BDO USA has added Lowery Asset Consulting LLC, expanding its BDO Wealth Advisors business.
Lowery is a Chicago-based investment consulting firm that provides financial planning, asset allocation, investment research, portfolio performance monitoring and risk management services. The deal is expected to close on or about Oct. 16.
BDO, like many accounting firms, has been expanding its advisory and wealth management services to help clients deal with financial planning and investments. Lowery Asset Consulting was founded in 2002. The merger will bring added expertise to BDO's wealth advisory practice in areas such as 401(k) plan sponsor investment advisory services and expands the firm’s ability to advise insurance companies, private endowments and high-net-worth individuals. Lowery Asset Consulting’s employees will relocate to BDO’s downtown Chicago office.
“Lowery Asset Consulting’s comprehensive, research-driven approach will complement BDO’s wealth advisory practice as we continue to expand our firm’s holistic approach to investment services,” said BDO USA COO Stephen Ferrara in a statement Tuesday. “Wealth advisory clients require a team that has the right resources, dedication and guidance for every step of their journey, regardless of the complexity of their situation. We are proud to welcome the professionals at Lowery Asset Consulting to our firm, and we look forward to adding their similar investment-centered culture and client-focused approach as we build our wealth management presence in Chicago.”
Financial terms of the deal were not disclosed. BDO ranked No. 7 on Accounting Today’s 2021 list of the Top 100 Firms. The firm reported over $2 billion in annual revenue for the fiscal year ending April 30, 2021. Lowery had approximately $4 million in revenue and $900 million in assets under management. In fiscal year 2021, BDO combined with nine other firms, including
"BDO USA’s proven track record of asset management experience provides a perfect home for our interdisciplinary approach to investment consulting. I’ve long admired BDO’s like-minded focus on their people, and we look forward to collaborating with partners and professionals that lead by example and live BDO’s values,” said Lowery Asset Consulting CEO William Lowery in a statement. “For nearly 20 years our firm has delivered results for leading public and private companies, nonprofit organizations, and high-net-worth as well as individual clients. In this ever-shifting tax and regulatory environment, our clients require a comprehensive approach that places investment advisors and tax advisors on the same team. We look forward to bringing our independent, open-door approach to sustainable long-term growth to the wealth advisory practice at BDO USA.”
