Summit Partners and Silversmith Capital Partners lead investment
to accelerate expansion, beginning with the acquisition of industry
leader Thomas Doll
Earned Wealth, a tech-enabled financial services firm focused
exclusively on the needs of medical professionals, today 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 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.
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Earned Wealth CEO John Clendening (Photo:
Business Wire)
Earned’s mission is to redefine financial services for
healthcare professionals through 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, 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.”
“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.”
Thomas Doll has re-branded to Thomas Doll, An Earned Wealth
Company. Clients can continue to access Thomas Doll’s services via
the Thomas Doll website www.thomasdoll.com. Prospective clients can
access services from both companies via the Earned website
www.earnedwealth.com.
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, 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. To
learn more about Earned, visit www.earnedwealth.com.
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. For
more information, please see www.summitpartners.com or follow on
LinkedIn.
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. For more information, including a full list
of portfolio investments, visit www.silversmith.com or follow the
firm on LinkedIn.
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. For more information about
Thomas Doll, please visit www.thomasdoll.com.
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Media: Whitney Topping whitney@walkercomms.com