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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.
Miracle Mile Advisors was founded with a singular mission: to transform the wealth management industry by delivering transparent, client-first financial advice. From its inception, the firm sought to distinguish itself from traditional financial service providers by adopting an independentRegistered Investment Advisor (RIA) model, free from the conflicts of interest often associated with commission-based financial products. Miracle MileAdvisors emphasizes a fiduciary responsibility to act solely in its clients 'best interests, building trust through transparency and personalized strategies tailored to each client's financial and life goals.
The Founding Vision: Delivering a“Return on Life”
The foundation of Miracle Mile Advisors is built on the principle that wealth management is about more than just numbers—it’s about achieving a better quality of life. Coining the term "Return on Life," the firm emphasizes aligning financial strategies with personal values and aspirations.This philosophy is reflected in their approach, where the client's life goals—retirement dreams, legacy ambitions, and philanthropic aspirations—serve as the guiding framework for every financial decision.
Miracle Mile Advisors launched with a commitment to redefining the client experience. Its founders recognized the shortcomings of a one-size-fits-all approach and sought to create a firm that listens deeply to client needs, builds bespoke financial plans, and adapts to life’s inevitable changes.
Proven Four-Step Process:
The firm articulates its approach through a clear and straightforward process:
- Listen: Taking the time to understand each client’s financial situation, goals, and concerns.
- Plan: Crafting a customized financial roadmap that addresses immediate priorities and long-term objectives.
- Implement: Executing strategies with precision, leveraging diversified portfolios and advanced financial tools.
- Adjust: Continuously monitoring and refining strategies to adapt to life changes and market dynamics.
Miracle Mile emphasizes its fiduciary role, ensuring clients know their interests are the firm’s top priority. This commitment to transparency is reinforced by the absence of proprietary products, commissions, or hidden fees.
Miracle Mile Advisors offers comprehensive wealth management services, including financial planning and portfolio management. The firm constructs investment portfolios consisting of low-cost, diversified mutual funds, ETFs, individual stocks, and bonds to achieve clients' investment goals. Their strategies are primarily long-term focused, but they may buy, sell, or re-allocate positions based on market conditions or client needs. Miracle Mile's investment philosophy is centered around providing fiduciary services with a holistic approach, akin to a family office. They emphasize independence, planning, and a client-centric model that avoids product pushing. Their goal is to attract like-minded advisors who value independence and holistic client service.
Investment Implementation: Miracle Mile Advisors constructs investment portfolios consisting of low-cost, diversified mutual funds, ETFs, individual stocks, and bonds. They may also recommend options, independent third-party money managers, and illiquid investments such as private investment funds, hedge funds, and structured notes. Portfolios are customized and bespoke, depending on the client's needs and the advisor's strategy. The firm manages assets both in-house and through external managers.
Alternatives : Miracle Mile offers alternative investments through a partnership with Fusion, which includes private equity and other private investments. These alternative investments are managed through external partners and are available to all clients.
The investment team led by CIO, Matthew Dmytryszyn CFA, includes a central investment strategy group and support teams for financial planning and investment management. The team is structured to include roles in portfolio management, research, trading, and client service. The investment team includes a central investment strategy group and support teams for financial planning and investment management. The team is structured to include roles in portfolio management, research, trading, and client service.
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Company Videos
Acquisition Model
Full Acquisitions: Buyer prefers to fully acquire the seller’s business and fully integrate with new partners.
Direct Rollover Equity
Yes
Max Cash: 70%
Max Equity: 50%
Miracle Mile has a retention period as part of its deal structure and is negotiated on a case by case basis.
Compensation will come in three components: base salary, discretionary bonus (decided upon by management and is dependent on multiple factors), and new business bonus (20% of new revenue brought in during year 1, 10% during year 2 and year 3).
Mandatory Points of Alignment
As a part of their cohesive brand strategy, Miracle Mile asks its partners to adopt the brand within a period of 12 months after joining.
In an effort to get its partners back to client facing activities, Miracle Mile will take over all back office functions.
Partners have full autonomy over client reccomendations.
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.
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