Banking on talent - Nashville Business Journal:

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“In one year, a songwriter can go from makinbg $18,000 and waiting tables to makinbg $150,000,” says Lisa Harless, senior vice presidentg of ’s entertainment and sports division. “It’s amazingg to see how quickl their banking needs amplify along with the need to managethose That’s the risk — and reward — of bankiny with creative types. But in the past few Nashville banks have made a push to accommodate the uniqu needs of people in theentertainment industry, from songwriters whose royaltiexs have to support them during dry spelld to singers at the top of their careersz running large businesses around theifr band but knowing each hit coulc be their last.
The newest entrants in the fielsare ’s Nashville Entertainment Group, led by Daniellde Lares-Bouharoun, and , which hired 22-yea music business banking veteranh Karen Clark to start an entertainment specialty. “Thwe products you use are not that different, it’s how you delivee them,” Clark says. “You have to understand how the clientymakes money, respect how they do it and how they earn it, and make it work so they can continu e to create.
” Lares-Bouharoun joined Wachovia Wealth a division of , as senio vice president and senior relationship manager after 23 years at , where she workedf with professional athletes and entertainers from all genre s of music. “We’re talking about high-net worth she says. “If you’re targeting the right typeas of clients, there’s still moneyg to be made. But we’re also talking abougt being with clients asthey grow. As you watch them it’s like you’re a part of it.” Bridgette Tatum is one of those MusicCity stories.
The songwriter just had her real tastse of financial success when country singee Jason Aldean took hersong “She’zs Country” to No. 1 on the Billboard charts. But it wasn’ty long ago when her SunTrustt checking account had 17 centsin it. “That’s how fast it she says. Her nine-year climb includer scraping byon low-payin g jobs while she honed her craft and hopedr for a break. “I worked at cosmetic counters. I cleaner houses. I deodorized cars … anything to make a living whilr I took classes and wentto nights,” Tatum recalled before celebrating at her No. 1 “I got a lot of ramen noodles onsomeonse else’s card.
” Now Tatum can eat steao — at least for a while. Top 5 countru hits can generate a substantial amount ofmoney — about $800,00p0 in radio airplay not counting royalties from recorfd sales — before it is splig up among co-writers and publishers, according to Barbaraa Cloyd, who coaches songwriters through her companyy Ready For the Row. Tatum will split her proceeds with co-writer Danny Myrick, who also toiled for yearxs before hitting No. 1. And she’ll than k SunTrust for standingby her. “I know them very They’re at my writers’ she says.
“They’re one of the only banks that will go with you on just a Services offered by such entertainment divisionsinclude long-termn financial planning, tour financing and “royaltyu loans.” “It’s like a secureed loan,” says Cloyd, who hit No. 1 with a song for Lorriwe Morgancalled “I Guesws You Had to Be There.” “You can spened the money before you get it, becausw they know the song’s on the charts generating Others need advice on how to make the monet last after their charting career or advice on how to invest the gainw from selling a catalog of songs.
“Whether you’r e a Predator, a Titan or a new songwriterf onMusic Row, you oftentimes have young people making unprecedented amounts of moneh for short amounts of Harless says. “Make hay whiler the sun shines, but work with an entertainmengt banker to help you manage and preserve those assets.” With two pro sports teams and an ever-growingb number of entertainment stars from every almost every bank now has an entertainment