Participation in a wealth management company based in the South East with approximately $1 billion in assets further expands the company’s footprint
Cherry Bekaert Advisory LLC and Choreo enter into a strategic partnership
CHICAGO, November 16, 2022 /PRNewswire/ — Choreo, LLC (Choreo) today announced that it has entered into an agreement to acquire Cherry Bekaert Wealth Management LLC (CBWM), an affiliate of Cherry Bekaert Advisory LLC. In addition to the acquisition, Choreo and Cherry Bekaert Advisory LLC will establish a strategic relationship that will allow the two companies to combine their resources and align go-to-market and acquisition opportunities to further accelerate the growth of their respective activities.
With about $1 billion in assets under management and advice, CBWM represents an expansion of Choreo’s footprint in the Southeast and increases the firm’s total assets under management and advice to approximately $14.5 billion1. The transaction is expected to close by the end of the year, subject to the satisfaction of customary conditions. Terms of the transaction were not disclosed.
“This is just the beginning of our partnership with Cherry Bekaert,” said Larry Miles, CEO of Choreo. “Our two firms live at the intersection of wealth, financial, tax and estate planning. Together, we believe we can do an even better job of choreographing the lives of our clients. We are excited to welcome our new teammates. “
Michael ThompsonCEO of Cherry Bekaert Advisory LLC, added: “Cherry Bekaert Wealth Management is delighted to join Choreo and increase its investments in technology, recruitment and operations. We look forward to our strategic relationship with Choreo and are excited to facilitate growth that will create new opportunities for our professionals and their clients.”
Choreo is committed to ensuring a smooth transition for the wealth management team and CBWM clients. Clients will continue to work with the professionals they know and trust, receiving the same financial planning and wealth management services.
“We are extremely proud of our wealth management team and their accomplishments,” said Brooks Nelson, interim CEO of CBWM. “We believe the combination of experienced executive leadership and wealth management acumen that both companies share positions us to be strong going forward to serve our customers and our communities.”
This announcement represents the second acquisition by Choreo since Parthenon Capital, along with Choreo’s management and advisors, purchased the company from one of the nation’s largest CPA and professional services firms in February 2022.
1 Approximate number after closing; also includes assets related to another previously announced acquisition which is expected to add $1.8 billion in assets under management. From April 30, 2022, $9.5 billion constitute Choreo’s regulatory assets under management, to which are added a $2.3 billion in assets under advice relating to client holdings for which we provide aggregate reporting, financial planning, wealth management advice, pension advisory and consulting services and/or similar services. From April 30, 2022CBWM said it manages approximately $558 million on a discretionary basis and $10.8M on a non-discretionary basis, with approximately $435 million in additional assets under advisement September 30, 2022.
About Choreo, LLC
Choreo is an independent company whose objective is to redefine the place of RIA in the wealth management advisory sector. Passionate about improving the well-being of clients, their families and their communities, Choreo operates from 28 locations across the country. Choreo’s experienced advisors define, design and build solutions for their clients’ financial and related needs so they can focus on what matters most to them. Originally launched more than 20 years ago as a subsidiary of one of the nation’s largest CPA and professional services firms, Choreo serves more than 3,600 families with approximately $11.8 billion assets under management or advice (at April 2022). For more information, visit choréoconseillers.com.
Choreo, LLC is a privately held company that provides investment advisory, financial planning, and other wealth management services to individuals and businesses. Choreo, LLC is an SEC-registered investment adviser. Registration as an investment adviser does not imply any competence of the asset manager and/or its advisers.
About Cherry Bekaert
Cherry Bekaert, ranked among the largest insurance, tax and advisory firms in the United States, serves clients from all industries in all 50 U.S. states and internationally. “Cherry Bekaert” is the brand name under which Cherry Bekaert LLP and Cherry Bekaert Advisory LLC, independent entities, provide professional services in an alternative practice structure in accordance with applicable professional standards. Cherry Bekaert LLP is a licensed CPA firm that provides advisory services. attestation, and Cherry Bekaert Advisory LLC and its affiliates provide business advisory and non-attestation services covering the areas of transaction advisory, risk and accounting advisory, digital solutions, cybersecurity, strategic finance and tax. For more than 75 years, global corporations, private enterprises and the public sector have relied on Cherry Bekaert to guide them forward. We exercise a deliberate curiosity to learn about our clients’ industries and work collaboratively to create shared success. Cherry Bekaert LLP and Cherry Bekaert Advisory LLC are members of Allinial Global, a global accounting and business advisory association. For more information, visit cbh.com.
About Cherry Bekaert Wealth Management
Cherry Bekaert Wealth Management, LLC is registered as an investment advisory firm and wholly owned by accounting firm Cherry Bekaert LLP. From April 30, 2022the company has served high net worth individuals and retirement plans with approximately $1 billion under management or advice. CBWM offers its clients (individuals, high net worth individuals, pension and incentive plans, charities, etc.) portfolio management services, financial planning services, investment advisory monitoring services, 1031 Like-Kind Exchange counseling and retirement services. plan services. For more information, visit cbhwealth.com.
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SOURCE Choreo, LLC