![](https://davidadamsfinancialplanning.com/wp-content/themes/adams-wealth/images/621252_rounded_spotify_icon.png)
Retire While You Work® Podcast
Join us as we discuss various topics to help you find the path to viewing money as a means to the true currency, TIME, and learn how to build more memories and experiences.
View All EpisodesJoin us as we discuss various topics to help you find the path to viewing money as a means to the true currency, TIME, and learn how to build more memories and experiences.
View All EpisodesWhat if you could do what you're passionate about and achieve a work-life balance? What if you were relieved of the pressure to have some massive amount saved?
Learn MoreWorking out of Nashville, Tennessee, David Adams has a lot of experience dealing with rock stars.
As the founder of Adams Wealth Partners, he says that living in the heart of ‘Music City’, seeing pop stars and country music legends is commonplace – as is having them on his books.
“We’re in the heart of the city. I [handled] two or three big songwriters early in my career, helping them through catalog sales and [ultimately] became close with business managers in town which naturally led to referrals in such a tight knit circle.”
Working and living in the close-knit community means that successful writers will always talk to other writers – leading to a mass referral list that saw Adams’ business boom.
“Early on, that became our largest niche – the music industry,” says Adams. “It’s probably still only 1/3 of our overall business, as we cater to business owners, divorcees, retirees, and corporate executives”
But dealing with creative types means understanding the importance of uniqueness – both in their songwriting and in their planning. For Adams, this begins with creating a customized plan which adheres to the celebrities’ fast moving, and often unpredictable, schedule.
“If we have a songwriter, they have very unique needs. They have periods of time where they have no income, and then they may write or produce a number one hit and then all of a sudden come into a chunk of money. Then there’s the sporadic royalty payments that we have to work around too, which can be consistent, but also unpredictable at times.”
Ultimately, this means adopting a holistic approach to financial planning – one which encompasses much more than portfolio management. For songwriters, this means looking at tax efficiency issues as well as future planning in song catalog sales.
“How do we make sure if we sell part of our life’s work we’re able to be in a position where, going forward, we don’t have to worry about money? Do we pay off our house? Do we fund kids’ college accounts? Do we set aside five or 10 years’ worth of income, really helping them customize a plan based on their unique income and cash flow needs? Because every career is different.”
In the case of musicians, the main area that Adams works on is royalty payments and catalog sales. As Adams explains, with songwriters they’re usually on a publishing deal which pays a very low salary to write music all day, in hopes of getting a song cut by a major artist.
“It’s a draw,” he tells Investment News. “It’s a draw against a future hit that they may or may not [land]. And then, all of a sudden, they’re lucky enough to write their first hit and they’re going to be paying back all those draws. And if it took 10 years, then they may not actually start making money until hit two or three.”
This introduces a stream of income that is as variable as it is lucrative, depending on the song’s popularity. For or those lucky few who accumulate a number of smash hits, there’s an opportunity to sell their catalog, turning a lifetime of creative output into significant capital. This however, as Adams says, works very differently in the sports financial sector.
“A big athlete will get a contract that may be a huge chunk of money up front for a five commitment – but that will be highly, highly taxed. And it may be the only check they ever get.
“There’s no guarantees depending on what sport they’re into. And even if there is a guarantee, there’s not a guarantee it’s going to get renewed after five years. Then they may be 25 years old and they’ve already blown through that $5 million. There are all these horror stories you hear about athletes, because they spend all the money and [approximately] 50% of them are bankrupt after 3-5 amount of years. [Because] the average span of an athlete is usually two to four years. It’s not always the Peyton Mannings or the Tom Bradys that you typically hear about.”
But, whether it’s music legends, sports superstars or just the average corporate Joe you’re dealing with, Adams believes a core component of any financial planning strategy hinges on brand management. Specifically, using technology and communication to reach the clientele you want to help.
“I’ve had a radio show, we have a podcast, we do blogs and social media. [It’s about] really trying to put out content on all the different platforms. Because what I’ve learned is so many different groups of people rely on on various modes of information. So as an advisor, you need to really have really fun (and a variety of) ways to get your story out [there].”
The main challenge with this, Adams concedes, is making the biggest impact you can in the short amount of time the video platform provides. As a consumer of this information, in order to combat this, Adams says find yourself a good holistic financial planner to help dig down to the nitty gritty and help you understand what information is relevant to your situation.
“They can take in all these bits of information, make notes about it and then go to a trusted source and say: ‘I was reading about this strategy with life insurance – does this apply to me?’ “I think there’s a great lot of great content out there. You just have to be careful that you don’t try to implement it all in a disconnected plan.”
Source: https://www.investmentnews.com/planning/news/for-songwriters-its-about-perfect-pitch-planning-254760?hsmemberId=76148507&utm_medium=email&_hsenc=p2ANqtz-_LuRn0P2mC-6xWhTDLwrqGW5-MzDqlLZNYMIe-7Q9eVkvwB9hxjVO-vnRGXr_HVRSpRDBfkMygwkewA-gCuB7riGtPUQ&_hsmi=313107370&utm_content=313107370&utm_source=hs_email
Adams Wealth Partners, LLC is not a registered broker/dealer and is independent of Raymond James Financial Services. Investment advisory services offered through Raymond James Financial Services Advisors, Inc. Securities offered through Raymond James Financial Services, Inc., member FINRA/SIPC
Neither Raymond James Financial Services nor any Raymond James Financial Advisor renders advice on tax issues, these matters should be discussed with the appropriate professional.
Links are being provided for information purposes only. Raymond James is not affiliated with and does not endorse, authorize, or sponsor any of the listed websites or their respective sponsors. Raymond James is not responsible for the content of any website or the collection or use of information regarding any website's users and/or members.
The running stock ticker is not a recommendation to buy or sell stocks of the companies pictured.
Securities offered through Raymond James Financial Services, Inc., member FINRA/SIPC, marketed as Adams Wealth Partners. Investment advisory services offered through Raymond James Financial Services Advisors, Inc.Adams Wealth Partners is separately owned and operated and not independently registered as a broker-dealer or investment adviser.
Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, CFP® (with plaque design) and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board's initial and ongoing certification requirements. CFP® holders at Adams Wealth Partners, LLC are: David Adams, Myles Zueger, Carson Odom, and Spencer Provow
CPA holders at Adams Wealth Partners, LLC are: David Adams, Carson Odom, and Christine Kinsley
Please note that all archived content is for informational purposes only. Investment decisions should not be based on the content provided herein. For the most up-to- date statistical information and analysis, please contact your financial professional.
Raymond James financial advisors may only conduct business with residents of the states and/or jurisdictions for which they are properly registered. Therefore, a response to a request for information may be delayed. Please note that not all of the investments and services mentioned are available in every state. Investors outside of the United States are subject to securities and tax regulations within their applicable jurisdictions that are not addressed on this site. Contact your local Raymond James office for information and availability.
The 2024 Forbes ranking of America’s Top Wealth Management Teams Best-In-State, developed by SHOOK Research, is based on an algorithm of qualitative criteria, mostly gained through telephone and in-person due diligence interviews, and quantitative data. This ranking is based upon the period from 3/31/2022 to 3/31/2023 and was released on 01/09/2024. Advisor teams that are considered must have one advisor with a minimum of seven years of experience, have been in existence as a team for at least one year, have at least 5 team members, and have been nominated by their firm. The algorithm weights factors like revenue trends, assets under management, compliance records, industry experience and those that encompass best practices in their practices and approach to working with clients. Portfolio performance is not a criteria due to varying client objectives and lack of audited data. Out of approximately 10,100 team nominations, 4,100 advisor teams received the award based on thresholds. This ranking is not indicative of an advisor's future performance, is not an endorsement, and may not be representative of individual clients' experience. Neither Raymond James nor any of its Financial Advisors or RIA firms pay a fee in exchange for this award/rating. Raymond James is not affiliated with Forbes or Shook Research, LLC. Please see https://www.forbes.com/lists/wealth-management-teams-best-in-state/ for more info.
Barron’s Top 1,200 Financial Advisors 2023, is based on the period from 09/30/2021 - 09/30/2022 and was released on 03/15/2023. 5630 nominations were received and 1,200 won. Neither Raymond James nor any of its advisors pay a fee in exchange for this award. More:https://www.raymondjames.com/award-disclosures/#2023-barrons-top-1200
Please note that all archived content is for informational purposes only. Investment decisions should not be based on the content provided herein. For the most up-to- date statistical information and analysis, please contact your financial professional.
Raymond James is not affiliation and does not endorse the above-mentioned organizations.
Nashville Wealth Management & Financial Advisors | David Adams CPA, CFP® | Copyright © 2024 | Privacy Notice | Legal Disclosure