Tell us about yourself.

 

Hey, I’m James and I’m a relationship director at Cooper Parry Wealth. I’ve been in the financial planning profession for 17 years, and work with music managers and their artists, helping them to make sensible money decisions.

 

Tell us about Cooper Parry Wealth.

 

Cooper Parry are not your typical firm of accountants and wealth managers. You only need to check out our branding to figure that out.

In an industry that focuses on products, we’re clear that we focus on people – you.

Financial planning only works if you start by understanding what’s truly important. Your values, your ideal lifestyle, your attitude to money and your aspirations.

Getting advice on just one area of your finances is dangerous. In fact, if you come to us and want advice on say, just your pension fund or setting up an investment portfolio, we’ll politely decline. This is because all areas of your personal wealth are linked in some way.

 

How do you work with music managers and artists?

 

Our approach is to look at everything. Investment advice, of course. But you’ll walk away with a plan that also covers your business planning, how to manage risk, how to structure your investments, how to keep tax to a minimum and how to create a legacy. All with your bigger picture in mind.

We’ve developed a world-class proposition aimed at those working within the music industry.

We’re on a mission to ensure that our clients are making sensible decisions with their money today, to give them financial freedom in the future.

They’re then free to let the creativity flow. After all, who wants to be thinking about whether they’re putting enough into their pension when they’re in the studio?

 

What are some top tips you have for managers when it comes to wealth management?

 

Know what the ‘end game’ is.

As you are building your business and your roster grows, you may begin to start earning good money.

Ensure that you’re ‘paying your future self’ and putting enough away in long-term savings and investments to fund your future life.

The music business is one built on trust and relationships, and you may find that regardless of how successful your management company is, if and when you step away from that business there may be little sale value. It’s crucial that you make hay while the sun shines. Your future self will thank you for it.

Run your own money like you do your business.

Budgeting – How much are you spending on your essentials and discretionary/lifestyle stuff? Are you living within your means? Clarity here is key – open a bank account that categorizes all your outgoings, then every quarter go through how much you’re spending and on what. How do you feel? Are you spending your money on stuff that is genuinely making your life better?

Be tax smart – are you making the most of all your tax allowances? (including making full use of your company, if you have one). A penny saved in tax is better than a penny earned in investment returns, as you’ve taken no risk to get it.

Cash flow – Ensure you know what’s coming in versus. what’s going out over the next 12 months. If your income is sporadic due to your management commissions, figure out what stable income you can pay yourself, and don’t let it ebb and flow with your business cashflow.

Catastrophe cash – it’s sensible planning to ensure that you’ve always got a pot of readily available cash just in case the world throws you a financial curve ball. Typically, we advise around 6 months’ worth of essential spending.

Try and not worry about how your peers are doing (or at least appear to be doing). There is a brilliant quote from one of my favorite ‘money’ books:

“Spending money to show people how much money you have is the fastest way to have less money.”

We tend to judge wealth by what we see, because that’s the information we have in front of us. We can’t see people’s bank accounts. We rely on outward appearances to gauge financial success. Cars. Homes. Instagram photos.

Do not try and keep up – you do you. Understand what your true values are and stick to them.

 

What has Cooper Parry Wealth been working on recently?

 

We’ve been busy launching our own technology platform – this has allowed our clients to hold all of their different investments in one place at a very low cost. We’ve also launched an app that lets our clients view their entire financial lives in one place.

 

When is the right time for an artist or manager to start working with Cooper Parry Wealth?

 

I’m always happy to have a coffee and a chat with anyone, even those at the beginning of their music career (be it as an artist or manager).

I tend to formally work with artists and managers once they’re established, as it is at that stage that they begin to need some proper financial planning and advice.

 

Is there anything you would like to say to managers who are interested in finding out more about Cooper Parry Wealth?

 

Connect with me on Linkedin, or drop me an email to jamesgr@cooperparry.com and we’ll take it from there!

You can also find out more about Cooper Parry Wealth by visiting the dedicated music page on our website.