Choreo announced last week that it has launched the Choreo Partner Alliance, a program intended to provide CPA clients with access to wealth management services, with tax professionals able to earn compensation for referring prospects to the firm.
“Choreo is well-suited to offer this program,” said Larry Miles, Choreo’s CEO. “Having been associated with one of the nation’s largest accounting firms for more than two decades, our advisors—many of whom are CPAs themselves—have a passion for delivering a comprehensive tax and financial planning experience to their clients.”
Choreo is the former wealth management unit of RSM US LLP, a prominent audit, tax and consulting service provider. Backed by Parthenon Capital, it was created last year when a group of RSM advisors and current Choreo management purchased it from RSM and took the firm independent. The firm manages about $14.8 billion in assets under management or advisement.
The company said the alliance will allow “CPAs to partner with a Choreo advisor to better serve clients who have unaddressed or complex wealth management needs,” including estate planning, business exit planning and investment management. Also, Choreo said participating CPAs can access the firm’s marketing and technology platforms.
Beyond that, CPAs can earn compensation by referring their clients to Choreo. The company declined to provide specifics, but Miles told Digital Wealth News in an email that the fees will be “very competitive.”
“The Choreo Partner Alliance involves building integrated relationships with CPAs and working hard together to deliver great outcomes for our mutual clients,” he said. “As part of that joint effort, Choreo will provide revenue sharing compensation to participating CPA firms, and while we’re choosing not to make those details public, I can assure you that the numbers are very competitive with other revenue sharing programs across the industry.”
