$1.7B team departs Avidian, forms independent RIA

A 14-member team at Avidian Wealth Solutions with $1.7 billion in client assets announced this week that it will leave the firm to form an independent RIA.

Scott Bishop, who served as executive director of wealth solutions at Avidian, along with Cy Cattan and Robert Harris, will be working as managing directors of the new RIA, Presidio Wealth Partners. Presidio will be partnering with Highwater as part of a strategic effort to support the new RIA and expand its client offerings.

Highwater declined to comment on the new partnership with Presidio.

In a letter to clients, Bishop said he and his team "have been working closely and amicably with Avidian Wealth Solutions to help ensure a seamless transition for our team and clients to Presidio."

Bishop declined to comment to Financial Planning, but told Investment News the move is a "directional thing."

With the departure of Bishop and his team, Avidian is set to lose nearly half of its $4 billion in client assets. No one from Avidian responded to requests for comment.