LOS ANGELES, June 27, 2023 /PRNewswire/ — Miracle Mile Advisors (Miracle Mile), a national, award-winning, independent registered investment adviser (RIA) offering highly customized, holistic wealth management to high-net-worth clients across the nation, has appointed Bruce Milam as the firm’s first Chief Executive Officer. In his new role as CEO, Mr. Milam will oversee the firm’s day-to-day operations while driving the formulation and execution of the next stage of the firm’s growth strategy.
Consistently ranked among the industry’s fastest-growing RIAs, Miracle Mile – which has over $4.5 billion in client assets and 70 employees – has appointed Mr. Milam CEO to expand the depth of the firm’s leadership team and usher in a new era of growth.
The move follows the firm’s recent merger with Karp Capital Management and the recent growth investment from private equity firm Corsair Capital, pivotal foundation-building steps completed last year.
RIA Industry Leader to Drive Further Growth and Success
Previously, Mr. Milam worked for nearly a decade at Freestone Capital Management, an RIA based in Seattle, where he served as Chief Operating Officer. During his tenure, he led key strategic initiatives for Freestone with assets under management growing three-fold to north of $8 billion. Prior to that, Mr. Milam spent over eight years as a Director at HBK Capital Management, building out the firm’s operations and technology infrastructure while also leading teams through large-scale transformations to support efficient expansion.
“Miracle Mile’s historic growth is impressive, and the firm has the necessary pieces in place to fuel the next stage of expansion,” said Mr. Milam. “Our firm has a robust infrastructure that will serve as a springboard for scale, bolstered by a strong balance sheet, a talented management team, and a culture of holistic service that places clients at the front and center of all we do.”
Mr. Milam will focus on continuing the firm’s strong organic and inorganic track record, which includes five completed acquisitions since 2020.
“Looking ahead, we intend to elevate our investments in the firm’s talent and resources to augment organic growth as well as expand through M&A and advisor recruiting across the country. With an award-winning culture and deep pool of next-gen leadership, we are positioned to deliver significant value for potential new partners, advisors, and clients seeking an energetic and entrepreneurial organization.”
Focus on Future Financial Advisor Recruiting and Targeted M&A Activity
Miracle Mile’s integration with Karp Capital brought over valued human capital and $1.2 billion in client assets to the firm last November. This transformational merger, combined with the Corsair partnership, heralds a new and accelerated era of growth for the firm.
Leveraging the scale of the combined entity, Miracle Mile is positioned to deliver an enhanced service offering to clients, while its improved value proposition will resonate profoundly with successful and growth-oriented advisors serving a high-net-worth client base that demand best-of-breed advisory services.
“We’re enhancing our presence in the marketplace by elevating our advisor recruiting and building upon our successful history of acquisitions to position ourselves as a partner of choice with firms that are a strong fit with our business model and culture,” said Duncan Rolph, Managing Partner at Miracle Mile. “Bringing aboard a wealth management industry leader of Bruce’s caliber is just the beginning of the next phase of our firm’s vision.”
Miracle Mile will continue to aggressively invest in human capital and enhanced advisory capabilities to continue expanding their industry-leading client service infrastructure and services. The firm will balance M&A-based expansion and ongoing organic growth to maintain their award-winning culture and ensure the full integration of partner advisors and firms. The expertise from Corsair with their proven track record in financial services will support Miracle Mile as it becomes a top RIA nationwide.
About Miracle Mile Advisors
Miracle Mile Advisors is a registered investment adviser that provides dynamic financial planning and customized investment management to high-net-worth individuals, families, business owners, and institutions nationwide. Miracle Mile’s financial professionals offer best-in-class guidance, advice, and technology to support their clients’ goals and have received multiple industry awards from organizations including Barron’s, Financial Times, Forbes, and InvestmentNews.
Founded in 2007 and headquartered in Los Angeles, the firm also has offices across the country in San Francisco, New York, Chicago, and Portland, OR. For more information, please visit https://miraclemileadvisors.com/.
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SOURCE Miracle Mile Advisors
