Houston-based financial advisor Scott Bishop is peeling away from Avidian Wealth Solutions, along with 13 of his colleagues and $1.7 billion in client assets, to launch a new RIA, Presidio Wealth Partners.
The new firm, which will begin operations Monday, formed as a partnership with Hightower Advisors.
Bishop, who is managing director and partner at the new firm, along with Cy Cattan, described the separation as a “front door” deal, meaning it was conducted with the cooperation and support of Avidian, a $4 billion RIA that Bishop and Cattan joined 10 years ago when it had just $500 million in client assets.
According to a letter sent to the Avidian clients who will be transitioning to Presidio, “we have been working closely and amicably with Avidian Wealth Solutions to help ensure a seamless transition for our team and clients to Presidio. Given that your portfolio assets are held by third-party custodians, this transition will be seamless to facilitate. Your accounts will remain with your current custodians, and you will retain the same account numbers and login information as well.”
Bishop, who has worked with Cattan for 20 years, said the desire to create a new RIA relates to a focus on organic growth and better access to alternative investments, among other things.
“It’s a directional thing,” Bishop said. “Avidian is growing through acquisitions and a lot of their resources are spent on growth. Our goal is to grow organically and to get to $5 billion in the next five years."
Bishop said he and his team have been talking about the move for about a year and decided on partnering with Hightower because of its technology and alternatives platform.
Presidio will operate similarly to a multifamily office advisory firm, Bishop said, and noted that the average client has more than $8 million.
Terms of the deal with Hightower were not disclosed beyond the acknowledgement that each firm now owns a portion of the other firm’s stock.
CEO Laurel Taylor says the fintech's composable AI stack helps workers optimize dollars across Trump Accounts, 529s, 401(k)s, and other employee benefits.
The bank has swiped three private banking veterans from BNY as the city climbs the ranks of America's fastest-growing wealth hubs.
Employee accounts, crypto trials and job cuts frame a pivotal year for the Swiss lender.
New name draws on founder's family history as consolidation reshapes the broker-dealer landscape.
Deal brings tech-focused planning expertise, expanded Pacific Northwest presence to national RIA platform.
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
Direct indexing is on pace to outgrow ETFs and mutual funds. Northern Trust's Ken Lassner explains why the advisors who get it wish they had started sooner.
