22 July 2024

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Earned Wealth Announces $200M Investment and Acquisition of Thomas Doll

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Earned Wealth, a tech-enabled financial services firm focused exclusively 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. The capital will support the expansion of the company’s platform and offerings through product innovation and strategic acquisitions. In conjunction with the investment, Earned announced the acquisition of Thomas Doll, a leading provider of financial services to medical professionals and practices. Today, Earned serves more than 3,000 clients, with over $2 billion in assets under management.

Earned’s mission is to redefine financial services for healthcare professionals by creating the first tech-enabled, integrated personal financial management platform offering wealth, tax, career advisory, insurance, and other services designed for the complex needs of doctors. Using a medical professional’s career journey as a lens, Earned combines deep prognostic technology with a comprehensive set of financial services provided by fiduciary advisors who deeply understand the unique challenges doctors face. With an exclusive 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. Earned’s evidence-based approach can proactively and continuously help optimize financial decision-making across nearly every aspect of their clients’ financial lives.

“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. “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.”

“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. “We are excited by the scalability of the Earned platform and the team’s comprehensive, evidence-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.”

“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,” said Jeff Crisan, a managing partner at Silversmith, who has also joined the Earned board of directors. “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.”

The Thomas Doll acquisition will help accelerate the combined company’s growth and expand the breadth of financial services offerings. Thomas Doll clients will benefit from Earned’s comprehensive wealth management approach, trusted fiduciary advisors, and proprietary tech platform.

“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,” said Clendening. “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.”

“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,” said Barry Oliver, a senior advisor with Thomas Doll. “I am personally thrilled about this partnership, and I am confident that our future together is bright.”

About Earned Wealth

Earned Wealth is the first comprehensive, tech-enabled financial services firm exclusively for healthcare professionals and medical practices. The company uses a doctor’s unique career journey—from residency to buying into private practice to retirement—as a lens for the company’s data-driven recommendations. Earned’s centralized, tech-forward approach maximizes doctors’ wealth cohesively and seamlessly, helping doctors earn more, invest smarter, and reduce risk. Because Earned understands the ins and outs of a doctor’s career, clients benefit from specially trained Certified Financial Planners and technology that plans and adjusts for changes throughout a doctor’s working life. Earned also provides medical practice solutions, including tax, accounting, payroll, and retirement plan solutions. Earned Wealth is a brand name under Earned Wealth Holdings. Wealth management services are offered through Earned, an investment adviser registered with the Securities and Exchange Commission. 

About Summit Partners

Founded in 1984, Summit Partners is a global alternative investment firm with capital dedicated to growth equity, fixed income, and public equity opportunities. Summit invests across growth sectors of the economy and has invested in more than 550 companies in healthcare, technology, and other growth industries, including financial technology & services and business services. Notable Summit investments in healthcare and financial services include ABILITY Network, Focus Financial Partners, InnovaCare, LifeStance Health, Paradigm Outcomes, and RWA Wealth Partners. Summit maintains offices in North America and Europe and invests in companies around the world.

About Silversmith Capital

Founded in 2015, Silversmith Capital Partners is a Boston-based growth equity firm with $3.3 billion of capital under management. Silversmith’s mission is to partner with and support the best entrepreneurs in growing, profitable technology and healthcare companies. Representative healthcare investments include Iodine Software, LifeStance Health, Market Access Transformation, MediQuant, Nordic Consulting, Panalgo, and Upperline Health.

About Thomas Doll

Thomas Doll provides physicians and dentists with full-circle financial care, including wealth management, retirement planning, tax planning, and consulting services, including payroll expertise, practice creation, succession consulting, and personal consulting. Through integrated financial planning, Thomas Doll helps healthcare professionals enjoy long-term success in business and in life. The Walnut Creek, California-based firm was founded in 1963 and provides wealth management services through an investment adviser registered with the Securities and Exchange Commission. 

Source: www.earnedwealth.com