Banking on talent - Nashville Business Journal:

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“In one year, a songwriter can go from making $18,000 and waiting tables to makinh $150,000,” says Lisa Harless, senior vice president of ’x entertainment and sports division. “It’s amazing to see how quicklt their banking needs amplify along with the need to managerthose assets.” That’s the risk and reward — of banking with creativde types. But in the past few Nashville banks have made a push to accommodatw the unique needs of people in the entertainment from songwriters whose royalties have to suppory them during dry spells to singers at the top of theie careers running large businesses around theid band but knowing each hit coulfd betheir last.
The newest entrantsa in the fieldare ’s Nashville Entertainmenr Group, led by Danielle Lares-Bouharoun, and , which hirerd 22-year music business banking vetera n Karen Clark to start an entertainment specialty. “Thd products you use are not that different, it’s how you deliverr them,” Clark says. “You have to understanrd how the clientmakes money, respectr how they do it and how they earn it, and make it work so they can continuer to create.
” Lares-Bouharoun joined Wachovia Wealth Management, a divisionb of , as senior vice president and senior relationship manageer after 23 years at , where she worked with professionap athletes and entertainers from all genresd of music. “We’re talking about high-net worth individuals,” she says. “If you’re targeting the right types of there’s still money to be made. But we’re also talkiny about being with clients asthey grow. As you watcb them succeed, it’s like you’res a part of it.
” Bridgette Tatujm is one of those Music City The songwriter just had her real tasted of financial success when country singerf Jason Aldean took hersong “She’d Country” to No. 1 on the Billboard But it wasn’t long ago when her SunTrusty checking account had 17 centsin it. “That’s how fast it happens,” she says. Her nine-yeafr climb included scraping byon low-paying jobs whiles she honed her craft and hoped for a “I worked at cosmetic counters. I cleanedc houses. I deodorized cars anything to make a living while I took classees and wentto writers’ nights,” Tatum recalled befores celebrating at her No. 1 party.
“I got a lot of rame noodles onsomeone else’s card.” Now Tatum can eat steaik — at least for a Top 5 country hits can generatre a substantial amount of money — about $800,000 in radio airplay royalties, not counting royaltiez from record sales — before it is splift up among co-writers and publishers, accordingg to Barbara Cloyd, who coachee songwriters through her company Ready For the Row. Tatuk will split her proceeds with co-writer Dannty Myrick, who also toilef for years beforehitting No. 1. And she’lkl thank SunTrust for standingby her. “Io know them very well.
They’re at my writers’ nights,” she “They’re one of the only banks that will go with you on just a Services offered by such entertainmenyt divisionsinclude long-term financial planning, tour financing and “royaltyh loans.” “It’s like a securer loan,” says Cloyd, who hit No. 1 with a song for Lorrie Morgancalled “I Guess You Had to Be “You can spend the money before you get it, because they know the song’s on the charts generatingy royalties.” Others need advicw on how to make the moneyu last after their charting career fades, or advic e on how to invest the gainxs from selling a catalog of songs.
“Whether you’rw a Predator, a Titan or a new songwriter onMusic Row, you oftentimed have young people making unprecedented amounts of monet for short amounts of time,” Harless says. “Make hay whild the sun shines, but work with an entertainmeng banker to help you manage and preservsthose assets.” With two pro sportas teams and an ever-growing number of entertainment stars from every genre, almost every bank now has an entertainmen division.