This week we catch up with Purvi Hemming at Smith & Williamson. Smith & Williamson have a dedicated media and entertainment team to help artists/managers navigate some of the financial complexities and decisions you will need to consider for your clients.
Their clients include artists, writers, composers, musicians, film and TV production companies, orchestras, magazine editors, film directors, Instagram influencers and music managers.
Hi, my name is Purvi, and I’m approaching 10 years at Smith & Williamson! I work in a Business Development capacity and part of my role is collaborating with organisations such as the MMF to offer financial education training to music managers so that music managers feel empowered to have conversations about finance with their artists.
The firm’s USP is that across the Smith & Williamson Group, can offer a client all of their financial advice under one roof, from managing their tax affairs and personal financial planning to VAT advice, accounting services and investing their assets. Our clients really value this offering.
In terms of us as a company, although the brand is a large business, the entertainment team is relatively small and we try to provide a close-knit experience with our clients – where they can pick up the phone to us personally at any opportunity. We have considerable experience of working with individuals in the creative industry and our clients include musicians, music managers, orchestras, composers among many others. Recent work our practitioners have undertaken has included: setting up accounting services for an emerging artist, pre-arrival planning in the UK for a musician from Asia, tax implications of a sale of a back catalogue for an established artist.
During lockdown I’ve been listening to some old R&B and creating party vibes in my kitchen with my 4-year old! I’m also enjoying ATB x Topic x A7S, Anne Marie, The Weekend and Dua Lipa.
We’ve had a busy 12 months, helping our clients cope with the impact of the pandemic. Many have needed advice and support to manage their way through; advise on different types of funding, support with funding applications and regular cashflow forecasting have been particularly relevant to our clients, as the majority of them have seen a severe drop in revenue. Our service is bespoke and tailored to each client’s needs, which means that we continuously adapt our services in line with any changes in the economy that may affect our clients. During the last 12 months our clients have needed more regular discussions with us, talking less about growth and more about how to make the business more resilient.
It’s never too early to have a conversation – which initially is likely to focus on the education element of what we do, and the artist’s career plans – understanding the things that are important to them, and exploring the areas where they could better prepare. For artists just starting out, it might be that there is not much that we do together initially regarding savings, as there isn’t much disposable income etc., but explaining the principles is important.
As soon as there is regular revenue coming in, it is also important to have that first discussion around setting up a business, to make sure this is done in the most optimal way from the start – this not only saves time and money in the long run, but also gives peace of mind from the onset and frees up time for the artists’ and managers’ day job – to be creative!
Hard times are known to bring about new opportunities and we have already seen a change in how musicians are reaching their audiences. As with any opportunity, it is important to be set up with a strong foundation for launching new ideas, to be on top of your cashflow.
Please pick up the phone for an initial chat – we are always interested in hearing from you and finding out how we can help (and we don’t charge for talking to you). Whether you are about to start out or are an established manager, we work with managers and artists at all stages of their career and can add value to how you manage the finances regardless of what stage you or the artists are at. Our ethos is about building long-term relationships with our clients, built on trust which our clients value very much.
Thank you, Purvi and Smith & Williamson!
Email Purvi – Purvi.Hemming@smithandwilliamson.com
By necessity, this briefing can only provide a short overview and it is essential to seek professional advice before applying the contents of this article. This briefing does not constitute advice nor a recommendation relating to the acquisition or disposal of investments. No responsibility can be taken for any loss arising from action taken or refrained from on the basis of this publication.
Investment does involve risk. The value of investments and the income from them can go down as well as up. The investor may not receive back, in total, the original amount invested. Past performance is not a guide to future performance. Rates of tax are those prevailing at the time and are subject to change without notice. Clients should always seek appropriate advice from their financial adviser before committing funds for investment. When investments are made in overseas securities, movements in exchange rates may have an effect on the value of that investment. The effect may be favourable or unfavourable.
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Authorised and regulated by the Financial Conduct Authority.
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