As we move deeper into 2025, financial services professionals are navigating a uniquely complex environment—one marked by shifting regulation, evolving valuation standards, and impending tax policy changes. The headlines may point to macroeconomic uncertainty or political reshuffling, but beneath those headlines lies the real work: making decisions today that hold up tomorrow.
That’s why the 2025 Anchin Financial Services Forum Panels were such a timely and valuable resource—three expert-led discussions designed not just to identify trends, but to equip fund managers, CFOs, legal advisors, and institutional stakeholders with clarity and confidence. Featuring insights from leaders at Jefferies, Lazard, Broadridge, GlobeTax, Tannenbaum Helpern, Rockport Investment Partners, and others, the panels offered a well-rounded perspective on the forces shaping the next chapter of financial services.
Here’s what we took away:
Regulation Is No Longer Just a Legal Concern—It’s an Operational Imperative
In the first session, Regulatory Updates and Changes, Alicja Mierzwa, Director at Anchin, moderated a dynamic conversation with an all-women panel of industry leaders: Nicole Belmont, Managing Director at Far Hills Group; Julia Dworkin, Managing Director & Co-Head of Capital Introductions at Jefferies; Caitlin Reynolds, Managing Director & Co-Head of Lazard Family Office Services; Rachel Puleo, Global Head of Product at Broadridge Asset Management Solutions; and Heather N. Wyckoff, Partner at Alston & Bird. The panelists agreed that regulatory compliance can no longer exist in a silo—it must be fully integrated into operational and leadership strategy.
“The past few years have taught us that resilience isn’t just a technical requirement—it’s a leadership responsibility,” Mierzwa noted. “Firms need to think holistically about operational structures that can withstand stress, whether that’s cyber-related, liquidity-driven, or vendor-based.”
A major focus was on DORA (the EU’s Digital Operational Resilience Act)—a sweeping mandate that demands end-to-end ICT (Information and Communications Technology) risk management, including cloud infrastructure and third-party vendors. With fines (and even criminal liability) on the table, transparency and accountability are becoming non-negotiable.
We also covered liquidity tools like GP-led secondaries and the evolving governance role of LPACs (Limited Partner Advisory Committees). What once may have been considered “back-office” has become front and center—and a competitive advantage when managed well.
Valuation Requires a Framework, Not Just a Formula
In Dissecting Portfolio Valuation: Trends, Transactions, and Capital Structure, David Horton, Partner and Assurance Leader of Anchin’s Financial Services Group, moderated a conversation beyond valuation mechanics. He was joined by Damien Hughes, Director at Anchin; Ryan MacLean, Managing Director at Valuation Research Corporation; and Peter Wollmeringer of Rockport Investment Partners. Together, they tackled the gray areas fund managers face every day, from fair value challenges to capital structure considerations.
“It’s no longer just about having the right model. It’s about applying it in context, with judgment and alignment,” Horton said. “Whether you’re dealing with distressed assets, new capital structures, or auditor expectations, you need a roadmap.”
Key themes included the increasing scrutiny on liquidation preferences, the fading relevance of old financing rounds, and the importance of clearly documented valuation policies, especially for firms that may not have experienced a complete market cycle.
The panel also called out a critical gap: many new clients are underprepared for valuation conversations with auditors, simply because they haven’t formalized their internal processes. With public and private markets increasingly interdependent, this gap is becoming harder to ignore.
Tax Planning in 2025 Is Not a “Later” Conversation
The third session, Tax Trends Update, brought clarity to a landscape where clarity is in short supply. With E. George Teixeira, Partner and Practice Leader of Anchin’s Financial Services Group, leading the discussion, panelists from GlobeTax, Tannenbaum Helpern, and Hodgson Russ unpacked everything from TCJA expirations to international reclaim requirements.
“The firms that are prepared for what’s coming in 2025 aren’t just monitoring tax policy—they’re modeling scenarios and adjusting now,” Teixeira explained. “Especially as provisions like the 20% pass-through deduction and SALT cap limitations come up for renewal or revision.”
One standout insight came from a 2023 court ruling limiting self-employment tax exemptions for active limited partners—a significant development for fund managers who may need to reexamine their compensation and entity structures.
The panel also explored the tightening of international tax reclaim processes, particularly in Europe, where countries like Denmark and Germany now require granular documentation, sometimes down to participant-level data within partnerships. On a more encouraging note, recent changes now allow Cayman-domiciled entities to reclaim excess withholding in select jurisdictions, opening up new pathways for fund efficiency.
What These Conversations Really Showed Us
Across all three panels, a single theme emerged: financial services firms can no longer treat tax, valuation, and regulation as separate disciplines. These are now threads in the same strategic fabric—and success in 2025 and beyond will depend on how well they’re woven together.
From the emphasis on governance and infrastructure, to framing valuation as a dynamic process, to a call for early tax scenario planning, this event reminded us that technical expertise must be paired with operational readiness.
That’s especially true in this market. Regulation is moving faster. Valuation inputs are more complex. Tax policy is in flux. And investor expectations have never been higher, so working with a knowledgeable partner and advisor is vital.
But the good news is: when leaders across disciplines come together with openness and shared purpose, the industry gets stronger.
