Finance
Earned Wealth Raises $200 Million for Doctor-Focused Financial Services Platform
Earned Wealth has raised $200 million for its business that advises doctors on their professional and personal finances.
The company provides one interconnected platform that doctors can use to consult with wealth management experts on topics that include financial planning, tax planning, wealth management and investing, 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 firm was valued at close to $40 million.
Today, it has more than 3,000 clients and $2 billion of assets under management, per the report.
With its new capital, Earned Wealth aims to expand its offerings and pursue acquisitions of other businesses that serve medical professionals, according to the report.
Commenting on the Bloomberg report in a Wednesday post on LinkedIn, John Clendening, founder 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 that doctors need for both their personal wealth and 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 plans for practices — and we’re excited to continue growing even further!”
In an announcement of that acquisition on the Earned Wealth website, the firm said that Thomas Doll has been committed to meeting doctors’ and dentists’ financial needs for some 40 years.
“Thomas Doll’s and Earned Wealth’s values, cultures, philosophies and service offerings 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 about significant shifts in consumer expectations and demands when it comes to wealth management, PYMNTS 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 prompted the industry to adapt and innovate.
In another recent development in this space, Voyant said in April that it expanded its financial wellness and wealth management software to include new financial planning and modeling tools focused on retirement planning.
US-based bank holding company First Financial Bancorp has completed its previously announced acquisition of Westfield Bancorp and its subsidiary, Westfield Bank.
In June, First Financial agreed to acquire Westfield Bancorp from Ohio Farmers Insurance Company in a cash-and-stock deal valued at $325m.
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With the addition of Westfield Bank, First Financial’s total assets now stand at $20.6bn, strengthening its presence in the Midwest region of the US.
The acquisition is said to expand First Financial’s commercial banking and wealth management services in Northeast Ohio.
Westfield Bank’s retail locations and related services will now operate as part of First Financial’s network.
These branches will retain their current branding until the completion of conversion process, which is expected to occur in March 2026.
The conversion will merge the two banks’ products, processes and operating systems.
Westfield Bank clients will continue to receive services through existing channels, and will receive information about account conversions in the coming months.
First Financial president and CEO Archie Brown said: “This is an exciting step in the growth of First Financial, as the addition of Westfield Bank opens new possibilities for growth and profitability for us in an attractive market.
“We can now bring our wide range of solutions in consumer, commercial, specialty lending and wealth management to new clients, while expanding our geographic footprint for our current clients.
“The First Financial team is thrilled to welcome the Westfield Bank team members to the First Financial family.”
The transaction follows First Financial’s recent expansion activities in the Midwest.
In 2023, the company established a commercial lending presence in Northeast Ohio.
Earlier this year, First Financial announced BankFinancial, the parent company of BankFinancial, National Association, in Chicago, Illinois.
Furthermore, the company has also established a commercial banking presence in Grand Rapids, Michigan.
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