BDO Sells Off Wealth Management Business

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Chicago-based investment adviser Choreo LLC has acquired the affiliated wealth management business of Chicago-based IPA 100 firm BDO USA (FY23 net revenue of $2.8 billion).

“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,” says 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.”

Choreo will also 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.

“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,” adds 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.”

This is Choreo’s latest of several wealth management acquisitions in the CPA space. Late last year, the firm acquired practices from Charlotte, N.C.-based IPA 200 firm GreerWalker LLP and Richmond, Va.-based IPA 100 firm Cherry Bekaert.

 

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