Choreo: Platform Profile

Overview

Choreo is an SEC-registered investment adviser providing investment management, financial planning, reporting and consulting services.

Current legal identity:

• Investment adviser: Choreo, LLC
• CRD: 111221
• SEC number: 801-57236
• Former name: RSM US Wealth Management LLC
• Former name change date: 2022-02-18

The current fee/minimum combination is more nuanced than a simple "$1 million minimum" label.

Current 2026 brochure:

• Requested investable assets: $1,000,000
• Requested threshold is required: No
• Annual minimum fee: $8,000
• General asset based fee ceiling: generally not more than 1.50% unless otherwise agreed

Choreo can waive or reduce the annual minimum, accept clients below $1 million and combine qualifying related household account values.

May fit better for

• households near or above $1 million of investable assets;
• clients seeking investment management plus planning;
• business owners and entrepreneurs;
• clients seeking tax-aware coordination with CPAs and attorneys;
• investors needing held-away account management;
• clients using SMAs or independent managers;
• eligible investors considering private or alternative investments.

May fit less well for

• small accounts for which an $8,000 minimum fee creates a high effective percentage;
• investors seeking a low-cost automated-only robo;
• users who want a fixed universal rate;
• clients who want no third-party manager costs;
• investors who need daily liquidity from every private investment;
• clients who assume every investment recommendation is made inside a Choreo-managed fund.

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Choreo, LLC is the current adviser

Current disclosure:

• Investment adviser: Choreo, LLC
• CRD: 111221
• SEC number: 801-57236

Before February 18, 2022, the firm was named RSM US Wealth Management LLC.

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The $1 million figure is requested, not required

Current March 25, 2026 Part 2A states:

• Requested investable assets: $1,000,000
• Requested threshold is required: No

Choreo can:

• accept a new client below $1 million;
• waive or reduce the annual minimum;
• combine related household account values.

Choreo minimum = $1 million

without the requested-not-required qualifier.

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The ordinary annual minimum fee is $8,000

Current brochure:

• Annual minimum fee: $8,000
• Minimum fee waivable or reducible: Yes

$500,000 accepted relationship

$8,000 ÷ $500,000 = 1.60%

The example shows the impact of the minimum.

It does not state that Choreo routinely accepts $500,000 clients or charges exactly 1.60%.

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Asset-based rates generally do not exceed 1.50%

Current brochure:

• General asset based fee ceiling: 1.50%
• Ceiling has unless otherwise agreed language: Yes

Choreo can use:

• tiered schedules;
• flat asset-based percentages;
• fixed fees for specified consulting work.

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Cash can remain in the advisory fee base

Current brochure states that, unless otherwise agreed in writing:

• Cash in AUM fee base: Yes
• Cash equivalents in AUM fee base: Yes

A portfolio can temporarily hold substantial cash.

The advisory fee can therefore apply while a portion of the portfolio is not invested in market-risk assets.

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Securities-backed borrowing does not reduce the Choreo fee

Current disclosure states Choreo does not offset or reduce the investment-advisory fee because a client enters into a securities-backed line of credit.

Borrowing against portfolio assets adds leverage and liquidation risk.

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SMA fees can be additional

Choreo can recommend or retain separate-account managers.

Depending on the arrangement, the SMA manager can:

• receive part of Choreo's fee; or
• charge its fee directly to the client.

The SMA manager's own ADV controls its fee and strategy terms.

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Wealth Management Consulting has separate hourly pricing

Current brochure:

• Wealth management consulting hourly range: $100-$600/hour
• Fixed consulting fee possible: Yes

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OCIO is a separate institutional/complex-service lane

Current brochure disclosures show:

• OCIO flat annual fee range: $15,000-$1,000,000
• OCIO setup fee range: $5,000-$100,000

These are not ordinary personal wealth-management fees.

Keep them separate.

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Ordinary Choreo accounts do not pay Choreo performance fees

Current brochure:

• Performance based compensation charged by Choreo: No

But Choreo can recommend products that charge performance compensation, including products managed by affiliates or investments in which advisers have a material interest.

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Affiliated investment vehicles create a conflict

Choreo is majority-owned through investment vehicles managed by Parthenon Capital Partners affiliates.

Current brochure says Choreo does not currently anticipate offering those ownership vehicles to clients.

It also states that, if appropriate in the future, Choreo may recommend affiliated investment vehicles.

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Private vehicles can have limited liquidity

Current brochure states affiliated or other private investment vehicles can charge additional:

• management fees;
• performance compensation;
• expenses.

They can also provide limited or no liquidity.

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Choreo does not physically hold ordinary client securities

Current brochure:

• Third party custody: Yes
• Choreo physically custodies ordinary client assets: No

Current custody references include Fidelity and Schwab for applicable accounts.

Assessment

Choreo's $1 million figure should not be treated as a hard minimum.

The current brochure explicitly says the firm requests but does not require that amount.

The stronger economic threshold is the $8,000 minimum annual fee.

The fee analysis also needs to include:

• possible SMA-manager costs;
• private-fund expenses;
• billable cash;
• borrowing-related fee-base effects;
• separately priced consulting.