The Nov. 8 merger will bolster the Sawtelle-based financial adviser’s growth on the East Coast. Castle Asset, based in Hauppauge N.Y., brings with it four staffers and $375 million in assets under management.
“The decision to partner with the Castle team was a no-brainer,” Matt Granski, president of Miracle Mile, said in a statement. “We are excited to join together with the Castle team who share the same strategy and mindset.”
Castle Asset, headed by owner John Caffrey, concentrates on financial, tax and estate planning. Caffrey will remain with Miracle Mile as a managing director.
“We believe our views and strategies align perfectly with Miracle Mile, and we are excited to come together to build new relationships and serve our current and future clients under the Miracle Mile banner,” Caffrey said in a statement.
“Castle’s goal has always been to create additional wealth and protection from financial loss.”
Miracle Mile is a registered investment adviser that provides financial planning and investment management to high-net-worth individuals, families, business owners and institutions. According to the company, it has averaged 30% year-over-year growth since 2016.
This latest deal follows Miracle Mile’s September merger with Lake Oswego, Ore.-based Johnstone Financial Advisors, which increased Miracle Mile’s assets under management by $150 million.
In July 2020, the company merged with Playa Vista-based Aequitas Wealth Management, which brought with it $250 million in managed portfolios.
In December, Miracle Mile partnered with New York-based Merchant Investment Management. The partnership included a minority equity investment from Merchant to accelerate Miracle Mile’s organic growth and acquisitions.
Granski was promoted to president of Miracle Mile in January at the age of 27 after joining the company in 2014, making him the youngest president in the company’s history and one of the youngest leaders in the financial services sector.
“I’m dedicated to expanding our team, client base and reach across the U.S., all while maintaining the ever-evolving mindset necessary to drive our innovative, unparalleled services forward,” Granski said at the time of his promotion.
Miracle Mile Advisors Merger to Bolster LA Firm’s East Coast Presence