A $200 million injection of growth equity is already driving acquisitions for a tech-enabled financial services firm that focuses exclusively on the needs of medical professionals.
New York headquartered Earned Wealth has partnered with Summit Partners and Silversmith Capital Partners, who along with additional participation from existing investors, have provided the financial stepping stone for Earned to drive its ambitious growth plans.
“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,” said Darren Black, a managing director at Summit Partners who has joined Earned’s Board of Directors.
The investment has already sparked the acquisition of Thomas Doll, an industry leader that offers full-circle financial care for physicians and dentists, including wealth management, retirement planning, tax planning and consulting services. Thomas Doll has established a brand over sixty years and will continue to operate under its current name tagged with ‘An Earned Wealth Company’.
The acquisition means Earned now serves 3,000 clients with over $2 billion in assets under management. Thomas Doll will benefit from Earned’s wealth technology platform while Earned will gain valuable experience and capabilities in a broader financial services offering.
“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,” said John Clendening, founder and CEO of Earned. “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.”
Clendening added that the new growth equity partners will help accelerate Earned’s M&A strategy, drive growth, and further invest in technology and team.
“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,” said Jeff Crisan, a managing partner at Silversmith, who has also joined the Earned Board of Directors.
With over 600 clients, the $71 billion RIA acquirer's latest partner marks its second transaction in Oklahoma.
Also, wealth.com enters Commonwealth's tech stack, while Tifin@work deepens an expanded partnership.
Back office workers and support staff are particularly vulnerable when big broker-dealers lay off staff.
The fintech giant is doubling down on its strategy to reach independent advisors through a newly created leadership role.
The two firms are strengthening their presence in California with advisor teams from RBC and Silicon Valley Bank.
How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave
From direct lending to asset-based finance to commercial real estate debt.
