US-based integrated tax and wealth advice company Choreo has acquired assurance, tax and advisory services provider BDO USA’s affiliated wealth management business.
The financial terms of the deal were not revealed.
As part of the acquisition, Choreo will become an independent member of the BDO Alliance USA Business Resource Network (BRN).
The deal will help Choreo explore opportunities to serve BDO USA, its clients and BDO Alliance USA members and clients.
BDO USA chief operating officer Steve Ferrara said: “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.”
Through the acquisition of BDO USA’s affiliated wealth management business, Choreo will secure nearly $8.1bn in assets under management or advisement.
The deal will bring the US-based company’s total assets under management or advisement to about $23.2bn.
Choreo said that the transaction represents the fourth expansion of the company’s footprint.
Besides, the acquisition of the assurance, tax and advisory services provider’s affiliated wealth management business adds seven new locations to Choreo’s national network of more than 40 markets across the country.
Following the acquisition, BDO USA’s affiliated wealth management team will continue to serve customers through its existing locations under the Choreo brand.
Headquartered in Chicago, Choreo specialises in financial planning, estate planning, wealth management, retirement planning, retirement plan consulting, aggregated reporting, tax planning, financial advice, investment management and CPA partnership.
Choreo CEO Larry Miles said: “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.
“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.”
