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 U.S. had $12 billion in assets under management and assets under advisement, as of Nov. 30 across 4,000 clients. Choreo will launch with 140 employees, including 51 CFPs. A spokeswoman for RSM said the firm decided to shed its wealth business to focus on its core audit, tax and consulting business lines.
“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.”
Miles’ former employer Freestone has not hired a replacement for his position.
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. Greg Blair, former chief information officer at OneDigital, joins as chief information officer.
“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.