Choreo will join the BDO Alliance USA Business Resource Network (BRN) as an independent member, providing it with chances to assist BDO USA, its clients, and customers of BDO Alliance USA.
The deal came to an end on 31 October, although the transaction’s terms were not made public.
With the addition of over $8.1bn in assets under management (AUM) or advisement (AUA) to Choreo, this purchase marks the company’s fourth geographic expansion and raises its overall AUM/AUA to roughly $23.2bn.
Also, Choreo’s expanding national network of over 40 markets nationwide now includes seven new sites as a result of the acquisition.
“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 fulfilment for our clients and their communities.”
Steve Ferrara, COO of BDO USA commented: “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. 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.”
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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 committed to facilitating a seamless transition for the clients and associated wealth management staff of BDO USA.
Furthermore, the same wealth advising, and financial planning services will be provided to clients by the same familiar and trustworthy personnel.
After closing, BDO USA’s associated wealth management team will stay operational to service customers through its current locations under the Choreo brand.