Miracle Mile Acquires Two Firms with $600M Combined Assets

Miracle Mile Advisors, an independent registered investment advisor (RIA) that provides comprehensive wealth management services to high-net-worth clients, has acquired two firms with $600 million in assets.

The RIA added Baltimore-based Caplan Financial Group, which manages roughly $350 million primarily for high-net-worth clients, and Chicago-based Advisory Partners, which operates a family office model for ultra-high-net-worth clients and manages approximately $250 million.

“We continue to attract high-performing advisors with sophisticated clientele who recognize our dynamic culture, best-in-class offerings, and advisor-centric support,” said Bruce Milam, CEO of Miracle Mile Advisors.

Both companies are expected to benefit from Miracle Mile’s ownership model, which provides new partners Class A shares, thereby aligning their interests with those of the company’s leadership and private equity partner, Corsair Capital.

For Mitch Caplan, founder of Caplan Financial, working with Miracle Mile gave his team access to “a more robust platform for planning and investing than we would ever have been able to build on our own,”

Founded by managing partner Brock Moseley in 2007, Miracle Mile is based in Los Angeles, with additional offices in San Francisco, New York, San Diego, Chicago, Seattle, and Portland, Oregon. The company managed about $4.1 billion as of last November and comprises nearly 70 employees, more than half of whom are advisors, overseeing close to 5,000 accounts for about 1,800 clients.