Earned Wealth, a tech-enabled financial services firm focused on the needs of medical professionals, announced a $200 million capital commitment led by growth equity investors Summit Partners and Silversmith Capital Partners with participation from existing investors Juxtapose, Hudson Structured Capital Management and Breyer Capital.
This capital will support the expansion of the company’s platform and offerings through product innovation and strategic acquisitions. In connection with the investment, Earned announced the acquisition of Thomas Doll (a leading provider of financial services to medical professionals and practices). Earned now serves over 3,000 clients with over $2 billion in assets under management.
Earned’s goal is to redefine financial services for healthcare professionals by creating the first tech-enabled and integrated personal financial management platform offering wealth, tax, career advisory, insurance, and other services designed for the complex needs of doctors. And using a medical professional’s career journey as a lens, Earned combines prognostic technology with a comprehensive set of financial services provided by fiduciary advisors who deeply understand doctors’ unique challenges.
With a focus on medical professionals, Earned advisors are well-equipped to guide decisions ranging from medical school loan repayment schedules and private practice buy-ins to medical group malpractice insurance coverage and optimal tax strategies during a practice sale. And Earned’s evidence-based approach can proactively and continuously help optimize financial decision-making across nearly every aspect of their clients’ financial lives.
The Thomas Doll acquisition will accelerate the combined company’s growth and expand the depth of financial services offerings. And Thomas Doll clients will benefit from Earned’s comprehensive wealth management approach, trusted fiduciary advisors, and proprietary tech platform.
KEY QUOTES:
“From the beginning, we’ve been firmly focused on building the premier go-to destination for doctors who are seeking to optimize their financial well-being, delivering tailored solutions and services that allow them to focus on what they do best. Today’s announcement represents a critical step on our journey to further transform financial outcomes for these heroes of our society. With the addition of Thomas Doll, we broaden our capabilities and expand into serving medical practices, a key lever of income and wealth for many of our clients. With the support of Summit and Silversmith, and the benefit of their deep experience in the healthcare and financial services sectors, we are positioned to accelerate our M&A strategy, drive growth, further invest in our technology and team and solidify Earned’s industry leadership position.”
“Thomas Doll checks all our boxes in terms of the kinds of firms we are seeking to acquire: a strong focus on healthcare professionals, terrific client service, a desire to accelerate growth, and complete alignment on vision and mission. I’m excited to welcome Thomas Doll’s clients, employees, and leadership to the Earned family. I have great respect for the organization that Thomas Doll has built over the past sixty years, and I am confident that our shared values and complementary services will help unlock a new chapter of growth together.”
– John Clendening, Founder and CEO of Earned
“Doctors face distinct — and often complex — financial circumstances and opportunities throughout their careers, from residency through retirement. The Earned platform is purpose-built to provide holistic solutions to help optimize for the needs of healthcare professionals. We are excited by the scalability of the Earned platform and the team’s comprehensive, evidenced-based approach. John and his team bring an impressive combination of client-centricity, expertise, and execution, and we look forward to supporting Earned in their growth and expansion nationwide.”
– Darren Black, a Managing Director at Summit Partners who has joined Earned’s Board of Directors
“Medical professionals have long been underserved by today’s highly fragmented wealth management industry. With a singular focus on the needs of healthcare professionals, Earned has quickly become one of the most trusted financial services organizations serving doctors. The acquisition of Thomas Doll extends the offerings of the Earned platform even further, adding in-house tax planning and retirement programs for doctors. We look forward to working with John and his team as they continue to both build and acquire leading financial solutions to serve our healthcare industry.”
– Jeff Crisan, a Managing Partner at Silversmith, who has also joined the Earned Board of Directors
“Together, we share a commitment to serving the needs of healthcare professionals and a belief that a broad range of tailored services will help us improve their overall financial health. I am personally thrilled about this partnership, and I am confident that our future together is bright.”
– Barry Oliver, a Senior Advisor with Thomas Doll
