Miracle Mile Advisors, a Los Angeles-based registered funding advisor, has acquired Offit Advisors, a Columbia, Md.-based wealth administration agency with about $194 million in shopper belongings. The deal marks the fourth observe to hitch Miracle Mile in 2024, bringing its belongings below administration to $7.4 billion.
Offit Advisors was based in 2018 by CEO Ben Offit and makes a speciality of complete monetary planning and multi-generational wealth switch methods. His agency was beforehand affiliated with Kestra. Offit served as chairman of the Monetary Planning Affiliation from 2019 to 2020.
“After cautious consideration and diligent analysis, we acknowledged that Miracle Mile’s infrastructure, expertise, and complete help would considerably improve our potential to serve shoppers,” Offit stated in an announcement.
Based by Managing Associate Brock Moseley in 2007, Miracle Mile acquired a minority funding from Service provider Funding Administration in late 2020 that supported the agency’s first 4 acquisitions. Two years later, Corsair Capital acquired Product owner’s stake. On the similar time, the agency introduced it was shopping for Karp Capital Administration, a agency managing $1.2 billion. This was the biggest acquisition within the agency’s historical past.
In June 2023, Miracle Mile appointed Bruce Milam as the primary CEO in its 15-year historical past.
He beforehand spent 9 years as chief working officer for Freestone Capital Administration throughout a time when the agency tripled belongings.
In April of this yr, the firm named Matt Dmytryszyn, former CIO at Telemus Capital, as chief funding officer.
Miracle Mile has greater than 70 staff throughout Los Angeles, San Francisco, New York, San Diego, Seattle, Baltimore/D.C. and Portland, Ore. The agency just lately opened a Chicago workplace.
The RIA has added some $2.1 billion in new belongings in 2024. That features the addition of two firms earlier this year with a mixed $600 million. The agency additionally just lately built-in a California-based observe with about $731 million in belongings.
