Correct, but the shop doing the balancing should have mentioned a bent rim or rim runout. The reason I asked if the wheels were balanced on or off the car is that sometimes the center of a wheel will be tight on a hub and prevent good seating; this will show up if the wheels are balanced on-car as a wobble but won't show up if the wheels are balanced off-car.

Since the brake system is new and aftermarket, checking runout on the rotors themselves would be a good idea.