Chicago-based registered investment advisor Choreo is broadening its pre-IPO wealth management focus to include employees of artificial intelligence firms OpenAI and Anthropic, following a successful engagement with a cohort of SpaceX workers. The firm, which oversees more than $28 billion in client assets, has already secured a group of 100 current and former SpaceX employees as clients amid the company's historic initial public offering valued at $1.77 trillion, according to a Bloomberg report.
Choreo CEO Jason Van de Loo told InvestmentNews that the firm is now expanding conversations to employees of other pre-IPO companies, including Anthropic and OpenAI. “We continue to see momentum after the IPO. We have a cohort of several hundred individuals that we have had conversations with, including SpaceX alumni and current employees, and we're now expanding those conversations into employees of other pre-IPO firms,” he said. The SpaceX employee group reportedly negotiated an annual management fee of under 0.5% from Choreo, competing with other RIAs such as Creative Planning and Corient.
Choreo's strategy leverages its roots in public accounting, a legacy from its acquisition of the wealth management arm of CPA firm RSM US in 2022, backed by private equity firm Parthenon Capital. Van de Loo emphasized that the firm's expertise in pre- and post-transaction planning, concentrated positions, and tax complications makes it well-suited for employees navigating IPOs. “We feel like we're in a really unique position, given our roots in public accounting, that we've dealt with pre-transaction and post-transaction planning for years,” he said.
The firm has added $2 billion in assets under management through acquisitions this year, most recently announcing the purchase of Resource Financial Group, a $700 million Illinois-based RIA. This growth underscores Choreo's aggressive expansion strategy as it targets the burgeoning wealth of tech employees. Both Anthropic and OpenAI have filed paperwork with the SEC for planned IPOs, with potential valuations around $1 trillion each. The New York Times has reported that OpenAI is leaning toward waiting until 2027 to go public, while Anthropic has targeted an IPO as early as October 2025.
Van de Loo noted that AI is increasingly influencing client behavior, with tech-savvy employees using tools like Claude and ChatGPT to prepare for advisor meetings. “These are highly educated tech-savvy individuals whose first instinct might be to take their situation to prompt Claude or ChatGPT, and then bring the answers to an advisor for a second opinion,” he said. Choreo emphasizes multi-year planning beyond the IPO transaction, including tax strategy, estate planning, charitable giving, concentrated stock risk, and career decisions.
The firm's approach has led to what Van de Loo describes as a “three-way dialogue” between clients, AI tools, and advisors. “We have individuals bringing Claude into the conversation with our advisors,” he said. “I think it's been fun for us. We're seeing the next generation of investor behavior, and it's helping us learn and be sharper about how we adapt our own experience.”
Choreo's expansion into the AI sector comes as the wealth management industry increasingly focuses on pre-IPO planning. The firm's success with SpaceX employees has provided a template for targeting similar cohorts at other high-profile private companies. As more tech firms approach public offerings, RIAs like Choreo are positioning themselves to capture the complex financial needs of newly liquid employees.
For advisors, the trend highlights the importance of specialized expertise in tax and estate planning for concentrated wealth. Choreo's accounting background gives it a competitive edge, but other firms are also vying for this lucrative clientele. The firm's ability to scale its services across multiple pre-IPO companies will be a key test of its growth strategy in the coming years.
