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Earned Wealth raises funds for physician-focused financial platform
Wealth conquered raised $200 million for its business that advises doctors on professional and personal finances.
The company provides an interconnected platform that physicians can use to consult with wealth management experts on topics including financial planning, tax planning, wealth management and investments, Bloomberg reported Wednesday (July 10).
Earned Wealth was founded in 2021 and raised about $18 million in a funding round in 2023, according to the report. At that time, the company was valued at about $40 million.
Today, the firm has more than 3,000 clients and $2 billion in assets under management, according to the report.
With its new capital, Earned Wealth intends to expand its offerings and seek acquisitions of other businesses that serve medical professionals, according to the report.
Commenting on the Bloomberg report on a Wednesday publish on LinkedIn, John Clendeningfounder and CEO of Earned Wealth, said the investment “will help us further our mission of transforming financial services for healthcare professionals.”
“Our goal is to become the one-stop shop — the only financial services provider physicians need for both their personal wealth and their practice needs,” Clendening said in the post. “Our recent acquisition of Thomas Doll has expanded our services to include tax planning for individuals as well as tax and retirement planning for practices — and we’re excited to continue growing even further!”
In an announcement of this acquisition on Earned Wealth websiteThe company said Thomas Doll has been committed to serving the financial needs of doctors and dentists for about 40 years.
“The values, cultures, philosophies and service offerings of Thomas Doll and Earned Wealth are closely aligned, and this combination will expand our capabilities and enhance our commitment to serving our clients with excellence,” the announcement said.
The digital age has brought significant changes in consumer expectations and demands with regard to asset managementPYMNTS reported in April.
While traditional wealth management services often involve face-to-face interactions with financial advisors, extensive paperwork and opaque fee structures, consumers have driven the industry to adapt and innovate.
In another recent development in this space, Flying said in April that it expanded its financial well-being and asset management software to include new financial planning and modeling tools focused on retirement planning.