Choreo acquires BDO wealth management business

 

Choreo, a Chicago-based independent investment advisory firm that spun off from Top 10 Firm RSM US last year, has acquired an $8.1 billion wealth management practice from BDO USA, a Top 10 Firm based in Chicago, effective Oct. 31, 2023.

Choreo launched as an independent advisory firm last year after private equity firm Parthenon Capital teamed up with a group of RSM executives, including Dave Scudder, the former leader of RSM US Wealth Management and managing partner of RSM US’s predecessor firm McGladrey & Pullen, to acquire the wealth management practice from the Top 10 Firm. Last November, Choreo acquired Cherry Bekaert’s $1 billion wealth management practice from the Raleigh, North Carolina-based firm (see story). The deal with BDO will add approximately $8.1 billion in client assets to Choreo, bringing Choreo’s total client assets to approximately $23.2 billion. It will also add seven new locations to Choreo’s growing network across 40 markets. A total of 33 employees will be joining Choreo, including 17 financial advisors. With the addition of the people from BDO, Choreo has 224 employees, of whom 84 are advisors with clients.

Choreo will now become an independent member of the BDO Alliance USA Business Resource Network with opportunities to serve BDO USA, its clients and BDO Alliance USA members and clients. Financial terms were not disclosed.

BDO New York offices

Photo: Richard Falco

“One of our long-term goals is to be the preferred wealth provider to the tax professional community,” said Choreo CEO Larry Miles in a statement Wednesday. “The addition of BDO USA’s affiliated wealth management business is an important step in that direction. 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.”

It’s the fourth acquisition by Choreo — its third from a CPA firm — since Parthenon Capital, Choreo management and its advisors bought the company in February 2022. Besides the deals to acquire the wealth management practices of RSM US, Carry Bekaert and BDO, Choreo also acquired GreerWalker Wealth, with $275 million in assets under management, from the accounting firm GreerWalker LLP in January and Enso Wealth Management in Petaluma, California, with $2.8 billion in assets under management.

“Choreo’s history of relationships and service in the CPA community provides rich opportunities for the people and clients of our affiliated wealth management business to thrive,” said BDO USA COO Steve Ferrara in a statement. “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.”

BDO USA ranked No. 6 on Accounting Today‘s 2023 list of the Top 100 Firms. The firm reported $2.82 billion in annual revenue in fiscal year 2023. BDO USA has 77 offices across the country, with more than 12,000 total professionals, including over 800 partners.

Among those joining Choreo from BDO will be Mark Biegel, president of BDO USA’s affiliated wealth management business. “Joining Choreo is an exciting opportunity to enhance the client experience and provide even more opportunities for our colleagues across the country,” he said in a statement. “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.”

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