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CBIZ
Jerry Grisko leads CBIZ, a publicly traded consolidator of accounting, insurance, and advisory firms serving middle-market businesses from Cleveland.
CBIZ
CBIZ was formed in 1996 through the merger of Century Business Services and an affiliated tax firm, becoming one of the earliest publicly traded consolidators of professional services in the United States. Jerry Grisko took over as President and CEO in 2000, inheriting a firm designed to provide outsourced accounting, employee benefits, property and casualty insurance, and wealth management primarily to middle-market businesses. The company went public on the New York Stock Exchange and has maintained its headquarters in Cleveland, Ohio. The firm delivers a bundled mix of financial services: tax advisory, audit and assurance, employee benefits consulting, property and casualty insurance brokerage, and retirement planning. Unlike a single- or multi-family office, CBIZ serves a broad commercial client base rather than a single wealth-creation source. Its strategy is rooted in acquiring local and regional CPA and insurance brokerages, maintaining their existing client relationships while layering on centralized technology and compliance infrastructure. The firm does not operate as a direct investor in private companies or real estate but facilitates capital placement and advisory for operating businesses. CBIZ is a publicly traded entity with a market capitalization that has fluctuated in the billions and a workforce in the thousands across offices in the United States. The firm has also operated a registered investment advisory arm, CBIZ Investment Advisory Services, which provides fiduciary advice to corporate retirement plan sponsors. In August 2024, CBIZ announced a definitive agreement to acquire Marcum LLP in a cash-and-stock transaction valued at approximately $2.3 billion, a move that would significantly expand its accounting and advisory footprint (per the firm, August 2024). The firm's structural differentiator lies in its public-company roll-up architecture within professional services — an uncommon model that provides liquidity to retiring partners of acquired firms while scaling back-office operations. This governance model, with accountability to public shareholders and a board of directors, distinguishes it from privately held wealth management aggregators or traditional single-family capital allocators. Its succession pathway for partner-led advisory firms creates an acquisition pipeline that is structurally inaccessible to private family capital vehicles.
General information
Firm type
Asset Manager
Year founded
1996
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Cleveland
Corporate office
Cleveland, OH, United States
Principals
Jerry Grisko
President & CEO
Sector focus
Frequently asked questions
Is CBIZ a family office or a wealth manager?
CBIZ is neither a family office nor a pure wealth manager. It is a publicly traded professional-services firm that provides accounting, insurance brokerage, and advisory services mainly to middle-market commercial clients. While it offers retirement plan advisory through CBIZ Investment Advisory Services, its primary business is serving operating companies, not managing a single family's capital.
Who controls investment decisions at CBIZ?
CBIZ does not operate a proprietary investment portfolio as a family office would. Advisory and risk management services delivered to clients are executed by licensed professionals within the firm's insurance, retirement, and advisory divisions. Jerry Grisko, as President and CEO, oversees the overall strategic direction, but day-to-day investment advisory decisions affecting client assets sit within its registered investment advisory subsidiary.
What does the Marcum acquisition mean for CBIZ's structure?
The August 2024 agreement to acquire Marcum LLP for roughly $2.3 billion represents a large-scale consolidation play within the accounting industry. Post-transaction, the combined entity would rank among the largest accounting and advisory providers by client count in the United States. It reinforces CBIZ's roll-up model, absorbing Marcum's partnership and client base into its public-company structure.
Does CBIZ take principal investment positions in companies?
CBIZ generally does not act as a principal investor in private companies, real estate, or venture funds. Its business model earns fees from professional services rather than capital appreciation on an investment portfolio. The firm's balance sheet is used for acquisitions of advisory practices rather than proprietary investing.
How does CBIZ source its clients?
Client sourcing is largely driven by the partner relationships CBIZ inherits when it acquires regional accounting and insurance firms. These acquired firms bring their existing books of middle-market business clients, which the parent company supports with centralized technology, compliance, and cross-selling initiatives. The firm's pipeline is therefore deal-flow-driven through M&A rather than traditional marketing or wealth-management referral channels.
Is CBIZ related to a specific family wealth origin?
No. CBIZ is a publicly traded corporation formed through industry consolidation, not the management vehicle for a particular family's wealth. Its shareholding is dispersed among institutional investors, mutual funds, and public shareholders rather than concentrated in a founding family.
What does CBIZ's registered investment advisory arm do?
CBIZ Investment Advisory Services operates as a registered investment advisor providing fiduciary guidance primarily to corporate retirement plan sponsors. It advises on plan design, investment selection, and monitoring for 401(k) and similar employer-sponsored plans. It does not serve as a multi-family office or private wealth manager for high-net-worth individuals.
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