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Andersen (ANDG) analogies:

• Like a 'Big Four' firm (e.g., Deloitte or PwC) that only does high-end tax, valuation, and financial advisory, intentionally avoiding audit services.
• Imagine the global tax and financial advisory arm of an EY or KPMG, but as an independent firm that does not offer audit.

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• Private Client Services: Provides comprehensive tax and financial services for individuals and families, including multigenerational wealth, charitable giving, and trust and estate planning.
• Business Tax Services: Offers a broad range of integrated tax-related consulting and compliance services for businesses, assisting with tax planning, compliance, and reporting.
• Alternative Investment Funds Services: Delivers comprehensive tax and financial services specifically for various investment funds, such as family offices, hedge funds, private equity funds, and REITs.
• Valuation Services: Provides in-depth, independent valuation expertise to help clients navigate tax laws and regulations and comply with regulatory requirements.

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• Individuals and Families (Private Client Services): This segment includes individuals and families with complex financial matters, often involving multigenerational wealth, charitable giving, and trust and estate planning.
• Businesses (Business Tax Services): Andersen provides integrated tax-related consulting and compliance services to a broad range of businesses, assisting them with tax planning, compliance, and reporting needs.
• Alternative Investment Funds: This category encompasses various investment funds, such as family offices, funds of funds, hedge funds, private equity funds, venture capital funds, and real estate investment trusts, to which Andersen delivers comprehensive tax and financial services.

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Mark Vorsatz, Chief Executive Officer, Chairman

Mark Vorsatz co-founded Andersen (originally named WTAS) in 2002 and has served as its Chief Executive Officer and the Managing Director of its Private Client Services practice since inception. He has been the Chairman of Andersen Group Inc.'s Board of Directors since April 2025. Mr. Vorsatz was instrumental in establishing and expanding Andersen Global into a worldwide presence, and he has served as Chairman of Andersen Global since 2013. Before founding Andersen, he was a Partner at Arthur Andersen from 1987 until 2002. He also led Arthur Andersen's Private Client Service Group in San Francisco and served as Managing Partner and Tax Division Head of their San Jose office. In 2007, he was part of the management buyout of WTAS from HSBC.

Neal Livingston, Chief Financial Officer

Neal Livingston has served as Andersen's Chief Financial Officer since January 2025 and Andersen Group Inc.'s Chief Financial Officer since April 2025. Prior to joining Andersen, he held the position of Global Chief Financial Officer for Freshfields, an international law firm, from November 2021 to December 2024. From October 2016 to October 2021, Mr. Livingston was the Global Chief Financial Officer at Dentons, another major international law firm. Earlier in his career, he spent a decade at Arthur Andersen as a partner and Global Firm Treasurer, overseeing the firm's global treasury function and later managing financial aspects of its restructuring as the finance lead on the Global Transition Management Team. He also held senior roles in the financial services sector in Asia with Standard Chartered, RBS, and Commonwealth Bank.

William Deckelman, Chief Legal Officer

William Deckelman has been Andersen's Chief Legal Officer since January 2025. From 2008 to March 2024, he served as the Executive Vice President and General Counsel for DXC Technology Company and its predecessor, which is a multinational information technology services and consulting company. Before that, he was Executive Vice President of the Howard Baker Forum and a Senior Public Policy Advisor/Of Counsel at the law firm, Baker Donelson, from July 2024 through December 2024.

Peter Coscia, East Regional, Managing Director

Peter Coscia has held the role of Andersen's East Regional Managing Director since January 2024, responsible for overseeing comprehensive tax services across the U.S. eastern region and the Caribbean. He has held various leadership positions at Andersen since 2002, including Managing Director of the Metro New York office from May 2018 until December 2023. Prior to his tenure at Andersen, Mr. Coscia worked as a Senior Tax Manager at Deloitte Tax, LLP in 2002 and at Arthur Andersen from 1991 to 2002.

Daniel DePaoli, Country Managing Director and Regional Managing Partner for North America

Daniel DePaoli has been with Andersen since 2002, holding various leadership roles, and serving as the Country Managing Director and Regional Managing Partner for North America since 2016. He oversees a significant portion of the firm's operations and provides private client services, specializing in tax consulting and compliance for individuals. Before joining Andersen, Mr. DePaoli worked at Arthur Andersen from 1990 until 2002, where he became a Partner in 2001.

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Here are the key risks to Andersen's business:

1. Reputational Risk from Arthur Andersen Legacy: The company operates under a brand name associated with the historical collapse of Arthur Andersen following the Enron scandal. Despite the current entity's efforts to build a positive reputation, external analyses indicate that this "complicated legacy" and "reputational collapse" remain a significant risk, requiring investors to assess the company's ability to transform this history into a sustainable growth story.
2. Revenue Concentration in Private Client Services: Andersen derives a substantial portion of its revenue from a single service line. Approximately 52% of its revenue during the nine months ended September 30, 2025, came from private client services. This high concentration exposes the company to risks associated with economic downturns affecting high-net-worth individuals, changes in tax laws impacting private wealth, or heightened competition within this specific segment.
3. Dependency on Andersen Global: Andersen's global capabilities and reach are explicitly stated to be "facilitated through our membership in Andersen Global," a Swiss association of numerous member and collaborating firms. This dependency means that any significant disruption to the Andersen Global network or changes in the relationship could negatively impact Andersen's ability to deliver international services and leverage global expertise.

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Andersen (ANDG) operates in several key service areas, each with a significant addressable market both in the United States and globally.

Private Client Services

The global financial advisory services market, which encompasses private client services, was valued at approximately $103.01 billion in 2024 and is projected to reach $174.33 billion by 2033, growing at a CAGR of 6.02%. Another estimate places the global financial advisory market size at $103.8 billion in 2025, with a projection to reach $1,870 billion by 2035. North America is a dominant region within this market.

Specifically for the U.S. private banking market, which includes aspects of private client services, the market size was $107.5 billion in 2024 and is projected to reach $114.7 billion in 2025. Another report indicates the U.S. private banking market size is $64.97 billion in 2026 and is projected to grow to $100.52 billion by 2031.

Business Tax Services

The global tax advisory services market was valued at $34.6 billion in 2021 and is projected to reach $97.1 billion by 2031. More recent estimates place the global tax advisory services market at $36.42 billion in 2024, expected to reach $94.72 billion by 2033. Another source suggests the global tax advisory services market is estimated at $46.4 billion in 2025 and is forecast to reach $111.2 billion by 2034. North America holds the largest share of this market globally.

For Business Tax Services specifically, the global market is projected to rise from $86.8 billion in 2026 to $200.8 billion by 2035. The United States Business Tax Services Market size is projected at $23.88 billion in 2025. The U.S. Tax Preparation Services market size is $14.3 billion in 2026.

Alternative Investment Funds

The global alternative investment funds (AIFs) market was valued at $12.8 trillion in 2023 and is projected to reach $25.8 trillion by 2032. Another report indicates the market was $13,731.72 billion in 2025 and is expected to reach $15,019.63 billion in 2026, and $21,350.31 billion by 2030. North America is a leading region in the management of global alternative assets, with global alternative assets under management expected to surpass $23 trillion by 2027.

Valuation Services

The global business valuation services market was approximately $7.42 billion in 2024, expected to grow to $8.05 billion in 2025, and projected to reach $11.75 billion by 2030. North America was the largest region in this market in 2025.

The market size for Business Valuation Firms in the U.S. is estimated at $3.0 billion in 2025 and $3.1 billion in 2026. The global corporate valuation service market was valued at $2,427 million in 2024 and is projected to reach $3,579 million by 2032. It is also projected that the global corporate valuation service market will reach $15.2 billion by 2026.

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Andersen (ANDG) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. Expansion through the Andersen Global Network: The company plans to leverage its foundational role and membership in Andersen Global to deliver services internationally at scale, providing U.S. clients with access to deep tax, legal, and financial expertise across over 180 countries. This global reach, facilitated by more than 50,000 professionals within Andersen Global as of September 30, 2025, enables broader market penetration and service delivery beyond the United States.
2. Growth in Client Base and Deepening Client Relationships: Andersen consistently increases its client groups and engagements, with client groups increasing by 6% and client engagements by 7% from September 30, 2024, to September 30, 2025. The company's ability to attract a diverse range of clients across the U.S. and internationally, coupled with high client retention (74% of 2024 revenue from client groups engaged for over three years), suggests continued growth through new client acquisition and expanding relationships with existing clients.
3. Continued Development and Delivery of Specialized Non-Audit Services: Andersen's deliberate focus on not providing audit services allows it to offer a comprehensive suite of integrated non-audit services, including Private Client, Business Tax, Alternative Investment Funds, and Valuation Services. This differentiated approach to solving complex tax and financial challenges, unconstrained by audit regulations, positions the company to continue expanding its specialized offerings tailored to client-specific needs.
4. Strategic Investment in Talent Attraction and Retention: The company emphasizes its low employee turnover and strong staff tenure, with average Managing Director tenure exceeding ten years as of December 31, 2024. By investing in its professionals' development and fostering a collaborative environment, Andersen ensures the consistent delivery of high-quality services. This commitment to talent acts as a critical differentiator, supporting long-lasting client relationships and attracting new business.

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Share Issuance

• Andersen Group Inc. completed its Initial Public Offering (IPO) in December 2025, offering 11,000,000 shares of Class A common stock.
• The IPO generated gross proceeds of approximately $176 million.
• With the full exercise of the underwriters' over-allotment option for an additional 1,650,000 shares, the total gross proceeds from the IPO reached $202.4 million.

Outbound Investments

• The company plans to utilize capital from its IPO to pursue acquisitions and fuel further expansion.
• Andersen intends to acquire some of its member firms within the Andersen Global network over the next 30 months following the IPO (from December 2025).

Capital Expenditures

• Proceeds from the IPO are allocated to fund technology, infrastructure, and training.
• The company plans specific investments in AI and tax-automation infrastructure.