Earned Wealth raised $200 million for its business advising doctors on their professional and personal finances.
The company offers an interconnected platform where doctors can consult with wealth management experts on topics including financial planning, tax planning, wealth management and investments, Bloomberg reported on Wednesday, July 10.
Earned Wealth was reportedly founded in 2021 and raised about $18 million in a funding round in 2023, at which point the company was valued at nearly $40 million.
The company currently has more than 3,000 clients and $2 billion in assets under management, according to the report.
Earned Wealth reportedly plans to use the new funding to expand its services and seek to acquire other companies that serve medical professionals.
Earned Wealth founder and CEO John Clendenning commented on the Bloomberg report in a LinkedIn post on Wednesday, saying the investment “will help us further our mission to transform financial services for healthcare professionals.”
“Our goal is to be a one-stop shop — the only financial services provider physicians can turn to for both their personal finances and practice needs,” Clendenning said in the post. “With our recent acquisition of Thomas Dole, our services now include tax planning for individuals as well as tax and retirement planning for practices. We’re excited to continue our growth!”
In an acquisition announcement on Earned Wealth’s website, the company said Thomas Dole has been dedicated to serving the financial needs of doctors and dentists for nearly 40 years.
“The values, culture, philosophies and service offerings of Thomas Doles and Earned Wealth are closely aligned and this combination will expand our capabilities and strengthen our commitment to providing excellent service to our clients,” the announcement said.
The digital age has brought about major changes in consumer expectations and demands when it comes to managing their finances, PYMNTS reported in April.
While traditional wealth management services often involve direct interactions with financial advisors, extensive paperwork and opaque fee structures, consumer demands are forcing the industry to adapt and innovate.
In another recent development in this space, Voyant announced in April that it was expanding its financial wellness and wealth management software to include new financial planning and modeling tools focused on retirement planning.
