Firm Management
BDO USA Sells Wealth Management Practice to Choreo
Choreo, a PE-backed investment advisory firm based in Chicago, is the former wealth management business of RSM US.
Nov. 01, 2023
Chicago-based investment advisory firm Choreo has purchased BDO Wealth Advisors, the affiliated wealth management business of BDO USA, the sixth largest accounting firm in the U.S.
Choreo is the former wealth management practice of RSM US, the fifth largest accounting firm in the U.S. RSM US Wealth Management was sold in January 2022 to private equity firm Parthenon Capital, which renamed the former RSM unit to Choreo.
The acquisition of BDO Wealth Advisors, which became official on Tuesday, brings an additional $8.1 billion in assets under management (AUM) or advisement (AUA) to Choreo, which now has total AUM/AUA of about $23.2 billion. The acquisition also adds seven new locations to Choreo’s national network of more than 40 markets across the country.
Choreo will also become an independent member of the BDO Alliance USA Business Resource Network (BRN) with opportunities to serve BDO USA, its clients, and BDO Alliance USA member firms and their clients, according to a press release.
“One of our long-term goals is to be the preferred wealth provider to the tax professional community. The addition of BDO USA’s affiliated wealth management business is an important step in that direction,” Choreo CEO Larry Miles said in a statement. “Our membership in BRN combined with integrating the knowledge and experience of their business will help us with our mission of translating wealth into fulfillment for our clients and their communities.”
Choreo said it is “dedicated to ensuring a smooth transition for BDO USA’s affiliated wealth management team and clients. Clients will continue working with the professionals they know and trust, receiving the same financial planning and wealth advisory services. Under the Choreo brand, BDO USA’s affiliated wealth management team will continue to serve clients through its existing locations after closing.”
Choreo’s history of relationships and service within the CPA community “provides rich opportunities for the people and clients of our affiliated wealth management business to thrive,” said Steve Ferrara, COO of BDO USA. “A shared vision and approach to client service was critical in finding the right cultural and strategic fit to continue growing this practice as part of a new firm.”
Mark Biegel, national leader of BDO Wealth Advisors, added, “Joining Choreo is an exciting opportunity to enhance the client experience and provide even more opportunities for our colleagues across the country. Choreo’s people-first approach, bolstered by forward-leaning advances in technology and client connectivity, matches our desire to provide the modern yet tailored experience to our clients we know they desire and value.”
This is the fourth acquisition by Choreo, and its third from a CPA firm. In late 2022, the firm acquired the wealth management practices of Richmond, VA-based top 30 accounting firm Cherry Bekaert and Charlotte, NC-based top 200 accounting firm GreerWalker.