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“This year has been a nail-biter when it comes to investing,” says Kristin Lee, founder of the business management firm KLBM. “Most of our clients have chosen to keep it more conservative and keep an eye on markets rather than doing anything major. We’re always keeping an eye out for unique opportunities in times like these.”

Lee expresses a view that many share in the financial community, including Billboard’s 2025 class of top business managers.

Nominated by their firms and peers and chosen by our editors, the financial advisers profiled here take on tasks for clients that have never been more complex: auditing streaming royalties, negotiating concert tours, building equity through branding deals and selling or buying music catalogs — to say nothing of conventional chores like budgeting, filing taxes, guiding investments or estate planning.

The passage in July of major tax and spending legislation — formally a budget reconciliation act — is having a significant, but mixed, impact.

“The 2025 reconciliation act significantly favors tax relief for high-income individuals and corporations while reducing funding for essential social programs,” says Jordan L. Josephs of Royal Entertainment Business Management. “The top 10% of earners are expected to receive nearly 80% of the legislation’s total benefits. While this may positively impact our high-income clients — particularly established entertainers and executives — it could present challenges for middle-income creatives, especially those who rely on public support or educational grants.”

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Accountants typically await guidance on new tax legislation from the IRS, which has been affected by the government shutdown that began Oct. 1. The result is “uncertainty, which is always the problem with this kind of thing,” says Joshua Klein of TKG Business Management. “Clients can handle higher taxes or stricter rules, but when the rules aren’t clear, like in this bill, that’s a hard thing to plan around.”

A perennial top priority for business managers is “security, security, security,” says Mike Merriman of PARR/3. But he adds: “Our industry is on the precipice of a new era of cyberattacks with [artificial intelligence], social engineering and more sophisticated scams than we’ve seen before. Part of protecting our clients’ wealth is to create multilayered security systems that constantly update and stay two steps ahead.”

Timothy J. Jorstad, founder of his own firm, Jorstad, notes that for some clients, “crypto and AI-related investments are very popular but come with very high risks. It is important that clients limit their overall risk exposure to alternative investments to no more than 10% of their total portfolios.”

The alternative investments that clients choose never fail to surprise business managers, and Billboard always invites our honorees to offer examples of the unusual places where artists and executives invest spare cash — while respecting the confidentiality of those clients. This year, those investments range from a cricket team to dinosaur fossils.

One client of U.K. business manager Colin Young of the London-based firm CC Young invested in “a share in a zoo,” he says, “with an optional participation in feeding the hippopotamus.”

Ivan AlarcónOwner/CEOCarolina MedinaJuan RodriguezLaura SuarezProject managers, Vibras Lab

Alarcón was the CFO for Bad Bunny’s Puerto Rico residency and will fill that role for the artist’s upcoming European and Latin American tours. His clients also include Karol G and J Balvin. His firm helped close agreements with merchandising company Bravado and spirits maker Casa Dragones for Karol’s new tequila, 200 Copas. Vibras was involved in tours that sold 3.5 million concert tickets in the past 12 months, according to the company, including outings by Natalia Lafourcade and Balvin’s Back to the Rayo tour.

What’s affecting client ­income: “I believe we are on the verge of a reappraisal cycle: Catalogs could appreciate significantly because they will power the next generation of [artificial intelligence]-driven entertainment, from immersive experiences to personalized music for every listener,” Alarcón says. “My advice to clients has shifted toward protecting, structuring and retaining ownership of their rights because what today is a licensing opportunity could become the foundation of entire new revenue streams tomorrow.”

A booking to play the Apple Music Super Bowl LX Halftime Show on Feb. 8, 2026, has confirmed the superstar status of Bad Bunny, a client of Ivan Alarcón of Vibras Lab, who was the CFO of the artist’s history-making residency in Puerto Rico.

Cheery Viruet

Belva AnakwenzePrincipal/business manager, Abacus Financial Business ­Management

“The evolving role of business managers is no longer just managing existing income but actively helping clients build long-term wealth through ownership, diversification and strategic capital deployment,” Anakwenze says. Her firm has guided several musician and actor clients in launching everything from wellness brands to tech startups, providing the financial infrastructure and strategic planning needed to transform creative professionals into successful entrepreneurs. “This diversification has proven crucial as AI and industry consolidation continue to pressure traditional revenue sources,” she adds.

What’s affecting client income: “The shift toward playlist-driven discovery and shorter attention spans means our musician clients must fundamentally rethink their creative and business strategies. We’re advising clients to focus on building direct fan relationships through platforms like Patreon and Bandcamp rather than relying solely on Spotify or Apple Music, where payouts remain fractional unless you achieve massive scale success.”

Jose Luis AristizábalFounder/CEO, CamaleOn

Camaleon is turning ambitious artist projects into profitable ventures, made possible by the firm’s “full-service approach and the strong team we’ve built,” Aristizábal says. This is exemplified by how it directly manages the full touring revenue cycle. “We don’t just plan tours — we also [oversee for] our clients all the extra income sources like VIP packages, merch sales and meet-and-greets,” he adds. “By keeping these [operations] in-house and handling everything from logistics to financial planning, we cut out middlemen and increase profits for our artists.” The company also manages legal, tax and royalty matters, while ensuring its artists “keep as much of their earnings as possible” with “a strong, profitable business behind them.”

What’s affecting client income: “Whether it’s AI, streaming changes or other shifts, our team looks at everything through the lens of profit, legal safety and long-term strategy — so our clients always have a clear and complete plan.”

Angie BarajasLouis BarajasCo-founders/business managers, Business Management LAB

Business Management LAB has achieved its highest revenue growth year, something Louis Barajas attributes to the company’s focused attention on its clients. “As [business management] firms consolidate and grow in size, Angie and I made a firm commitment to stay boutique and cater and double down to [serve] musicians and executives in the Latin music community,” he says. Their clients range from regional Mexican music stars like Ivan Cornejo, Natanael Cano and Julion Alvarez to Latin urban and pop acts like Yandel and Elena Rose.

What’s affecting client income: “We are seeing that the younger artists that are more technology-savvy are using AI, new and multiple streaming platforms and the direct-to-fan and creator economy. [They] are learning to monetize their music and rely on less traditional [music label] platforms,” Louis says.

The Alma Tour 2025, promoted by Live Nation, will bring Elena Roseto nine U.S. cities beginning Nov. 28 in Miami Beach. She is among the clients of husband-and-wife business managers Angie and Louis Barajas of Business Management LAB.

Kevin Winter/Getty Images

Harrison BaumanSenior vp of investments, Raymond James & Associates

Bauman says the most important issue for his clients is their “personal security — planning for their future and setting the right expectations.” He has in-depth conversations regarding the sale of their catalog and how it affects today versus tomorrow. New streaming payment models and catalog sales are affecting clients’ income, he says. Raymond James & Associates has also assisted clients with implementing certain retirement plans at a young age in order to reduce their taxable income and, over the past year, the company has helped with the financing for clients relocating to different states or new homes.

Impact of the Reconciliation Act: “Section 181 allows entertainers to deduct certain production expenses,” Bauman says, referring to the provision of the tax code that previously applied solely to qualified film, TV and live theatrical productions.

Tyson BeemCEOChristopher FazzolariShane GlassTodd KamelharJohn MenneciMelissa MortonRichard MozenterAnton PamerMike SkeetBill TannenbaumManaging directors, Gelfand Rennert & Feldman

As one of the nation’s oldest, largest and most skilled business management firms, GRF plays a leadership role within Focus, an interdependent partnership of wealth management, business management and related financial services firms. Drawing upon the global Focus ecosystem, GRF delivers its guidance to leaders in music, film, TV, sports, social media and other creative arts. As CEO, Beem has connected the various experts and resources across the company including the U.S. and U.K. business management teams, the U.S. and international tax teams, tour accounting, production accounting, music and royalty examination services, music publishing, record-label administration and intellectual-property valuation. Offering “a wide spectrum of expert services,” Beem says, “creates exceptional results for clients.”

What’s affecting client income: “We are continuing to see a proliferation of monetization opportunities for music rights,” Beem says. “That includes acquiring various rights, selling various rights and, of course, confirming that recurring revenues are calculated properly. You’re seeing these valuation opportunities evolve as you see new buyers including private equity enter the market.”

Julie BoosOwner/chairman/business managerDuane ClarkOwner/president/business managerJamie CheekOwner/CEO/business managerErica RosaOwner/vp of royalties and contract compliance/business managerDavid BoyerJen CongerDan KillianCarmen RomanoOwners/business managersPaul BarnabeeDirector of West Coast operations/business managerChris HughesBetsy LeeJason LeissBusiness manager, FBMM

FBMM is focused on ways to find cost savings for clients in various areas, including touring. “We’re constantly looking for opportunities to leverage our clients’ collective buying power to negotiate cost savings, whether that’s through preferred pricing with bus vendors or discounted fuel card rates,” Cheek says. The company also continues working to help clients protect their creative works in the age of AI. “It has been important to work with artists’ legal teams and managers to ensure awareness of the potential issues and developing new best practices for handling the use of AI and evaluating strategies to protect artists’ names, likenesses and intellectual property,” Cheek says.

Pressing issue: “The changing cost structure and ultimate potential impacts on profitability of touring,” Cheek says. “Three primary cost centers that are affecting this are acquiring and retaining great staff with shortages in nearly all departments; travel costs, which have skyrocketed over the past two years; and production costs. These inflationary measures we have seen before — but not all at the same time.”

Charles BradbrookJanice LloydStephen MarksSteven WrenPartners, SRLV

SRLV “has played a key role in supporting high-profile clients through major transitions — including international tours, catalog sales and strategic projects — all while maintaining a personalized, hands-on approach to business management,” Marks says of the company, which launched in 1988. And part of what has contributed to that success is the addition of three partners: two in the creative division and one in the private client international tax division. “These partners,” Marks says, “exhibit our continued commitment to excellence in client service, particularly in navigating complex financial landscapes.”

Impact of the Reconciliation Act: “QSBS [qualified small business stock] relief has been available for some time but has often been overlooked in favor of pass-through tax arrangements,” Marks says. “However, the enhanced QSBS relief provides significant tax advantages. So when new ventures are being discussed, more consideration will be given to a qualifying QSBS structure. This is particularly relevant for the entertainment industry, where asset value appreciation continues to be robust.”

Joseph CallaghanMark CarterSimon WintersPartnersThomas SmithPartner/entertainment industry leaderScott DunnachieDirector, Prager Metis

Over the past year, the Prager Metis team has focused on “creating diverse revenue streams for our clients, from merchandise lines to exclusive VIP experiences,” Smith says. Moreover, when considering possible revenue events, the company’s executives look beyond the immediate rewards that opportunity may provide and consider the question: “ ‘How will this decision impact our client’s business in five or 10 years?’ ” he says. “Thinking ahead allows us to build sustainable growth strategies for our clients, creating long-lasting success in an ever-changing market.”

What’s affecting client ­income: “With the touring season in full swing, we’re advising artists and touring companies to sharpen their financial strategies, especially by cutting overhead and negotiating smarter contracts,” Smith says. “Industry shifts like AI-driven production tools, evolving streaming revenue models and the surge in music catalog sales are reshaping how income is earned and managed. Staying agile is key.”

Adam CaswellDirector of business managementRoger RamosAccount manager, Fineman West & Co.

Fineman West & Co. has expanded its royalty and catalog valuation division, taking steps that include the integration of AI-driven analytics. This has helped the firm’s clients — a roster that includes Aerosmith frontman Steven Tyler, producer J.R. Rotem and Sam Farrar of Maroon 5 — “uncover missed royalties, identify new revenue streams and make more informed decisions when evaluating catalog sales,” Caswell says. The changes at the firm reflect “how business management is becoming more proactive, data-driven and creative — serving not just as financial stewards but strategic partners in our clients’ long-term growth.”

Pressing issue: “One of the biggest challenges right now is managing cash flow amid rising costs of living, shifting touring margins and the ebbs and flows of royalty payment schedules,” Caswell says. “Business managers are balancing the need for liquidity with long-term planning — helping clients stay financially steady while continuing to invest in their careers, businesses and future opportunities.”

Lauren CooperFounder/CEO, LC Business Management

Cooper founded LC Business Management in 2024 with one goal in mind: to provide a more tailored and personal experience for talent and creators. Over the past year, her business has doubled in size, which Cooper says “is both exciting and a testament to the need for a more thoughtful, client-first model in this space.” She adds, “We are not just handling numbers but supporting our clients across every facet of their financial lives.” To diversify beyond music, the company works closely with clients to build sustainable, long-term financial health through investments, brand partnerships, entrepreneurship and other ventures that align with their values and lifestyle.

Pressing issue: “One of the most pressing issues we face is bridging the financial literacy gap, especially with younger or emerging talent. We are not just managing money. We are educating clients on taxes, investing and how to build lasting wealth through ownership. Empowering them with that knowledge is essential to protecting their futures.”

José “Pepe” CruzManaging director, Solución Estratégica

Focused on building sustainable financial strategies that support both artistic goals and long-term business vision — like Ozuna’s 2025 summer tour across Europe — Cruz has guided his clients beyond touring and into business ventures across hospitality, agriculture and digital media. “One of the most interesting projects I’m currently overseeing is the development of an entertainment content platform designed to expand Latin music’s digital footprint and audience engagement,” he says. “My goal is to help clients like Ozuna protect their assets while building diverse, forward-thinking business models that extend well beyond music.”

Impact of the Reconciliation Act: “The most meaningful change is the formal enactment of the HITS Act tax breaks. This puts the music industry on equal footing with film and television, giving independent creators financial relief and greater access to professional resources. It’s a game-changer that encourages more investment in new music, supports creative growth and strengthens the overall ecosystem.”

Lester DalesPaul MakinDirectors, Dales Evans & Co.

Coldplay’s Music of the Spheres world tour is poised to become the highest-grossing trek ever with the September announcement of another 138 shows. The Dales Evans & Co. client’s tour has already brought in $1.4 billion with its first 211 shows through July 27. A year on from helping shepherd Queen’s record-breaking $1.3 billion catalog sale to Sony, Dales and Makin remain focused on supporting clients in similar one-off “milestone” deals amid the general “constructive support services” they offer. “Decisions around asset sales — to sell or not to sell — remain fundamentally important for many and need to be carefully considered based on each individual client’s circumstances and aspirations,” Dales says. “But for many, tour planning and income generation remain of prime importance.”

Pressing issues: “Maximizing and monitoring income flows,” Dales says. “As many clients become more reliant on worldwide touring, the mitigation of and planning for international withholding taxes. Then the preservation and growth of our clients’ assets.”

With its September announcement of 138 more concert dates, Coldplay’s Music of the Spheres world tour is poised to become the highest-grossing trek ever. The band is advised by Lester Dales of Dales Evans & Co.

Samir Hussein/WireImage

Ed EschlemanOlga GoldovskayaDirectors, Armanino Advisory

Eschleman says Armanino Advisory has overseen several successful international tours for his clients, which “involves making sure proper insurance coverage, tax compliance and other regulatory compliance matters are addressed prior to and during touring.” But the biggest questions Eschleman sees are about recordings and listening: “How will artists be compensated for their works that are used to train AI models? Will AI-created music start to make up a large part of the music catalog that consumers listen to?” he says.

Impact of the Reconciliation Act: “The act extends film/TV’s Section 181 treatment to music. You can immediately expense up to $150,000 per project of U.S. sound-recording production costs — think studio time, session players, engineering, mixing/mastering and certain eligible release assets — instead of amortizing over years,” Eschleman says. “Net effect: lower taxes the year you cut the record and more cash for marketing, which is especially powerful for indie artists and labels.”

Kella FarrisStephanie SelfCatherine MooreStephanie AldermanPartners, Farris Self & Moore

Farris Self & Moore marked its 10th anniversary in January and continues to guide clients with their financial needs, from structuring catalog sales to evaluating tour opportunities and setting a proper foundation for emerging artists. FSM has been able to separate itself from competitors by being less of a financial administrator and focusing more on strategic advice. “Whether that’s pressure-testing a tour budget before a client commits to dates, working through the mechanics of a brand partnership or walking someone through what a major transaction actually means for their taxes and long-term planning,” Alderman says, “the goal is the same: help clients understand their options clearly so they can make decisions that align with their goals.”

What’s affecting client ­income: “Touring economics,” Alderman says. “What used to function as a reliable revenue stream has created a stark divide: Top-tier artists are breaking touring records while emerging acts can still book shows for exposure and experience, but the middle tier has essentially hollowed out.”

Marco FonsecaCEO, Red Mind Global

Fonseca developed a “scalable” business management team to prepare Red Mind Global’s “next stage of growth” and “ensure we can welcome new artists without compromising the quality of service,” he says. “We have invested in building technology-driven tools across our back-office departments to provide managers and artists with real-time financial and operational data,” Fonseca says, encouraging artists to understand how to navigate “today’s overload of information” for more accurate decision-making. “At Red Mind,” he adds, “we believe that streamlined, high-quality data is the foundation that enables artist projects to grow sustainably.”

What’s affecting client income: “Artificial intelligence,” Fonseca says. “My advice to artists is to treat AI as an ally, not a threat: Those who understand it early will be the ones shaping how it works for them instead of having it imposed on them. But AI should never replace artists. The soul, emotion and human experience behind music is irreplaceable, and that is where true value lies.”

Pete FrosticFounder/CEO, The Greenroom Resource

Before Frostic founded The Greenroom Resource to advise entertainment stars, he was an entertainer himself. “I was a touring musician for 10 years prior to gaining my MBA,” Frostic says. “I’m proud of how that ethos informs our interactions with clients.” Although many of his specific achievements are confidential, Frostic is proud “to help clients all across the revenue spectrum find a way to present their art to their fans in a way that is conducive to a profitable business that drives their personal net worth up over time.” As the cost of touring rises, Frostic knows his work is more important than ever, noting that these increasing costs are “always in conflict with our clients’ desire to deliver their performances in a way they envision it creatively.”

What’s affecting client income: “I believe strongly in the long-term value of content ownership. As new monetization models appear and disappear over time, the owners of the [intellectual property] assets are the ones with the power. I do my best to help clients retain and/or reclaim these rights.”

Lidia GámezManuel LópezCo-CEOsDaniel RuizCFO, MAAS/Sympathy for the Lawyer

Dellafuente’s two sold-out shows in June at Madrid’s Metropolitano Stadium drew 130,000 fans and generated an economic impact of 35 million euros (about $40 million), according to the artist’s business management firm, MAAS/Sympathy for the Lawyer, which oversaw the venture. “Given the ambitious and innovative artistic proposal, which required a massive financial investment and complex structuring, coupled with the challenges currently facing large-scale events in Spain — including a forced venue and date change from the originally planned Santiago Bernabéu — this endeavor represented a monumental challenge that our team successfully managed and delivered,” López says.

Pressing issue: “In today’s industry, artists and managers need far greater control and clarity over their data,” López says. “Yet the information is often fragmented. At MAAS, our commitment as business managers is to provide simple, agile and comprehensive visibility across all three pillars of the business — recorded music, live and publishing — without requiring clients to consult dozens of separate dashboards.”

Some 130,000 fans turned out in June for two sold-out shows at Madrid’s Metropolitano Stadium by Dellafuente, according to his business management firm, MAAS/Sympathy for the Lawyer.

Aldara Zarraoa/Redferns

Adrien GoodFounder/business manager, Luma Business Management

As a go-to business manager for songwriters and producers who power the top of the Billboard Hot 100, Good has carved out a unique lane in the music industry with Luma Business Management, which marks its fifth anniversary this year. Helping clients like Dan Nigro, Steph Jones, Sam Sumser and Petey Martin, Good says the most important thing he advises writers and producers to do is to future-proof their finances now. For creators with sporadic income, he adds, “that means building real liquidity cushions to help them hit their personal lifestyle goals, not just get them to the next royalty statement.”

What’s affecting client income: “For our producer/songwriter clients, catalog positioning for a potential sale in the next three to five years is front and center. Every new deal comes with a discussion of what that will mean for the catalog value and where they will be in recoupment when that time comes.”