For wealth managers serving an increasing number of affluent and high-net-worth digital natives, the pressure to deliver on the tech front is a make-or-break proposition. For firms like Miracle Mile Advisors, a Los Angeles-based RIA that just opened an office in Seattle – its sixth nationwide – operating in a tech hub like the Pacific Northwest raises the bar in terms of clients’ tech expectations. And, according to executive leadership, the firm is meeting the challenge head on.
Last year, Digital Wealth News spoke with Nate Angelo, Miracle Mile’s head of Wealth Management, who noted then that the RIA was dedicated to providing a “seamless integration …model [that yields] more efficient advisors and satisfied clients.”
Miracle Mile Chief Executive Officer, Bruce Milam, agrees and told Digital Wealth News his firm is positioning itself to leverage innovations in the ever-evolving tech space by selecting the right wealthtech partners, especially as the expand to the tech-savvy Pacific Northwest.
“We continue to see demand from our clients for solutions to visualize and track their entire financial picture in one place. The fintech space continues to evolve with new entrants, and the challenge remains integrating these disparate capabilities for our clients,” said Mr. Milam. “At Miracle Mile, we’re leaning into technology partners with strong APIs and a commitment to sharing data for the benefit of our clients. We’ve committed time and capital to rolling out a fully integrated, app-based client experience this year.”
Like other firms both inside and outside the wealth management arena, artificial intelligence is the elephant in the room that many believe will either lay waste to everything in its path or clear a better one. On this front, Milam’s position is clear.
“Even though we’re seeing some maturity in the AI space, we believe it remains in its infancy. We’ll continue to stay on top of the trends and use AI as it becomes a tool to support the advisor-client relationship. AI will help save advisors time and, over time, help deliver a best-in-class experience to our clients,” added Mr. Milam.
Given that Seattle has a large population of wealthy tech-industry clients, Miracle Mile is very selective when researching and partnering with third-party solution providers that can address the high-level needs of these sophisticated clients.
“Seattle’s status as a tech hub means that you have a significant number of people with complex financial planning needs, often including equity-based compensation. These tech-focused clients demand excellence when it comes to UI/UX, as this is a world where they spend much of their time.”
These clients also often need support navigating their equity-based compensation, he explained, which includes unique issues within the often volatile technology industry.
”Within our tech stack, we will use certain components to help solve their needs as well as leverage key stakeholders to ensure we are helping clients make the best after-tax decision with respect to the equity-compensation plan,” concluded Mr. Milam.