Company Details
In 2007, a group of ex-Wall Street advisors wanted to create something that was different from other firms and far away from Wall Street. So, they launched Miracle Mile Advisors ("Miracle Mile"), a Los Angeles-based independent, Registered Investment Advisory firm named after the neighborhood where the founders grew up. Since then, Miracle Mile has grown to over $4 billion in assets with team locations across the country. The firm cultivates a supportive, advisor-focused environment that enables it to concentrate solely on helping clients with customized, holistic wealth management services so that they reach their financial goals and achieve a greater Return on Life.
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Acquisition Model
Max Cash: 70%
Max Equity: 30%
Miracle Mile has a retention period as part of its deal structure.
Mandatory Points of Alignment
Partners at Miracle Mile are required to divest back office functions and investment management.
Partners have full autonomy over their calendars.
Partners will have visibility into their local P&L.
Miracle Mile has a suggested framework that is encouraged, but it is not required to adopt.
Miracle Mile offers support to firms that need help defining roles and responsibilities at the local office level and managing processes and procedures. However, they also respect the autonomy and flexibility of their partners at the local level, and do not dictate how to operate.
Miracle Mile encourages a blend of autonomy and structure in their investment management. While they require the adoption of their investment management platform, they are open to allowing new partners to integrate their existing portfolio management philosophy and models onto the platform.
Advisor Value Proposition
Miracle Mile's back office teams, spread out over 10 departments and 40 employees, continuously work to imporve their technology suite, resulting in the delivery of top-tier client service, tailored advisor marketing and PR campaigns, CFA®-driven investment strategies, and comprehensive compliance oversight.
Miracle Mile has a dedicated and centralized financial planning methodology. Their investment Strategy Group employes a team of CFAs® to execute your client’s tax-loss harvesting, global rebalancing and concentrated position management analysis. You can customize based on a client’s needs and risk tolerance. There is access for you to a broad range of model portfolios, flexible investment sleeves, and unique strategies.
A driving force behind Miracle Mile’s growth is its technology. Operations will be centralized, giving advisors more time to focus on client-facing activities. This includes HR, compliance, billing, payroll, technology, and more.
Miracle Mile enhances partners' services through a diverse range of offerings, including Portfolio Management, Planning, Investments, Reinsurance, and Institutional Investing. Their reinsurance program targets automotive dealers, aiding in revenue diversification from warranty sales, managing numerous accounts for over 200 dealerships. Additionally, they cater to institutional clients with services like investment policy research and portfolio analysis. Each advisor benefits from personalized marketing support, utilizing proprietary research and SEO strategies. Miracle Mile fosters growth among young talent through succession planning and a comprehensive advisor training program, maintaining a diverse workforce with 55% representation from women and minorities.
Being a diversified firm, the principal avenue through which Miracle Mile's business expanded during the initial decade was via internal partnership and collaborative efforts with CPAs and other industry experts. They maintain an active membership within the Schwab Advisor Network (SAN) matrix, from which they have gained distinctive insights into effective market entry and expansion through the SAN network. Their value proposition, particularly centered around the integration of CPA and CFP expertise, stands out prominently within the SAN matrix. The third element of their organic growth strategy involved substantial investments in platforms like SmartAsset and other online lead-generation channels. These investments have facilitated supplementary organic growth. They are actively assessing additional platforms for potential investment and are progressively allocating resources towards enhancing their proprietary online lead generation capabilities. In markets boasting multiple operating business units, dedicated business development personnel are strategically deployed. These professionals are exclusively focused on securing new business across all service lines, thereby contributing to the growth of the organization.
Miracle Mile supports their partners with practice management by centralizing all back-office functions, which allows the advisors to focus on client-facing activities. They also provide assistance to firms seeking help with defining roles and responsibilities at the local office level and with managing processes and procedures. However, they do not dictate to partners how to operate, instead providing autonomy and flexibility at the local level. This approach is based on implementing best practices gleaned from their top-performing offices around the country.
AUM Growth
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