FIRSTLY, COULD YOU PLEASE TELL US A BIT ABOUT CARRINGTON WEALTH MANAGEMENT, WHAT YOU DO AND HOW YOU WORK WITH MUSIC MANAGERS AND ARTISTS?
We are an award-winning wealth management company looking after private clients and families. We give clients a clear road map for their future, working with them to understand their financial and personal goals, and putting in place the structure and means to achieve those goals.
I am financial adviser at Carrington and have been part of the team since 2015. I have been advising for the last five years and pride myself in creating long-lasting relationships with my clients, who include music managers and artists. I help people make smart financial decisions that are going to help their financial position over the long term, which can be especially important with front loaded earnings. I believe the music industry is underrepresented and often under supported. I would like to change that.
PLEASE SHARE A BIT MORE ABOUT YOUR BACKGROUND SPECIFICALLY, HOW DID YOU GET INTO YOUR ROLE AND THE WORK YOU DO WITH MANAGERS AND ARTISTS?
Not a very exciting story but I always knew this was an industry I wanted to be in, and I started my career with a financial services degree in Glasgow. I joined Carrington Wealth Management straight after university and have been working here ever since. Music has always been a passion of mine and I especially love going to live gigs. I am fortunate to have a few personal connections in the industry, who have introduced me to other managers, artists and songwriters and it kind of snowballed from there. It’s through being exposed to different people in the industry that I came to realise that very few people were speaking to or working with a financial adviser. The nature of the industry is very competitive, and income can be irregular, so sometimes it’s a bumpy ride. In these circumstances, planning to ensure that money is managed properly and that it lasts for as long as it can, is invaluable. I realised I can make a difference and can really help people in this type of position.
AS FINANCIAL MANAGERS WORKING IN THE MUSIC AND ENTERTAINMENT INDUSTRY, TELL US A BIT MORE ABOUT YOUR SERVICES AND THE IMPORTANCE YOU PLAY IN THE MUSIC INDUSTRY?
Our services include financial planning and wealth management. We look at the whole picture and help people plan for their futures. Each person’s situation is unique, so we look at the different income sources that music managers and artists might have. This could be from publishing deals, song writing, streaming income etc. We then look at outgoings and planned expenditure, based on their goals and aspirations, and we map out how long that income is going to support the person’s lifestyle. We look to the future and plan way down the road. We work alongside lawyers and accountants as part of the music managers and artists’ trusted team, as an overall support system that’s going to provide all of the expert knowledge that they need to guide them through their career.
WHAT HAS CARRINGTON WEALTH MANAGEMENT BEEN WORKING ON RECENTLY?
We have been developing a service for business owners – creating a roadmap to support them through the growth, and then ultimately the sale of their businesses. We have a team of experts we work with (but we’re more than happy to work with an existing team) to ensure that the businesses are set up in the most tax efficient way and that it has the right level of protection in place to ensure there are no nasty surprises. We also work with the business owners/ partners on a personal level to ensure their personal tax planning, family protection and estate planning is in order. It’s a service that will benefit the business owners in the music industry.
We have also been establishing and strengthening our network of professional connections through workshops and social events at our offices. I’ve also been getting out there and meeting people, I’ve been attending the Music Manager Forum events that have been running this year, which have been excellent. Having joined MMF recently, I am trying to meet as many of the members as possible so that I can become more of a presence in the industry.
WHAT ARE YOUR PLANS FOR THE REST OF 2023?
As a company we never sit still. So, we’re always reviewing our business proposition and the service we offer our clients to find ways to improve the experience and add value to our clients.
We also try to help our community and each year we select a charity of the year which is close to our hearts. So, we are busy planning charitable events and fundraising for the next 12 months. This usually involves some sort of mad physical event!
And as I mentioned above, I am planning to meet more people in the industry and I have a number of MMF events in the diary – the summer party next week, and the meet the manager events, that I’m definitely keen to go along to.
WHEN IS THE RIGHT TIME FOR AN ARTIST OR MANAGER TO START WORKING WITH A FIRM SUCH AS CWM?
Straight away! Even if you feel it isn’t the right time to take a financial adviser on board, it’s always a good time to have a chat. I have found that often managers and artists will have an accountant or a lawyer, however, the one aspect that is overlooked is their long-term financial plan and having a trusted financial adviser as part of the team can really be invaluable. It’s been my experience that people don’t priorities their own finances, and historically it’s an industry that has been taken advantage of, so it’s important to have the right people in your corner, helping you make important decisions and guiding you.
WHAT NEW MUSIC RELEASES ARE YOU CURRENTLY ENJOYING?
I’m listening to a lot of Fred Again, his set at Glastonbury looked amazing. Also really enjoying the new Post Malone Album.
WHAT WAS THE LAST GIG YOU WENT TO?
I saw the Lumineers at Crystal Palace Park and I was very pleasantly surprised; it was excellent. He (Wesley Schultz) was brilliant, not even the rain dampened the show!
IS THERE ANYTHING YOU WOULD LIKE TO SAY TO MANAGERS WHO ARE INTERESTED IN FINDING OUT MORE ABOUT CWM?
Give me a call. Drop me a text. Send me an e-mail. I’m more than happy to have a chat with anybody in the industry who wants to know more or who just needs a bit of help or guidance. Alexander@carringtonwm.co.uk or 020 7078 4849 or 07746348677.