Saturday, 5 March 2011
Wealth Management Firm For Rock Stars
One day in 1994, while recovering from a ruptured pancreas, Guns ‘N Roses bassist Duff McKagan was puttering around his basement when he happened upon the group's financials from the previous six years. Flipping through the reports he had a bit of a panic attack when he realized, “I couldn’t make sense of it. I didn’t know how much we had made or lost on the tour. So he decided to take some finance classes at Santa Monica Community College and while fronting his new band, Velvet Revolver, started giving financial advice on the side.
It was around that time that McKagan realized a couple things. 1) That he was pretty good at this money management stuff and 2) fellow musicians were comfortable being counseled by him because he didn’t “wear a suit” and therefore wasn’t representative of The Man. And that’s when a lightbulb went off.
He would team up with someone who had a little bit but not much more financial wisdom to impart but who wouldn’t scare off anti-Establishment rockstars with his fancy degrees and experience in the industry because Duff would be there to tell them the guy was cool. McKagan found him in former banker Andy Bottomsley. Together the two will launch Meridian Rock, which will “educate rockers about their finances instead of pandering or lying to them,” and will be straight with colleagues re: whether or not they’re completely broke. The firm is actively seeking money managers in Europe and the US. Here’s what will be expected of you.
No word on comp but it seems as though you could easily work in some guarantees for a few groupies at year’s end.