A listed professional services firm – which is unusual – the US business recently added a series of senior figures, two of whom work in areas that touch on the wealth management sector.

When CBIZ, the US-listed professional services firm, added to its team at the start of May, two figures in financial services and alternative investments are busy in sectors that are top of mind for HNW and ultra-HNW individuals, and their advisors.

Among the appointees were Jim Low, financial services, and Beth Wiener, alternatives.

Deregulation and tax policy are two topics that Low told this publication will take up his and colleagues’ time. He has been appointed managing director and national financial services industry leader at CBIZ.

“Overall, the changing regulatory environment is more of a de-regulation event due to many factors, including as the federal workforces decline, and the impact of tariffs is always front and center,” Low said. “From a financial services perspective, while tariffs may not impact banks directly, it could have an impact on lending and credit risk where, if there is a pullback, it could have an impact on M&A activity. An example may be over-capitalized banks acquiring undercapitalized as a result.”

“Another area we are watching is the OCC's [Office of the Comptroller of the Currency] announcement of plans to remove the separate examination departments for large, midsize, and community banks. Instead, a single group, blending examiners from all existing groups, will oversee institutions of all sizes. One potential impact for smaller institutions may be heightened scrutiny resulting from the combination of these groups,” Low said. 

Tax policy changes are “something we are always watching,” he added. 

Low’s mandate includes areas such as cybersecurity and fraud prevention, regulatory preparedness, M&A activity, credit and liquidity management, tax policy and compliance, benefits and insurance needs, and assurance needs. 

In Wiener’s case, she is joining CBIZ at a time when alternative investment, such as private credit, equity, real estate, infrastructure and venture capital, are getting considerable wealth industry attention. Wiener is MD and national alternative investment industry leader.

“Given the increasing visibility of private markets and alternative investments, it is essential for service providers to possess the requisite expertise and proficiency across all aspects of the industry. Combining these service lines ensures we offer the wide range of services the industry demands,” the firm said when asked about Wiener’s role. 

CBIZ expanded on the ways that regulatory changes affect its workload.

“These focal points include cybersecurity and information security, fee transparency and disclosure, conflicts of interest and standards of conduct, compliance rules, as well as digital assets and cryptocurrency,” it said. “Additionally, we are engaging in discussions with our clients regarding proposed amendments to Federal tax laws. These include potential changes to state and local tax deductions, modifications to the lifetime estate exemption, and the possibility of making many provisions of the 2017 Tax Cuts and Jobs Act permanent.”

The other appointments announced May 1 were in capital markets, food and beverages; government, and construction.