Two south east Michigan wealth managers, Planning Alternatives and Oakland Wealth Management, have announced their merger.

The enlarged firm will trade under the name Planning Alternatives. Nathan Mersereau, the former president and chief compliance officer at Oakland, has been named managing partner. Planning Alternatives’ principals Edwin Shaw and William Vanover retain their founding partner titles.

"Both firms had common cultures, target markets and core value. Synergies will be significant," Mr Mersereau told WealthBriefing of the merger.

"Oakland Wealth was in rapid growth mode, Planning Alternatives was well established and had infrastructure in place to support growth. The clients will have access to a broader scope of services and have more confidence that their investment advisory firm will be sustainable for the long term," he added.

The expanded Planning Alternatives now has approximately $375 million under advisement and caters to clients in 26 states. Messrs Shaw and Vanover launched Planning Alternatives in 1982, while Mr Mersereau established Oakland Wealth Management in 2004.