William Huston, AIF®, AIFA®

Best Financial Advisors for Entertainers

William Huston, AIF®, AIFA®

William Huston, AIF®, AIFA®

Best Financial Advisors for Entertainers

Entertainers face financial challenges and opportunities that are different from those faced by other professionals. These range from career uncertainty and income volatility to high pressure lifestyles and demanding workloads.

Two successful professional men

A fruitful and lasting career as an entertainer can only be guaranteed by a stable financial life, and this in turn is only made possible by sticking to a financial plan and important financial principles.

Working with a financial advisor to educate yourself on financial principles, create a financial plan and guide your financial decision is, therefore, your best bet as an entertainer.

Key Takeaways
  • In addition to a demanding workload and lifestyle, entertainers regularly face career ups-and-downs as well as income volatility
  • Entertainers need financial advisors in order to maintain lucrative careers
  • Entertainment advisors provide a wide range of financial services including investment planning and cash-flow management
  • Choosing a financial advisor to work with involves identifying your needs and goals as well as asking the right questions on expertise
Disclaimers

The contents of this article are for educational purposes only. They are not intended to be a source of professional financial advice. You will find experts on financial planning and financial management here. More on disclaimers here.

Typical Finances of Entertainers

A brief look into the financial situation of most entertainers:

A team of professionals examining a plot
Income Volatility

The entertainment industry is known for its unpredictability, and many entertainers experience fluctuations in their income. An entertainment advisor can help them to manage their cash flow, save for lean times, and invest their money in a diversified portfolio that balances risk and return.

Career Uncertainty

The career of an entertainer can be short-lived, and they may not have a steady stream of income after they retire or their career slows down. An entertainment advisor can help them to plan for their financial future, including saving for retirement and estate planning.

A man with a blurred horizon on his career path
High Income

Many entertainers earn a high income, which can create unique tax implications. An entertainment advisor can help them to minimize their tax liability and make smart financial decisions that maximize their wealth.

Lifestyle Demands

The lifestyle of an entertainer can be demanding, and they may need to support multiple households or have unique travel requirements. An entertainment advisor can help them to manage their expenses and create a budget that aligns with their lifestyle.

Estate Planning

Entertainers often have complex estates, with multiple assets and beneficiaries. An entertainment advisor can help them to create an estate plan that effectively distributes their wealth after death and minimizes any potential tax implications.

Piles of money and a house model

By working with an entertainment advisor, entertainers can navigate these unique financial challenges and opportunities. Through timely tax advice and help with tax returns, entertainers can make smart financial decisions that support their wealth and financial security.

Do Entertainers Need Financial Advisors?

Yes, entertainers need financial advisors to help manage their wealth. Given the volatility and uncertainty of the entertainment industry, having a financial advisor can be especially important for entertainers.

A measure whose reflection symbolizes money

A financial advisor can help entertainers to:

  1. Create a budget and financial plan to manage their income and expenses.
  2. Invest their money in a diversified portfolio that balances risk and return.
  3. Plan for their financial future, including saving for retirement and estate planning.
  4. Navigate the tax implications of their income, especially given the complex tax laws that apply to high-income individuals.
  5. Minimize their tax liability through smart financial planning and investment strategies.
  6. Address any unique financial challenges that may arise, such as the need to support multiple households or the impact of divorce.

Having a financial advisor can help an entertainer make smart financial decisions and ensure that their wealth is managed effectively. It's important for entertainers to choose a financial advisor who has experience working with high net worth individuals and who is a good fit for their needs.

Financial advisors of entertainers are also called entertainment advisors.

What is an Entertainment Advisor?

A professional man standing in front ogront of a high rise building

An entertainment advisor is a professional who provides financial planning and investment advice to individuals in the entertainment industry, such as actors, musicians, and other performers. Entertainment advisors work closely with their client's business manager.

Entertainment Industry Wealth Management Services

Money growing in a piggy bank

Entertainment industry wealth management services are financial planning and investment services tailored to the needs of individuals in the entertainment industry. These services range from:

Budgeting and cash flow management

Helping entertainers to manage their income and expenses, and creating a financial plan that aligns with their goals and lifestyle.

Investment planning

Developing an investment strategy that balances risk and return, and helps entertainers to grow their wealth over time.

Tax planning

Navigating the tax implications of entertainers' income, and minimizing their tax liability through smart financial planning and investment strategies.

Navigating the tax implications of entertainers' income, and minimizing their tax liability through smart financial planning and investment strategies.

Estate planning

Helping entertainers to plan for their financial future, including saving for retirement and preparing for the distribution of their wealth after death.

Philanthropic planning

Providing advice on charitable giving and philanthropic planning, and helping entertainers to make a positive impact with their wealth.

Career management

Providing advice on financial planning and career development, and helping entertainers to navigate the ups and downs of their careers.

Entertainment advisors are typically experienced financial planners who understand the unique demands and uncertainties of the entertainment industry. By working with an entertainment advisor, entertainers can make smart financial decisions, grow their wealth, and secure their financial future.

How to Choose an Entertainment Advisor

Similar to professional athletes, entertainers face unique financial challenges and opportunities, and it's important to work with a financial advisor who understands their situation. Here are some things to consider when choosing a financial advisor for entertainers:

Look out for Expertise

Look for an advisor with experience working with entertainers. This will ensure that they understand the unique financial demands and uncertainties of the entertainment industry.

Choose an Advisor who is a Fiduciary

This means that they are required to act in your best interests and put your needs ahead of their own.

Consider Working with a Fee-only Advisor

These advisors do not receive commissions or bonuses for selling financial products, which can help to ensure that their advice is unbiased.

Look for an Advisor Who is a Good Communicator

You want someone who can explain financial concepts in a way that you can understand and who is available to answer your questions.

A warm meeting of professionals

Entertainment industry wealth management services are typically provided by financial advisors who have experience working with high net worth individuals, and who understand the unique demands and uncertainties of the entertainment industry.

By working with an entertainment industry wealth advisor or wealth management firm, entertainers can make smart financial decisions, grow their wealth, and secure their financial future.

Best Financial Advisors for Entertainers

Here are some of the best financial advisors that help high-performing entertainers maintain healthy financial lifestyles and lucrative careers:

William Huston, AIF®, AIFA®

William (AIF®, AIFA®), is Founder and CIO of Bay Street Capital Holdings, an investment and wealth management firm that serves as a fiduciary for custom long-only public equity portfolios.

William Huston

Throughout his rich career, he has proven to be a perfect financial advisor for celebrities especially entertainers at whatever stage of their career. As a fiduciary, he provides objective services that help entertainers better understand financial matters and make best financial decisions.

William was ranked by Investopedia.com among the top 100 financial advisors in 2021 and 2022, and his company was ranked by Wealthmanagement.com as 2nd out of 900 asset management firms.

Ekenna Anya Gafu, CFP®, AAMS®

A Certified Financial Planner (CFP) and an Accredited Asset Management Specialist (AAMS), Ekenna offers services that provide comprehensive financial plans to turn wishes into results.

Ekenna Anya

With a rich experience from half-a-decade in the brokerage industry, he sets himself apart as an excellent financial advisor, and his expertise enables him to function as a unique financial advisor to entertainers.

Ila Corcoran
Ila Corcoran

Ila ventured into finance and wealth management with much determination, and this has made her a go-to expert in her field. She began sector as a property manager and has honed the art of creating lifestyle stability and financial success for entertainers through housing and ownership. Ila provides excellent real estate opportunities education for professional entertainers.

Wealth Advisory Firms for Entertainers

Here are a few wealth advisory firms for entertainers:

Bay Street Capital Holdings

Bay Street Capital Holdings is a financial planning and wealth management firm with a team of experts on all needs common to entertainers, from lifestyle and career deals to estate and investment planning.

Broussard Financial

Broussard Financial works with sports and entertainment professionals, helping them to manage their wealth and make smart financial decisions.

Entertainers Financial Group

This financial planning firm works exclusively with entertainers and the entertainment industry, helping them to navigate the unique financial challenges they face.

The Gift Group

The Gift Group specializes in working with entertainers and high net worth individuals, offering a range of financial planning services.

It's important to shop around and interview several advisors before making a decision. Be sure to ask about their qualifications, experience, and approach to financial planning to find the best fit for your needs.

Bay Street Capital Holdings

Logo - Bay Street Capital Holdings

Bay Street Capital Holdings is an independent investment advisory, wealth management, and financial planning firm based in Palo Alto, CA. The firm is Black-owned and has a strong focus on managing total risk and volatility, with the goal of maintaining and increasing total assets and income. Unlike many advisors who prioritize maximizing returns, Bay Street places a higher emphasis on risk management.

William Huston, the founder of Bay Street, established the firm after 13 years of supporting the Thrift Savings Plan, the largest retirement plan in the United States with $650B in assets. He has been recognized as one of Investopedia's Top 100 Financial Advisors for 2022. In California, Bay Street is the only Black-owned firm among the twenty firms that received this recognition.

Ekenna Anya-Gafu CFP, AAMS, based in Scottsdale, Arizona, is recognized for his responsiveness, friendliness, helpfulness, and attention to detail, and is among the Best Financial Advisors. Bay Street was founded with the intention of advocating for diverse and emerging fund managers and entrepreneurs.

In 2021, Bay Street was chosen as a finalist in the Asset Manager for Corporate Social Responsibility category, out of over 900 firms across the United States.

Sources

https://www.moneygeek.com/financial-planning/personal-finance-for-actors-artists/

https://www.aarp.org/money/credit-loans-debt/info-12-2012/celebrities-who-went-broke-slideshow.html

https://www.backstage.com/magazine/article/reasons-why-actors-need-a-financial-plan-72486/

https://www.forbes.com/sites/forbes-shook/2021/06/29/financial-lessons-for-athletes-and-entertainers-from-the-pandemic/?sh=6cbc24e0611f

WHAT WE'RE THINKING

Let's Talk

Schedule a complimentary consultation with one of our advisors to learn more about Bay Street and how we can help you achieve your goals for your financial future.

form img