RIA firm Alternativ Wealth and tech firm Compound have merged and created a new entity called Compound Planning, a move that brings the firms' technology and wealth management services together on one platform.

By bringing the two together, the new firm will provide more for its clients, according to Christian Haigh, who founded Irvine, Calif.-based Alternativ,  but will now serve as CEO of Compound Planning, which will be based in New York City.

Compound Planning will have total assets of more than $1 billion with a staff of 50 employees and 10 financial advisors. The merger closed on Sept. 7, company officials said.

“We had the same vision, and the approach was different enough that by combining the two we’d actually have a much more robust offering for our advisors,” he said. “

The firm will merge its capabilities together to provide a client experience that will encompass the front, middle, and back office, Haigh explained.

Haigh noted that the industry often has to grapple with different technologies that often do not integrate well together, creating inefficiencies and inaccuracies. 

“What we’re designing is a fully integrated experience where you are capturing all of the client data at the beginning and using it wherever it’s needed,” he said. "The ultimate goal is a client or an advisor should only have to put their data in once.”

Compound Planning is looking to attract breakaway advisors, or advisors from other firms with established books of business. 

“Our primary audience is breakaway advisors who are looking for a better experience, a better platform to be able to offer products and services to their clients,” Haigh said. 

It is initially eyeing investors with $1 million to $10 million in net worth between the ages of 30 and 50. However, the firm plans to expand beyond that. 

“Ultimately we’re looking to also bring on the next tier of wealth as we add family office services that can support these kinds of clients,” Haigh said. 

The firm will look to expand its staff with executive hires, including a recruiter who can help bring in those breakaway advisors and a chief operation officer, according to Haigh.

Jordan Gonen, who founded Compound, said he was optimistic about the direction of the merged companies.

“With this integration and Christian’s leadership, I am extremely excited to continue improving our offering and bring our modern technology and services to many more advisors and clients,” he said in a statement.