Forme Financial announced that it has launched out of beta under the name Earned and it also announced a $12 million Series A funding round led by Hudson Structured Capital Management and Breyer Capital, with meaningful participation from founding partner Juxtapose. This funding round brings Earned’s total funding to $18 million since it started serving customers in 2022.
Earned is essentially redefining wealth management with a first tech-enabled and comprehensive wealth system built exclusively for physicians. Physicians are facing unique financial circumstances and opportunities throughout their careers, ranging from residency through retirement.
Reviewing a physician’s career journey as a lens for the company’s data-driven financial recommendations, Earned combines deep predictive technology and a comprehensive set of financial services to continuously optimize financial decisioning across every aspect of their financial life including career.
Earned’s proprietary wealth engine is going to be personalized to the individual physician’s goals and situation, connecting the dots across all aspects of wealth and optimizing against known client outcomes. And the company will also enable physicians to understand the implications of important career decisions, including buying into private practice or selecting from multiple job offers. This wealth engine will be designed with the goal of delivering reliably better financial outcomes with an unprecedented level of data transparency.
For most physicians, wealth management has been a fragmented and complicated experience where every step of the process is siloed from debt management to investments and tax planning. And Earned’s centralized and tech-forward approach maximizes physicians’ wealth cohesively and seamlessly, helping physicians earn more, invest smarter, and reduce risk.
Since its beta launch in May 2022, Earned has worked with clients in 24 states and saved physician clients an average of $77,000 in taxes alone. Clients are able to consistently accomplish a wide range of financial tasks through the app, with 71% of users logging in weekly – which is triple the industry average.
Earned’s brand evolution is driven by feedback from physicians including the company’s Physician Advisory Council. And the Council represents a diverse set of career stages, specialties, practice settings, and geographies, ensuring that Earned captures a range of physician experiences to inform the company’s products and services.
What the funding will be used for: Earned plans to expand its services to become a one-stop shop for physicians, providing access to high-fidelity investments, tax prep, filing, insurance optimization, debt management, lending solutions, and career advisory.
KEY QUOTES:
“I founded Earned based on a deep passion to create transformational financial outcomes for the heroes of our society – physicians and their families. I’m excited at our rapid progress as we combine new-to-the-world technology and physician-trained financial experts to up-level the personal finance experience and performance for physicians – directly addressing what we view as massive flaws in today’s wealth management industry.”
— John Clendening, Co-Founder and CEO of Earned
“Earned is an entirely new category of tech-powered wealth management that is now able to offer a comprehensive set of services to help physicians manage their financial lives with ease and confidence. As a full-stack wealth management system with a focus on physicians’ unique needs and opportunities, Earned is positioned to innovate across core areas of the industry and help physicians optimize financial decisioning throughout their career – including optimization of insurance coverage. We are excited to partner with John and the team.”
— Vikas Singhal, Founding Partner of HSCM Ventures
“Financial stress is the second leading cause of burnout among physicians, even though they’re in the top 5% of earners. Earned’s fusion of technology and expert service, combined with its extraordinary breadth gives physicians the full confidence they need to systematically optimize their financial lives throughout their careers.”
— Patrick Chun, Co-Founder and Managing Partner of Juxtapose, a leading creation-oriented investment firm
“Earned is playing a critical role as a trusted source of financial advice, planning, and decision support for busy physicians who too often put financial health and wellness on the back burner. With the financial peace of mind that Earned provides, physicians can focus on what’s really important to them.”
— Dr. Tom Valdivia, Senior Advisor and Chair of the Forme Financial Physician Advisory Council
