Accounting firms Clifton Gunderson and LarsonAllen are merging to become one of the top ten companies of their type in the US in terms of size, providing services including wealth management.

Pending final approvals, the merger will take effect on 2 January next year carrying the name of CliftonLarsonAllen, with combined revenues of more than $500 million and 3,600 professionals, including more than 500 partners.

The firm will operate from 25 states and Washington, DC.

CLA will have a national wealth management practice positioned as one of the top three in the accounting profession, with nearly $3 billion in assets under management, it said. The combined firm will boast a $50 million industry-specialized outsourcing practice to help clients meet their financial, tax regulatory compliance and reporting responsibilities.

The new firm will be built around a holding company and three entities: CLA LLP, CLA Wealth Advisory and CLA Outsourcing.