About this episode
With Scott Pinkerton – Senior Planner & Managing Partner, FourThought Private Wealth
Overview
Scott Pinkerton of FourThought Private Wealth offers a perspective on outgrowing the independent broker dealer model, transitioning to an independent RIA, and the extraordinary growth realized as a result of the change. Scott unpacks the difference between the models, shares why he opted to sell equity to Focus Financial, and more.
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NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation.
About this episode…
Independence comes in various shapes and sizes—with different levels of freedom and control that can serve just about any desire an advisor may have in building their business.
Scott Pinkerton knew that firsthand, having joined his father’s business in the 1980s at A.G. Edwards. Wachovia’s acquisition of the firm, which soon became Wells Fargo, opened the door for Pinkerton Private Wealth to join Wells’ independent broker dealer model, Finet.
For decades, the IBD model worked well for Scott and his team, building the business to over $700mm in assets under management.
Yet there came a point when Scott wondered: “Should we coast along and just stay comfortable, or should we challenge ourselves to beat the trends and go for it?”
Then, it became clear that even though they were “independent,” they were still limited by the guardrails imposed by the IBD model. To be a true fiduciary and make untethered decisions about their business and how they served clients would mean taking the ultimate leap: launching their own
