Chicago-based Choreo acquired the affiliated wealth management business of BDO USA and will become an independent member of the BDO Alliance USA Business Resource Network (BRN), which brings opportunities to serve BDO USA, its clients as well as BDO Alliance USA members and clients.
“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,” said Choreo CEO Larry Miles. “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.”
The deal – Choreo’s fourth footprint expansion and third acquisition from a CPA firm – adds $8.1 billion in client assets and boosts Choreo’s total assets to approximately $23.2 billion. In addition, the deal onboards seven new locations to Choreo’s national network of more than 40 markets. The firm now serves more than 6,000 families.
Under the Choreo brand, BDO USA’s affiliated wealth management team will continue serving clients through its existing locations, and those clients will continue working with their existing professionals to receive the same financial planning and wealth advisory services.
“Joining Choreo is an exciting opportunity to enhance the client experience and provide even more opportunities for our colleagues across the country,” said Mark Biegel, President of BDO USA’s affiliated wealth management business. “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.”
BDO Alliance USA is an association of accounting and professional service firms with more than 800 independent locations. The BDO BRN was founded in 2000 to provide services and products that help CPA firms and other organizations differentiate themselves to prospects and clients.
BDO professionals provide assurance, tax and advisory services throughout the U.S. and in more than 160 countries. Its offering spans a wide range of sectors. Beyond accounting and wealth services, this includes management consulting, M&A, capital market analysis, IPO readiness, insurance, risk management, digital technology, ESG and other areas.
“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. “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.”
In October, Choreo announced that Karen Lee joined as Chief Growth Officer. Most recently she spent nearly six years at Mercer Advisors, where she served in various roles, including Chief Business Solutions Officer. In May, the firm launched a program allowing CPAs to engage in revenue sharing with Choreo advisors. In January, Choreo acquired GreerWalker Wealth.
Chris Latham, Managing Editor at Wealth Solutions Report, can be reached at clatham@wealthsolutionsreport.com
