Los Angeles-based Miracle Mile Advisors, an RIA serving high-net-worth clients across the nation, is expanding its national footprint with the acquisition of two firms, Miracle Mile announced today.
Baltimore-based Caplan Financial Group and Chicago-based Advisory Partners are joining Miracle Mile Advisors, which already has offices in San Francisco, New York, San Diego, Chicago, Seattle and Portland, Ore.
Caplan Financial Group, which serves predominantly high-net-worth clients, has $350 in client assets. Advisory Partners is a family office for ultra-high-net-worth clients and has $250 million in client assets.
Miracle Mile attributed its growth trajectory on its business model, which involves offering Class A shares to new partners.
“The way we set up our equity ensures that all stakeholders have the same significant vested interest in our continued success and growth,” Miracle Mile CEO Bruce Milam said in a statement.
Nate Angelo, Miracle Mile’s head of wealth management, added in a statement, “We’re constantly expanding our offerings – including our estate, financial, and tax planning capabilities – both to promote organic growth among our existing advisors and to attract new ones such as Caplan Financial Group and Advisory Partners.”