire houses. Those advisors are subject to pressures from their upper management and shareholders to create and deliver proprietary products that are lucrative to the firms, but most often do not serve the clients’ needs.
Being able to offer support and financial guidance with solely his clients’ best interests in mind is deeply rewarding to Lance, and he considers it an honor to serve as a financial steward to them and their families. He also enjoys sharing insights within the industry to help other advisors in their mission to serve investors, such as through contributions to Forbes.com as a member of the Forbes Finance Council, participation in advisor peer groups, and other collaborative efforts focused on elevating industry standards and client outcomes.
Forbes Finance Council Expert Panel Contributions