In the wake of the 2023 strikes, business managers have demonstrated exceptional value to their clients amid global economic challenges. Firms are now prioritizing financial literacy to empower their clients, recognizing the importance of informed decision-making to secure financial futures. Events like Variety's Business Managers Elite breakfast on November 19th honor the professionals who have led with such innovation, including honoree Matt Lichtenberg of Level Four.
Adeptus Advisors' initiative, led by David Nelson, focuses on client education to foster control over personal finances. This strategy is central to their offering and highlights a movement within the industry towards self-empowerment. Similarly, Reggie Gooden and Josh Martin at 360 Business Management, operating in Los Angeles, cater to a diverse clientele including entertainers and influencers. Gooden recently became a licensed Investment Advisor Representative, broadening his capabilities in securities investing. Joining in 2023, Kymberli Hall has strengthened the firm's brand and client base, driven by a focus on underrepresented artists, resulting in a significant uptick in new business.
With AI becoming a more prominent tool, Gooden is exploring its potential to enhance efficiency and client communication, signaling a shift towards more technologically integrated services. Similar sentiments are echoed by Belva Anakwenze of Abacus Financial. Representing Hollywood and media talents like Hannibal Buress and Nischelle Turner, Anakwenze emphasizes preparedness for industry downturns by advocating income diversification and stringent financial planning.
David Levin Business Management, under Adeptus Advisors, serves an impressive roster including John Legend and Hailey Bieber. The emphasis here is on educating clients for long-term financial stewardship and diversification. In response to recent strikes and economic shifts, Altman and Bonsignore, operating on different coasts, advocate for financial prudence and maintaining robust emergency funds.
Craig Manzino and his team at Armanino, across various US locations, focus on advising clients to diversify revenue streams to counter industry volatility. The firm promotes multi-pronged financial strategies accommodating influencers, athletes, and creative professionals. Similarly, Evan Bell and partners at Bell and Co. are channeling client investments into secure Treasury Bills in response to fluctuating interest rates, marking a geographic shift among clients seeking residency in more financially favorable locations like London.
In Los Angeles, partners at Bills & Stoll, like Steve Bills and Peter Stoll, serve entertainment professionals by ensuring a comprehensive analysis of their financial plans, integrating long-term investment strategies. Meanwhile, Shaheen of Business Wealth & Tax Management encourages balanced investment portfolios, focusing on clients such as Burna Boy.
Chapnick and Smukler’s firm caters to distinguished award winners and industry insiders, stressing the importance of making well-considered financial decisions to achieve stability against external economic pressures. Citrin Cooperman Advisors, led by Arnold Herrmann among others, deal with high-profile entertainment clients. They advocate a balanced approach to liquidity and investment in alternative assets when strategizing around market downturns.
The Colony Group, with co-presidents Amir and Pam Malek, handle significant talent, promoting fiscal discipline and the establishment of sustainable financial frameworks, emphasizing the cyclical nature of entertainment earnings. At Chapnick, Smukler & Chapnick, adaptability and diversification in client portfolios are emphasized to manage risks and safeguard against financial adversities.
Amid an environment of digital transformation, business managers like those at Freemark Financial—founded by Andrew Meyer and Steve Rodriguez—emphasize prudent cash flow management and diversification as core strategies. Across the entertainment business management landscape, firms like Gelfand, Rennert & Feldman, led by Shane Glass and his expanded team in L.A., are embracing AI while maintaining human oversight to enhance service delivery. Lastly, professionals such as the Gettlesons at Global Business Management recommend strategic estate planning, anticipating significant tax law changes.
In conclusion, amidst the shifting economic landscape and technological advancements, the business management sector remains steadfast in guiding their clients towards fiscal resilience and strategic opportunity—all within a rapidly evolving industry.
