Miracle Mile Hires First CEO, Aims At Aggressive Growth

Michael Madden, Contributing Editor & Research Analyst, Wealth Solutions Report

Los Angeles-Based RIA With Corsair Private Equity Backing Appoints Bruce Milam As CEO To Further Organic And Inorganic Growth Strategy

Los Angeles-based RIA Miracle Mile Advisors appointed Bruce Milam as its first CEO with responsibility for the firm’s day-to-day operations, expanding the firm’s leadership team and the formulation and execution of the next stage of its growth strategy. With over $4.5 billion in client assets and 70 employees, the firm recently merged with Karp Capital Management and received private equity investment from Corsair Capital.

Bruce Milam, CEO, Miracle Mile Advisors

Milam previously served as COO at Seattle-based Freestone Capital Management, where he led the firm to a threefold growth in assets under management to over $8 billion. Prior to Freestone, Milam served as a Director at HBK Capital Management, with a focus on building out the firm’s technology and operations infrastructure.

“Miracle Mile’s historic growth is impressive, and the firm has the necessary pieces in place to fuel the next stage of expansion,” said 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.”

Miracle Mile completed five acquisitions since 2020 and its merger with Karp in November 2022 brought $1.2 billion in client assets. Founded in 2007, the firm serves a high net worth, nationwide clientele including individuals, business owners, families and institutions out of its Los Angeles headquarters, as well as offices in New York, San Francisco, Chicago and Portland, Oregon.

Milam continued, “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.”

Duncan Rolph, Managing Partner, Miracle Mile Advisors

The firm plans to continue aggressive expansion both organically and inorganically, including investment in human capital and enhancing its advisory service capabilities and infrastructure. Corsair will provide expertise to support Miracle Mile’s growth plans.

Duncan Rolph, Managing Partner at Miracle Mile, said, “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. Bringing aboard a wealth management industry leader of Bruce’s caliber is just the beginning of the next phase of our firm’s vision.”

Michael Madden, Contributing Editor and Research Analyst at Wealth Solutions Report, can be reached at mmadden@wealthsolutionsreport.com.

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