Duff McKagan Launching Wealth Management Firm For Musicians

[FunkyMonkey]

DUFF MCKAGAN Launching Wealth Management Firm For Musicians - Mar. 4, 2011

According to Fortune magazine, Duff McKagan (GUNS N' ROSES, VELVET REVOLVER, LOADED) is starting his own wealth management firm for musicians. The company, called Meridian Rock, will be headed by McKagan and Andy Bottomley, a British investor. Their goal is to educate rockers about their finances instead of pandering or lying to them.

McKagan says most bankers overestimate the "window" in which music acts are guaranteed income, which he places at three to five years. The musicians themselves are equally clueless, he adds. "You think the money is going to keep coming," he says. "When you get that big contract, or your record goes platinum and you're selling out concerts, you don't see that it's going to end."

Read more from Fortune magazine.

http://www.roadrunnerrecords.com/blabbermouth.net/news.aspx?mode=Article&newsitemID=154909

[FunkyMonkey]

DUFF MCKAGAN's Appetite For Investment - Apr. 20, 2012

Duff McKagan (GUNS N' ROSES, DUFF MCKAGAN'S LOADED, VELVET REVOLVER) spoke with CNN about his financial management firm for musicians, educating fellow rockers on how to manager their own wealth.

"You have no experience of money and if you suddenly get a million or two million dollars or more, you?re just in foreign territory," McKagan told CNN's Richard Quest. "If you're a millionaire, there comes a point when you are too embarrassed to ask: What is a mortgage, what's a bond, what's a stock?"

Duff, along with two professional investors, Andy Bottomley and Ian Watson, founded Meridian Rock Capital Management. Their goal is to educate rockers about their finances instead of pandering or lying to them.

"No manager of an artist is going to tell you your career is limited," says McKagan. "They are not going to tell you, in other words, save this money, it could be your last hit record. Because an artist who is 22, 23, or 25 is going to go find another manager who is going to tell them their career is going to last forever."

He added, "I instinctively know my constituency better than anybody else. When you're in your 20s or early 30s, you think it's going to last forever.

"You don't want to be broke and old."

http://legacy.roadrunnerrecords.com/blabbermouth.net/news.aspx?mode=Article&newsitemID=172851