VENICE — Pinkerton has long been a name associated with Venice financial consulting.

But the name is changing — and its mission is changing, slightly.

According to a news release from the firm, Pinkerton Private Wealth is now FourThought with three divisions.

Along with the name, it is becoming a “registered investment adviser,” according to the news release.

“The move allows the firm to function as a fiduciary, putting clients’ interests first in every situation. It also helps ensure that decisions regarding clients’ accounts and investment management are made at the local level,” the news release states.

The firm’s new divisions are FourThought Private Wealth; FourThought Signature and FourThought Institution.

FourThought Private Wealth serves people and families; FourThought Signature, helps “highly affluent families who seek family office services and multigenerational planning” while and FourThought Institution assists “institutional consulting and investment management services for corporations, nonprofits, foundations and endowments,” the news release states.

The firm has also launched its new website, www.fourthought.com.

In the news release, partner Bill Mehserle said the transition “was the right time to change the firm’s name to FourThought, which is a reflection of its planning orientation, four key investment principles and four core values. It is also a more appropriate brand for the firm’s future expansion plans.”

The firm is led by Mehserle, managing partner Scott Pinkerton; Chief Investment Officer Patrick Baumann and Chief Operating Officer Donna Guinta.

Pinkerton has been a financial planner for more than 30 years and has been named to lists including The Financial Times 400 Top Advisors and the Barron’s Top 1200 Advisors, the news release states.

Baumann was a treasurer of Harris Corp., where he spent nearly 20 years before joined FourThought.

Guinta is the former COO of Cadaret, Grant & Co., a New York-based broker dealer.

“We have more than 50 years of experience in financial planning and an all-star team,” Pinkerton said in the news release. “Transitioning to the RIA model allows us to fully leverage our knowledge and talent with state-of-the-art technology and local control. The true beneficiaries are our clients, because we can take our services to the next level and help them make good decisions that reduce their stress.”

FourThought Private Wealth also has created strategic relationships with firms, including Fidelity Clearing & Custody Solutions, which will “act as the primary custodian for their clients’ investment assets.”

Fidelity Clearing & Custody Solutions RIA chief David Canter said he’s “excited” for the linking.

“The team at FourThought Private Wealth understands the benefits of going beyond investment management by building deep relationships with clients and preparing plans built around the needs clients face today and their goals for supporting future generations,” Canter said. “We’re excited to support the team as they explore what the future holds for them as an independent firm and pursue new avenues of growth.”

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