Building a business isn’t easy, building a brand even harder. But as times change, sometimes a rebrand is the best way to position your firm for onward growth.
That’s certainty the case for $7.7 billion AUM registered investment advisor Miracle Mile Advisors, which has decided to rebrand after two decades, as it moves into the next chapter of its story following a period of significant growth.
CEO Bruce Milam says the new name – Composition Wealth – and strapline ‘Your Story Is Our Story’ gives the firm a modern and client-focused brand which wasn’t an easy decision and required careful deliberation.
“We chose Composition Wealth because it reflects what we do best; we take a holistic view of our clients' assets, goals, and financial situation to create a personalized investment plan to help them succeed,” he said. “And now as a collection of advisors and specialists across the country, our new name fits perfectly with how we serve clients. This resonates with advisors who share our client service philosophy and is why accomplished professionals continue to join us.”
The national RIA, headquartered in Los Angeles, was among the InvestmentNews Top Independent High-Net Worth Advisors in 2024, and has boosted its presence with a new office in Chicago, and another in Seattle, adding to its LA, San Francisco, San Diego, Baltimore/DC, and Portland locations.
A $194 million AUM team on the East Coast was among four advisory firm acquisitions that added more than $2 billion AUM to Miracle Mile – now Composition.
The firm has also added some weight among its senior leadership team in recent years, following strategic investment from Corsair Capital in 2022. Milam joined as CEO, industry veteran Matt Dmytryszyn joined as CIO, and Nate Angelo joined as head of wealth management.
NOTABLE REBRANDS
Transitioning to a new name is not that unusual in wealth management and the wider financial services industry.
Just recently, Cresset Partners announced its new brand identity, Peakline Partners, to help establish its independent private investments business distinct from its sister company Cresset Asset Management – and Focus Financial Partners refreshed the brand architecture for its advisory hubs under the name Focus Partners.
Last year, Cardea rebranded to Fourcore Capital, while in 2023 CI Private Wealth became Corient, Adviser Investments rebranded as RWA Wealth Partners, and Advisor Group became Osaic.
Among other industry rebrands over recent years, Wells Fargo Asset Management became Allspring Global Investments, BB&T and SunTrust Banks merged to form Truist Financial Corporation, Merrill dropped Lynch and BNY waved goodbye to Mellon.
Elsewhere, Osaic and Ameriprise each recruited family-owned practices previously affiliated with LPL and Thrivent.
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