Modera Wealth Management, a US-based wealth management firm, has merged with an independent advisory firm, Joseph Capital Management (JCM).

The merged firm will have more $1.5 billion in assets under management (AuM) and the collaboration will brings Modera’s total number of principals to nine.

The merger of JCM will boost Modera’s AUM by $176 million.

Following the merger, John Ceparano, founder of Joseph Capital Management, Sally Long, JCM wealth manager and Michael Tringali will join Modera as a principal and JCM will operate under the Modera brand.

Through this merger, Modera is seeking to upgrade its technology and facility structure as well as develop a formalized executive structure by end of this year.

In addition, Modera is also planning to open other offices along the Eastern Seaboard and is also considering opportunistic mergers or acquisitions in the region.

The merged firm will have a team of 43 employees, including 28 financial professionals.

Ceparano said: "We started collaborating before the merger as like-minded people committed to using the best qualities of both firms, and continued from there."

"The fact that Modera had already been through a successful merger, had established best practices and proven to be collaborative in nature meant a lot to me," added Long.