Miracle Mile Advisors, a Los Angeles-based registered investment advisor, has acquired Offit Advisors, a Columbia, Md.-based wealth management firm with approximately $194 million in client assets. The deal marks the fourth practice to join Miracle Mile in 2024, bringing its assets under management to $7.4 billion.
Offit Advisors was founded in 2018 by CEO Ben Offit and specializes in comprehensive financial planning and multi-generational wealth transfer strategies. His firm was previously associated with Kestra. Offit served as president of the Financial Planning Association from 2019 to 2020.
“After careful consideration and diligent research, we realized that Miracle Mile's comprehensive infrastructure, technology and support would significantly enhance our ability to serve customers,” Offit said in a statement.
Founded by Managing Partner Brock Moseley in 2007, Miracle Mile received a small investment from Merchant Investment Management in late 2020 that supported the firm's first four acquisitions. Two years later, Corsair Capital acquired Merchant's shares. At the same time, the firm announced it was buying Karp Capital Management, a firm that manages $1.2 billion. This was the largest acquisition in the history of the firm.
In June 2023, Miracle Mile named Bruce Milam as the first CEO in its 15-year history.
He previously spent nine years as chief operating officer for Freestone Capital Management during a time when the firm tripled assets.
In April of this year, firm named Matt Dmytryszynformer CIO at Telemus Capital, as chief investment officer.
Miracle Mile has more than 70 employees in Los Angeles, San Francisco, New York, San Diego, Seattle, Baltimore/DC and Portland, Ore. The firm recently opened an office in Chicago.
RIA has added approximately $2.1 billion in new assets in 2024. This includes the addition of two firms earlier this year with a total of 600 million dollars. The firm also recently integrated a California-based practice with about $731 million in assets.