Purchase brings approximately $8.1B in Assets Under Management or Advisement to Choreo and expands the firm’s leadership within the CPA community
CHICAGO (November 1, 2023) — Choreo, LLC (Choreo) today announced it has acquired the affiliated wealth management business of BDO USA. In addition, Choreo will 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 members and clients. The transaction closed on October 31, 2023. Terms of the transaction were not disclosed.
By bringing approximately $8.1 billion in assets under management (AUM) or advisement (AUA) to Choreo, this acquisition represents the fourth expansion of Choreo’s footprint and increases the firm’s total AUM/AUA to approximately $23.2 billion1. The acquisition also adds seven new locations to Choreo’s growing, national network of over 40 markets across the country.
“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 Larry Miles, CEO of Choreo. “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’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 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, president of BDO USA’s affiliated wealth management business 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.”
Choreo 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.
This announcement is the fourth acquisition by Choreo — including its third from a CPA firm — since Parthenon Capital, together with Choreo management and advisors, purchased the company from one of the largest CPA and professional services firms in the country in February of 2022.
1 Post-close numbers are approximate and may not sum to total due to rounding. As of April 30, 2023, $15.1B constitutes Choreo’s regulatory assets under management or advisement. Choreo will bring approximately $8.1 billion in assets under management or advisement from BDO USA’s affiliated wealth management business.
About Choreo, LLC
Choreo is an independent firm focused on redefining the RIA’s place in the wealth advisory industry. Passionate about improving the well-being of clients, their families and their communities, Choreo operates out of 40 locations across the country. Choreo’s experienced advisors define, design and build solutions for their clients’ financial and related needs so they can focus on what matters most to them. Originally launched over 20 years ago as a subsidiary of one of the largest CPA and professional services firms in the country, Choreo serves over 6,000 families with approximately $15.1 billion of assets under management or advisement (as of April 2023). For more information, visit choreoadvisors.com.
About BDO USA
At BDO, our purpose is helping people thrive, every day. Together, we are focused on delivering exceptional and sustainable outcomes for our people, our clients and our communities. Across the U.S., and in over 160 countries through our global organization, BDO professionals provide assurance, tax and advisory services for a diverse range of clients.
BDO is the brand name for the BDO network and for each of the BDO Member Firms. BDO USA, P.C., a Virginia professional corporation, is the U.S. member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network of independent member firms: www.bdo.com.
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