Choreo, a Chicago-based registered investment advisor, is acquiring the wealth management business of accounting firm BDO USA, which oversees roughly $8.1 billion in assets under advisement or management, the firm announced Wednesday.
The transaction closed Tuesday, the firm announced; terms were not disclosed.
Choreo also announced that it is joining the BDO Alliance USA Business Resource Network as an independent member, which will provide it with opportunities to serve BDO USA, its clients and other 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,” Larry Miles, CEO of Choreo, said in a statement. “Our membership in [BDO’s Business Resource Network] 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.”
Thirty-three employees will join Choreo from BDO, including 17 advisors. The deal also adds seven locations to Choreo’s nationwide network.
“Joining Choreo is an exciting opportunity to enhance the client experience and provide even more opportunities for our colleagues across the country,” Mark Biegel, president of the BDO USA wealth management business, said in the statement.
With the addition of the BDO unit, Choreo now oversees approximately $23.2 billion in client assets.
This is Choreo’s fourth acquisition since 2022, when its management team and a group of its advisors, along with private equity firm Parthenon, purchased the firm from accounting company RSM US. Previous deals include the purchases of $1 billion Cherry Bekaert Wealth Management and $1.8 billion Enso Wealth.
Rajesh Markan earlier this year pleaded guilty to one count of criminal fraud related to his sale of fake investments to 10 clients totaling $2.9 million.
From building trust to steering through emotions and responding to client challenges, new advisors need human skills to shape the future of the advice industry.
"The outcome is correct, but it's disappointing that FINRA had ample opportunity to investigate the merits of clients' allegations in these claims, including the testimony in the three investor arbitrations with hearings," Jeff Erez, a plaintiff's attorney representing a large portion of the Stifel clients, said.
Chair also praised the passage of stablecoin legislation this week.
Maridea Wealth Management's deal in Chicago, Illinois is its first after securing a strategic investment in April.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
