Choreo, a prominent registered investment advisor firm headquartered in Chicago, has recently completed the acquisition of the U.S. wealth management business of BDO USA, a leading accounting firm. This strategic move allows Choreo to significantly expand its operations and strengthen its national presence.
With this acquisition, Choreo adds approximately $8.1 billion in client assets and incorporates seven new offices into its extensive network. Moreover, Choreo becomes an independent member of the BDO Alliance USA Business Resource Network, enabling them to leverage additional client services provided by BDO.
In early 2022, Choreo transformed into a stand-alone RIA when a group of its managers and advisors, in collaboration with private-equity firm Parthenon Capital, purchased the business from an accounting firm. Joining the BDO network aligns with Choreo's growth objectives and positions them as the preferred wealth provider to the tax professional community.
Choreo CEO Larry Miles emphasizes the significance of this acquisition, stating, "The addition of BDO USA's affiliated wealth management business is an important step in that direction."
The combined assets under management and advisement for Choreo will now reach approximately $23.2 billion. This acquisition also brings 33 new employees, including 17 advisors, to the firm. Choreo currently operates in over 40 markets across the United States.
Renowned as one of the top RIA firms, Choreo secured the 45th spot on this year's prestigious list. Acquisitions have played a crucial role in the company's growth trajectory. The recent purchase of BDO's wealth business marks the fourth successful acquisition for Choreo since its inception, with three of those deals involving the extraction of wealth management units from accounting firms.
To ensure a seamless transition, Choreo is diligently working to onboard the BDO team. Clients can rest assured that they will continue working with their existing advisors, and there will be no disruption to their financial planning or wealth-advisory services. Going forward, the BDO team will operate under the Choreo brand.