Financial Life Consultancy for Musicians
Unusually for an IFA, Bankfield project-manages businesses where it sees a promising niche and the British Centre for Music and Enterprise, (BCME, www.thebcme.com), is one such project, the brainchild of Ajay Naik, drummer, Bankfield IFA and CEO of BCME.
Within Bankfield we have quite a spread of music industry exposure, with Ajay having gone through formal music education, being in a band, chasing a music contract, gigging for money and now treating it more as a paying hobby. Another of our number is a folk and rock music promoter within Leicester, with me having done my original accounting experience with a firm of accountants with music industry clientele and later owning a recording studio. Amongst the BCME tutors, we have business professionals, session musicians, writers, producers, marketers, instrument technicians and legal contract specialists.
All of us believe that for a musician to get all they can from life, they need to rely on more than just musical talent. The music industry, as dominated by the big players, is a shark tank and will eat up the talented but naïve, especially if they place their trust in the wrong advisers.
The impact of new, digital technology in recording, production, reproduction, distribution, marketing and social media is still rocking the big players, who have tried ignoring it, trying to stamp it out and now, belatedly trying to catch up with an undefined new ‘normal’.
Professional musicians will often have a very strange career path, varying from genteel poverty from entering work to eventual demise, with no real retirement, to massive early success to bankruptcy to further success in their 30s and eventual statesmanship in their 60s.
“Success” can only really be measured by the person it is happening to, as success for one would be hell on earth for another. All musicians can have multiple careers, with multiple strands having different weights at different times. Doing what you want, when you want requires a financial and life plan that makes the best of your professional opportunities, savings, tax breaks, disaster plan, what you know and who you know.
As IFAs we believe strongly that seeking advice from a motivated third party, with your best interests at heart, at various stages in your career will make the best of your talent and opportunities. An extended, professional conversation with us should reduce the risks and increase the returns from your career.
Contact me with queries
If anyone is looking for general advice, then please write in to the blog and I would be happy to help with anonymous advice posted here. Alternatively, please call us on 0116 253 5600 and ask to speak to an IFA, (Independent Financial Adviser), for a no-obligation discussion.