Fee-Based RIA Of The Year: Miracle Mile, SEIA And Sowell Management

WSR Names Miracle Mile, Signature Estate & Investment Advisors And Sowell Management As Fee-Based RIAs Of The Year

The WSR Wealth Exemplar Awards for Fee-Based RIA of the Year go to the top three SEC-registered RIA firms that focus primarily on fee-based solutions for clients, working through either W-2 or independent financial advisors, or both.

Miracle Mile Advisors

Bruce Milam, CEO, Miracle Mile Advisors
Bruce Milam, CEO, Miracle Mile Advisors

Achieving a 30% growth rate over the past five years, Los Angeles-based Miracle Mile Advisors, with 26 advisors and $5 billion in assets, serves high net worth individuals, families, institutions and business owners. In addition to its Los Angeles headquarters, the firm has offices in San Francisco, New York, Chicago, San Diego, and Portland, Oregon.

In September 2022, the firm simultaneously announced a merger with San Francisco-based Karp Capital Management, with over $1.2 billion in assets, and an investment from private equity firm Corsair Capital. Miracle Mile named its first CEO, Bruce Milam, in June 2023 and appointed Nate Angelo as Head of Wealth Management in July of that year. Founded in 2007, the firm has approximately 70 employees.

Signature Estate & Investment Advisors

Brian D. Holmes, President & CEO, Signature Estate & Investment Advisors
Brian D. Holmes, President & CEO, Signature Estate & Investment Advisors

Founded by four partners in 1997, Signature Estate & Investment Advisors (SEIA) now has 14 partners, over 50 advisors and more than 140 employees. With its affiliates, SEIA has $17.6 billion in assets under advisement (AUA) as of Sept. 30, 2023. In the past few years, SEIA has received recognition from numerous sources, including being listed for two years in a row in Barron’s Top 100 RIAs.

Headquartered in Century City, California, SEIA has 15 offices nationwide. The firm launched a broker-dealer, Signature Estate Securities (SES), on Sept. 1, 2023, allowing advisors direct access to offer annuities, life insurance, 529 plans and mutual funds.

The firm supports children in need and their families through the SEIA Signature Fund for Giving, which supports Southern California youth and backs national causes through fundraising, in-kind donations and employee volunteer programs. Since its launch in 2011, the fund has raised over $1 million for charities including A Place Called Home, Richstone Family Center, Children’s Hospital of Orange County and Second Story.

Sowell Management

Bill Sowell, CEO, Sowell Management
Bill Sowell, CEO, Sowell Management

Founded in 2001 by Bill and Cindy Sowell, as an RIA platform built specifically for the needs of independent fee-based advisors, privately held North Little Rock, Arkansas-based Sowell Management serves 91 advisors as well as RIA firms, with over $4 billion in assets under management or advisement.

The firm provides solutions for wirehouse breakaways, succession planning, growth and business operations, through both IAR and RIA affiliation models. Services include transition support, billing, operations management, marketing, asset management, technology and compliance.

In May, Sowell announced the onboarding of eight advisors and two RIAs in Arkansas, Colorado, Maryland, New York, Oklahoma, Pennsylvania and Texas. In July, the firm appointed Maggie Junior as Director of Advisor Solutions and Training. The firm also launched an alternative investment platform last year, and this year plans to launch an insurance services platform.

James Miller, Contributing Editor & Research Analyst at Wealth Solutions Report, can be reached at ContributingEd@wealthsolutionsreport.com.

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