RIA acquirer Choreo has announced its fourth acquisition of a wealth management business, this time from accounting giant BDO.
Choreo said Wednesday in a press release that it had
The deal, which closed on Tuesday, brings Choreo's total client assets to around $23.2 billion — up from only $15.1 billion in April, according to the release. It also adds seven new locations to the firm's footprint in over 40 markets nationwide, and 33 new employees including 17 financial advisors.
The deal comes as Choreo's third acquisition from a CPA firm since private equity firm Parthenon Capital, Choreo management and its advisors
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Choreo itself, formerly known as
"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," Larry Miles, the CEO of Choreo, said in a statement in the release.
To ensure continuity of service and minimize attrition from advisors or clients of BDO's wealth unit, the incoming team will remain in place serving clients at their existing branch locations. Choreo served over 6,000 families as of April, the release said.
"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 release said.
Steve Ferrara, COO of BDO USA, said in the release that the group had chosen Choreo because of its close ties to the accounting world. "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."
