Private equity firm Parthenon Capital, the former owner of Allworth Financial, announced plans this week to buy accounting firm RSM’s wealth management business and rename it Choreo. The firm has tapped Larry Miles, who joined Freestone Capital Management as CEO and president a year ago, as CEO of the newly rebranded firm.
RSM wealth management’s 90 advisors managed about $7.5 billion in client assets, according to its October 2021 Form ADV.
“We’re eager to take the company to the next level by investing in the team, technology, recruiting and marketing, as well as expanding into new markets organically and through acquisitions,” said Miles, former principal at Steve Lockshin’s AdvicePeriod, in a statement. “We look forward to building upon the culture that has contributed to a strong wealth management team, and we’re excited to drive growth that will create new opportunities for our professionals and unlock added value for clients.”
Terms of the deal, expected to close on or about Feb. 18, were not disclosed.
Dave Scudder, RSM US Wealth Management’s national leader, will become Choreo’s executive vice president of strategic partnerships. Jonathan Row, the former head of human resources at AdvicePeriod, has been named vice president of human capital. David English, former chief financial officer at Periscope Holdings, a SaaS software company owned by Parthenon, will serve as CFO of Choreo, according to LinkedIn.
“Our colors are new but the team remains the same, with over 20 years of continuous service and a coast-to-coast footprint of 24 offices and counting,” Choreo’s website states. “Empowered by technology. Inspired by equality. We are here to serve you beyond what’s expected in our current cities and across the country.”
RSM’s wealth management clients will continue to work with the same advisors they worked with previously, and they’ll still have access to tax and other services from RSM US.
Parthenon has made several investments in the wealth management space, including independent broker/dealer HD Vest (now part of Avantax), Allworth, custodian Millennium Trust Company, and EdgeCo Holdings.