Leading independent RIA Miracle Mile Advisors announced its latest steps to broaden its market reach and enhance its holistic wealth management offerings.
The Los Angeles-based firm welcomed two new practices, Baltimore-based Caplan Financial Group and Chicago-based Advisory Partners, adding a combined $600 million in client assets to its registered investment advisor network.
“We continue to attract high-performing advisors with sophisticated clientele who recognize our dynamic culture, best-in-class offerings, and advisor-centric support," Bruce Milam, CEO of Miracle Mile Advisors, said in a statement.
Both firms are expected to benefit from Miracle Mile’s ownership model, which grants incoming partners Class A shares – effectively aligning their interests with those of the firm’s leadership and its private equity partner, Corsair Capital.
“The way we set up our equity ensures that all stakeholders have the same significant vested interest in our continued success and growth,” Milam said.
Caplan Financial Group manages about $350 million and has built its reputation on serving high-net-worth individuals with bespoke financial guidance. Its client base includes many long-running relationships stretching back more than 20 years, said founder Mitch Caplan.
“Joining Miracle Mile allows us to provide our clients with a broader and more sophisticated platform for their planning and investment needs," Caplan said. "We’ve always prioritized objective and honest advice, and Miracle Mile’s team shares these core values.”
Meanwhile, Advisory Partners, with approximately $250 million under management, specializes in a family office approach catering to the unique needs of ultra-high-net-worth clients.
In an effort to support its existing advisors' growth and bring in new advisory teams, Miracle Mile is also continuing to innovate its service offerings, according to Nate Angelo, head of wealth management at Miracle Mile.
"We’re constantly expanding our offerings – including our estate, financial, and tax planning capabilities," said Angelo, who joined Miracle Mile shortly after Milam's appointment late last year.
"We’re looking forward to supporting all our financial professionals and continuing to share the Miracle Mile story with other advisors seeking to maximize their growth efforts," Angelo said.
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