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Choreo, a large registered investment advisor firm based in Chicago, has acquired the U.S. wealth management business of the accounting firm BDO USA, marking a significant expansion of operations as it looks to grow its national footprint.
Through the acquisition, Choreo is acquiring roughly $8.1 billion in client assets and is adding seven offices to its operations.
Choreo…
Choreo, a large registered investment advisor firm based in Chicago, has acquired the U.S. wealth management business of the accounting firm BDO USA, marking a significant expansion of operations as it looks to grow its national footprint.
Through the acquisition, Choreo is acquiring roughly $8.1 billion in client assets and is adding seven offices to its operations.
Choreo is also becoming an independent member of the BDO Alliance USA Business Resource Network, a network of businesses BDO maintains to help accounting firms tap into additional client services. Choreo formed as a stand-alone RIA in early 2022 when private-equity firm Parthenon Capital along with a group of the firm’s managers and advisors bought its business from an accounting firm. Participation in the BDO network advances one of its central targets for growth.
“One of our long-term goals is to be the preferred wealth provider to the tax professional community,” says Choreo CEO Larry Miles. “The addition of BDO USA’s affiliated wealth management business is an important step in that direction.”
Choreo says the acquisition will bring its total assets under management and advisement to $23.2 billion. The firm is adding 33 employees through the deal, including 17 advisors. Choreo says it operates in more than 40 markets around the country.
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Choreo ranked No. 45 on this year’s Barron’s list of top RIA firms and acquisitions have been a driver of the firm’s growth. The purchase of BDO’s wealth business, which closed on Tuesday, is the fourth acquisition Choreo has completed since its launch. Three of those deals have seen it lift out the wealth management unit from an accounting firm.
Choreo says it is working to ensure a smooth transition as it onboards BDO, saying clients will continue to work with their existing advisors and promising there will be no disruption to their financial planning or wealth-advisory services. The BDO team will operate under Choreo’s brand.
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