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Composition Wealth Expands Through Acquisitions in California and Ohio

Composition Wealth's headquarters showcasing its national reach.

News Summary

Composition Wealth, a wealth management firm from New York, has made strategic acquisitions in California and Ohio, increasing its assets under management to $9.3 billion. The firm acquired Blue Oak Capital in California, adding $289 million in assets, and Centricity Wealth Management in Ohio, bringing in $192 million. These acquisitions strengthen the firm’s position in the financial sector and enhance its capability to serve high-net-worth clients across the nation.

California – Composition Wealth, a national wealth management firm headquartered in Hauppauge, New York, has expanded its footprint in the financial sector through recent acquisitions in California and Ohio, boosting its total assets under management to $9.3 billion. The firm’s growth strategy emphasizes attracting high-net-worth clients, including business owners and families seeking comprehensive wealth management solutions.

In California, Composition Wealth has acquired Blue Oak Capital, a Silicon Valley firm led by Thomas Baker, which specializes in serving complex clients with tailored financial strategies. This acquisition adds roughly $289 million in assets, further solidifying Composition Wealth’s presence in a significant market for financial services.

In a simultaneous move, the firm ventured into the Ohio market by acquiring Centricity Wealth Management co-founded by Chris and Wendy Ciehanski. Centricity Wealth Management manages assets totaling about $192 million for approximately 158 families and various charities. The addition of this firm enhances Composition Wealth’s ability to support clients in the Midwest.

Bruce Milam, CEO of Composition Wealth, emphasized the commitment to strong client focus inherent in both acquisitions. He noted that Blue Oak Capital and Centricity Wealth Management bring not just financial depth, but also a dedication to community impact and personalized service. These characteristics align with Composition Wealth’s aim to cater to a highly discerning clientele.

The acquisitions also represent a significant step in Composition Wealth’s ongoing national expansion, which includes a rebranding effort from their previous identity as Miracle Mile Advisors. The firm has actively pursued mergers and acquisitions to broaden its geographical reach and enrich its service offerings. The integration of Blue Oak and Centricity Wealth Management into the Composition brand is part of this overarching strategy.

As a result of these acquisitions, Composition Wealth has now established a total of nine office locations across the country. The firm’s growth approach includes targeted rollouts in key metropolitan areas, with plans to explore opportunities in cities such as New York, Boston, Austin, and Dallas in the upcoming years.

The economic landscape in the United States has seen a growing demand for comprehensive wealth management services, particularly among affluent individuals and families. Composition Wealth aims to meet this demand by providing focused financial strategies that address the complex needs of their clients.

Overall, Composition Wealth’s recent acquisitions in California and Ohio fit within the firm’s larger objective of positioning itself as a leading national player in the wealth management sector. With increased assets under management and a strategic plan for future growth, Composition Wealth is building a robust platform to serve high-net-worth clients across multiple regions.