Season 1 | Episode 3
Choreo’s Vision for a Century-Long Legacy
In the latest episode of the Growth Leaders of Wealth Management podcast, we delved deep into the strategies and vision of Choreo, a firm making waves and turning heads with their remarkably successful integration of wealth management and accounting. Led by CEO Larry Miles, Choreo has embarked on a journey of growth marked by the strategic acquisition of RSM's US Wealth Management practice and a robust partnership program with CPA firms.
Choreo has a clear mission: to be the preferred wealth management provider for the tax professional community. This vision is rooted in their commitment to integrating services and leveraging technology to provide comprehensive financial solutions. The acquisition of RSM's US Wealth Management practice in 2022 was a significant milestone, propelling Choreo’s growth and solidifying their presence in the industry. With nearly $25 billion in assets, 42 locations, and over 120 advisors, Choreo has established itself as a formidable player in the wealth management space.
A cornerstone of Choreo’s success is its four-pillar partnership program with CPA firms. This program focuses on equity, revenue share, real estate proximity, and education. By offering equity, Choreo ensures that its CPA partners are invested in the firm's success. The revenue share model fosters a sense of collaboration, as both parties benefit from the client's financial journey. Real estate proximity allows for seamless collaboration, with Choreo advisors often co-located within CPA firm offices. Finally, the education pillar emphasizes the importance of financial literacy, providing training for CPA firm employees at all levels.
Choreo’s focus on nurturing existing client relationships stands out from other financial services firms. Miles emphasized the importance of taking exceptional care of current clients, as this not only ensures their loyalty but also encourages client referrals. Choreo’s approach to client care is comprehensive, addressing all aspects of their financial needs and maintaining open lines of communication. By making clients aware of the full range of services offered, Choreo enhances its value proposition and fosters long-term relationships.
Client referrals are another key growth channel for Choreo. As Miles pointed out, many clients are unaware that their financial advisor is looking to grow their business. By educating clients about the services offered and the value of referrals, Choreo taps into a powerful source of new business. This approach is complemented by strategic CPA partnerships, which play a crucial role in driving success. Building trust with CPAs is essential, as they are discerning consumers who need to be confident in the value that Choreo can offer their clients.
Navigating the regulatory landscape is a complex challenge for firms integrating wealth management and accounting. David Winslow, a partner and senior wealth advisor at Choreo, highlighted the impact of SEC independence rules on accounting firms. These regulations create inherent conflicts, making it difficult for firms to sustain both practices. Choreo's solution lies in fostering value alignment and understanding the core values of both CPAs and financial advisors. This alignment is crucial for building strong, collaborative relationships that benefit clients.
Branding and marketing are also central to Choreo's strategy. Marissa Fox-Foley, Chief Marketing and Communications Officer, discussed the importance of respecting RSM US Wealth Management's legacy while creating a new identity for Choreo. This involves a customer-centric marketing approach, with significant investments in technology and digital tools to enhance the client experience. By involving advisors in the co-creation of the value proposition and go-to-market strategy, Choreo ensures that its marketing efforts are relevant and effective.
Flexibility and adaptability are key in Choreo’s marketing strategy. Fox-Foley emphasized the need to embrace feedback from advisors and clients, creating an open feedback loop that informs marketing initiatives. This approach allows Choreo to stay agile and responsive to the needs of their clients, ensuring that their marketing efforts remain client-focused. The integration of digital and in-person engagements, along with local support, further strengthens their marketing strategy.
Looking ahead, Choreo has ambitious plans for growth. With a $10 million investment in marketing and technology, the firm aims to enhance the client experience and build a 100-year business. This long-term vision is rooted in making decisions that benefit not only Choreo but also its clients and communities. By focusing on partnerships, client-centric growth strategies, and the integration of wealth management and accounting, Choreo is well-positioned to achieve its goals.
Choreo is setting a new standard in the wealth management industry by seamlessly integrating wealth management and accounting services. Its innovative partnership program with CPA firms, focus on client care, and strategic marketing initiatives are driving their impressive growth. As they continue to navigate the regulatory landscape and invest in technology, Choreo's vision of building a 100-year business is becoming a reality.
Connect with us:
- Meg Carpenter on Linkedin
- Larry Miles on LinkedIn
- David Winslow on LinkedIn
- Marci Spivey on LinkedIn
- Marissa Fox-Foley on LinkedIn
About Ficomm Partners
Ficomm Partners is the embedded growth partner for results-driven RIAs, and wealth management platforms. With a track record of helping over 250 clients achieve their growth goals, Ficomm understands that while industry patterns may repeat, each firm's growth challenges are unique. Ficomm prioritizes strategy and finds the most impactful ways to move you toward your goals. We align all your marketing activities with your business objectives, acting as your dedicated growth partner with our human-first approach, strategy-first methodology, and unrivaled team of industry marketing experts.