Aspiriant, a wealth manager that set off on an ambitious growth plan when it was formed more than two years ago, has agreed to acquire Deloitte Investment Advisors LLC, the companies announced.

Under the deal, Aspiriant Investment Advisors, a subsidiary of Aspiriant, will acquire Deloitte Investment Advisors (DIA), a fee-only RIA owned by Deloitte Tax LLP and one of the member companies of international financial services giant Deloitte Touche Tohmatsu.

DIA, founded in 1998, has about 40 professionals and provides investment advisory services to individuals and institutional investors, according to Aspiriant. It has about $2.9 billion in assets under advisement for more than 450 clients.

The acquisition will give Aspiriant-based in Los Angeles and San Francisco-about 800 clients through eight offices in the U.S. The combined firm will have more than $7 billion in assets under management and advisement.

Aspiriant was founded in January 2008 when Kochis Fitz in San Francisco merged with Quintile Wealth Management in Los Angeles. At the time of the merger, the firm set a five-year goal of growing to $15 billion in assets under management (later reduced to $12 billion due to the national financial crisis).

"This acquisition is another step in our long-term growth strategy to ensure that Aspiriant remains a leading independent wealth management firm that is well-positioned to serve the needs of wealthy families for generations to come," said Rob Francais, chief executive officer of Aspiriant.  "The employees at Aspiriant and DIA share the same high standards and values; we are truly cut from the same cloth, and we welcome this exceptionally skilled team to Aspiriant."

Deloitte Tax decided to sell the business after "a review of strategic opportunities for the business and an analysis of regulatory considerations," according to the press release.

"We determined that divesting Deloitte Investment Advisors is in the best interest of DIA, our professionals and our clients," said Chet Wood, chairman and chief executive officer of Deloitte Tax LLP. "As part of the Aspiriant organization, the business will have greater latitude for growth through offering additional services and pursuing its own marketplace interests."