Miracle Mile Advisors, a Los Angeles–primarily based registered funding advisory agency with some $4.7 billion in managed belongings, has appointed the primary CEO in its 15-year historical past.
Bruce Milam, who beforehand spent 9 years as chief working officer for Freestone Capital Administration throughout a time when the agency tripled belongings, will oversee day-to-day operations at Miracle Mile and assist to develop and execute on a technique for the agency’s subsequent stage of progress.
Previous to Freestone, Milam was a bunch director at HBK Capital Administration, the place he constructed out the agency’s operations and expertise infrastructure.
The appointment comes on the heels of a “vital” personal fairness funding from Corsair Capital, introduced in September 2022. The stake was acquired from Service provider Funding Administration, which invested in late 2020 and backed the agency’s first 4 acquisitions. On the similar time the Corsair partnership was introduced, Miracle Mile introduced the fifth, and largest, acquisition in its historical past—Karp Capital Administration, which added $1.2 billion in consumer belongings and introduced the mixed agency to greater than $4 billion AUM and 70 staff.
“Clearly our business has been found by personal fairness and different comparable sources over the previous few years who’ve realized that consumer retention and deep relationships actually do construct the longevity of the enterprise,” mentioned Milam. “I actually assume personal fairness has embraced skilled management in a approach that maybe our business was not embracing traditionally.
“I’ve been in skilled management for many of the previous 20 years and definitely imagine what I carry to the desk matches completely with the expansion mindset that the agency has established,” he mentioned.
Milam mentioned the remainder of the management crew is remaining largely in place, together with 5 managing companions, the agency’s president and chiefs of compliance, operations and investments.
“We’re sitting at about $4.7 billion at this time with some wholesome progress objectives and I am excited to be part of that,” he mentioned. “I am excited to steer that subsequent part of the enterprise.”
That features lively recruitment, M&A and natural progress initiatives, mentioned Milam. Along with including like-minded companies, growth-minded advisors and enterprise improvement assets in present and new markets, Miracle Mile will likely be trying to set up strategic partnerships with complementary practices, resembling CPA companies, insurance coverage suppliers and others.
“Creating that outreach is a particular aim over the approaching 12 months,” mentioned Milam. “What we wish to do is give attention to the issues we do rather well and produce these in-house. After which, we wish to discover strategic partnerships for issues that we expect are higher serviced outdoors of an RIA.”
With workplaces in Los Angeles, New York, San Francisco, San Diego and Portland, Ore., the agency is concentrated on increasing in these areas but additionally open to laying down roots in new geographical areas for the appropriate agency or advisor.
Miracle Mile is hoping to draw senior advisors with books of enterprise and youthful growth-oriented advisors wanting to be taught from them, in addition to relationship managers and enterprise improvement officers that may “present amplification and depth into the market,” Milam mentioned.
“Actually, we’re open to each degree of profession advisor,” mentioned Milam. “We’re excited to discover each advisor recruitment and M&A alternatives to increase our presence. We wish to be the accomplice of selection for advisors which can be aligned with how we really feel about enterprise and our tradition.
“It is actually necessary for us although to develop thoughtfully,” he added. “Our tradition is particular, and we wish to shield that. We do not wish to dilute the tradition via progress. We wish to improve it.”