Wealth Firm Serving Doctors Lands $200M Investment, Buys RIA
What You Need to Know
The investment will help fuel more deals and product development, the firm says.
Earned Wealth, a tech-centered financial services firm focused exclusively on medical professionals, announced Thursday a $200 million private equity investment that it will use for product development and strategic acquisitions, starting with Thomas Doll, an RIA serving phyisicians and their practices.
Growth equity investors Summit Partners and Silversmith Capital Partners led the capital commitment, with participation from existing investors Juxtapose, Hudson Structured Capital Management and Breyer Capital.
The capital will support expansion of the company’s platform and offerings, both through product innovation and acquisitions, Earned Wealth said, noting that it serves more than 3,000 clients, with over $2 billion in assets under management.
The RIA said it aims to create the first tech-enabled, integrated personal financial management platform offering wealth, tax, career advisory, insurance and other services designed for the needs of doctors.
The firm said its advisors can 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.
“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,” Earned founder and CEO John Clendening said.
With the addition of Thomas Doll, which focuses on doctors and medical practices, Earned broadens its capabilities and expands into serving practices, “a key lever of income and wealth for many of our clients,” he added.
