Miracle Mile Advisors, a Los Angeles–based registered investment advisory firm with some $4.7 billion in managed assets, has appointed the first CEO in its 15-year history.
Bruce Milam, who previously spent nine years as chief operating officer for Freestone Capital Management during a time when the firm tripled assets, will oversee day-to-day operations at Miracle Mile and help to develop and execute on a strategy for the firm’s next stage of growth.
Prior to Freestone, Milam was a group director at HBK Capital Management, where he built out the firm’s operations and technology infrastructure.
The appointment comes on the heels of a “significant” private equity investment from Corsair Capital, announced in September 2022. The stake was acquired from Merchant Investment Management, which invested in late 2020 and backed the firm’s first four acquisitions. At the same time the Corsair partnership was announced, Miracle Mile announced the fifth, and largest, acquisition in its history—Karp Capital Management, which added $1.2 billion in client assets and brought the combined firm to more than $4 billion AUM and 70 employees.
“Obviously our industry has been discovered by private equity and other comparable sources over the past few years who have realized that client retention and deep relationships really do build the longevity of the business,” said Milam. “I certainly think private equity has embraced professional leadership in a way that perhaps our industry was not embracing historically.
“I have been in professional leadership for most of the past two decades and certainly believe what I bring to the table matches perfectly with the growth mindset that the firm has established,” he said.
Milam said the rest of the leadership team is remaining largely in place, including five managing partners, the firm's president and chiefs of compliance, operations and investments.
“We're sitting at about $4.7 billion today with some healthy growth goals and I'm excited to be a part of that,” he said. "I'm excited to lead that next phase of the business.”
That includes active recruitment, M&A and organic growth initiatives, said Milam. In addition to adding like-minded firms, growth-minded advisors and business development resources in existing and new markets, Miracle Mile will be looking to establish strategic partnerships with complementary practices, such as CPA firms, insurance providers and others.
“Creating that outreach is a specific goal over the coming 12 months,” said Milam. “What we want to do is focus on the things we do really well and bring those in-house. And then, we want to find strategic partnerships for things that we think are better serviced outside of an RIA.”
With offices in Los Angeles, New York, San Francisco, San Diego and Portland, Ore., the firm is focused on expanding in those regions but also open to laying down roots in new geographical areas for the right firm or advisor.
Miracle Mile is hoping to attract senior advisors with books of business and younger growth-oriented advisors eager to learn from them, as well as relationship managers and business development officers that can “provide amplification and depth into the market,” Milam said.
“Honestly, we’re open to every level of career advisor,” said Milam. “We’re excited to explore both advisor recruitment and M&A opportunities to expand our presence. We want to be the partner of choice for advisors that are aligned with how we feel about business and our culture.
“It's really important for us though to grow thoughtfully,” he added. “Our culture is special, and we want to protect that. We don't want to dilute the culture through growth. We want to enhance it.”