Threshold Group, a wealth management and family services firm headquartered in Gig Harbor, Wash, and Ashbridge Investment Management, a Philadelphia-based family wealth management office, have agreed to creating a single, independent and family-owned wealth services firm for families.

The preliminary agreement, approved during September by the boards of directors at each firm, marks the beginning of a collaborative due diligence process.

A joint leadership team is working toward a future definitive agreement. Terms of the private agreement are not being disclosed.

The preliminary agreement calls for the creation of a single, family-owned firm under thebbanner of Threshold Group. Full-service offices and staff would be maintained in both Philadelphia and Gig Harbor, Washington. The combined multi-client family office would continue to focus on comprehensive investment advisory services and an integrated range of family office services, including financial and tax planning, estate planning, budget and cash flow management, wealth education and family governance.

Threshold Group’s existing office in New York City would be consolidated to Philadelphia; its office in Portland, Oregon will continue to operate as a client service site.

Ed Lazar, president of Threshold Group, said more specific details of the combined organization will be provided at the conclusion of the ongoing due diligence process.