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Practice Management > Building Your Business > Dealmaking

Wealth Firm Serving Doctors Lands $200M Investment, Buys RIA

By Dinah Wisenberg Brin

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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.

“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,” Clendening said.

 Jeff Crisan, a managing partner at Silversmith who has joined Earned’s board, said medical professions have been underserved by a 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 Thomas Doll acquisition extends Earned’s offerings by adding in-house tax planning and retirement programs for doctors, he said.

Earned plans to buy dozens of additional financial services firms that already have deep relationships with physicians and dentists over the next several years, a spokesperson for the company said.

Over 25% of doctors retire with less than $1 million in total net worth, despite physicians generally being among the highest earners, according to the spokesperson.

Image: Adobe Stock

Dinah Wisenberg Brin

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