“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.”

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 Alarcón
Owner/CEO
Carolina Medina
Juan Rodriguez
Laura Suarez
Project 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.”

Belva Anakwenze
Principal/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 Aristizábal
Founder/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 Barajas
Louis Barajas
Co-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.

Harrison Bauman
Senior 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 Beem
CEO
Christopher Fazzolari
Shane Glass
Todd Kamelhar
John Menneci
Melissa Morton
Richard Mozenter
Anton Pamer
Mike Skeet
Bill Tannenbaum
Managing 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 Boos
Owner/chairman/business manager
Duane Clark
Owner/president/business manager
Jamie Cheek
Owner/CEO/business manager
Erica Rosa
Owner/vp of royalties and contract compliance/business manager
David Boyer
Jen Conger
Dan Killian
Carmen Romano
Owners/business managers
Paul Barnabee
Director of West Coast operations/business manager
Chris Hughes
Betsy Lee
Jason Leiss
Business 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 Bradbrook
Janice Lloyd
Stephen Marks
Steven Wren
Partners, 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 Callaghan
Mark Carter
Simon Winters
Partners
Thomas Smith
Partner/entertainment industry leader
Scott Dunnachie
Director, 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 Caswell
Director of business management
Roger Ramos
Account 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 Cooper
Founder/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” Cruz
Managing 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 Dales
Paul Makin
Directors, 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.”

Ed Eschleman
Olga Goldovskaya
Directors, 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 Farris
Stephanie Self
Catherine Moore
Stephanie Alderman
Partners, 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 Fonseca
CEO, 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 Frostic
Founder/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 Gámez
Manuel López
Co-CEOs
Daniel Ruiz
CFO, 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.”

Adrien Good
Founder/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.”

Reggie Gooden
Founder/president, 360 Business Management

Gooden reports that he has obtained the Series 65 securities license by passing a demanding exam administered by FINRA — the Financial Industry Regulatory Authority — allowing him to field more in-depth and informed questions about investments. He has also expanded his client profile to include entertainment executives and professional athletes, as well as founders in real estate and tech. By broadening his skills, Gooden has positioned 360 Business Management as a family office-style practice. His notable clients include Grammy nominees Loshendrix and Harv, as well as Grammy winner Cory Henry.

Pressing issue: “The pool of financial resources is shrinking in many areas of traditional entertainment. That — combined with a more expensive economy globally — has forced business managers and clients to become more creative when finding money-making opportunities and stricter with spending advice.”

Sean Granat
Partner, CohnReznick

“My clients in the music and entertainment industry continue to look to CohnReznick — and to me as a business manager — for solutions that help them operate their businesses more efficiently while also minimizing their tax burdens, which are often substantial,” Granat says. CohnReznick has bolstered its efficiency by building “our managed services and outsourcing team and resources to help entrepreneurial businesses in critical areas such as tax planning, bookkeeping, cybersecurity and risk management, and data and technology solutions,” he adds. “This is especially important for the music industry, which has a very high cost of doing business.”

Pressing issue: The budget reconciliation bill “has created new opportunities for high-net-worth individuals who comprise a sizable portion of music industry clients hiring business managers like me. Helping them understand and take full advantage of this wide-reaching legislation is, in my opinion, the most pressing issue for business managers, especially those like me with a background as a tax adviser.”

Becky Harris
CEO
John Huelsman
President, Harris Huelsman Barnes & ­Company

Harris Huelsman Barnes & Company has undergone an internal restructuring “to better illustrate the nature and importance of the work of business managers… and to do that work for our clients,” Harris says. At the rebranded firm previously known as Huskins-Harris Business Management, Huelsman has risen to president, and he and Morgan Barnes have become partners. With over 40 years of experience between the three leaders, the company is now better equipped to handle a client list that includes Grammy-­nominated country star Chris Young and renowned producer/executive James Stroud.

Pressing issue: “The cost of living has risen faster than we can manage to raise a musician or artist’s payroll,” Harris says. “Pre-COVID, you could negotiate rates for the non-A-level acts. Now the cost of everything has risen — buses have gone up, backing musician rates have gone up, backline has gone up, production has gone up — but guarantees have remained the same. Trying to keep income for the artist flowing — and growing — has become a game of Jenga with younger acts.”

Tate Henshaw
Co-founder/COO, Arc Business Management

With the compression of tour profits continuing to plague the live-music industry, Arc Business Management helped an undisclosed client offset that trend by increasing the client’s tour revenue “more than sixfold over the past four years,” according to Henshaw. The firm’s client list includes successful artists such as Ne-Yo, Xscape, K Camp and Bryan Martin. With such luminaries’ trust in Arc, Henshaw says that when it comes to its responsibility to provide financial guidance to clients, the firm must be constantly on guard to combat bad advice for investments because, he quips, “everyone on TikTok is a financial coach all of a sudden.”

Most unusual client ­investment: “One of the most interesting recent client ventures is Ne-Yo’s involvement in the Global Gaming League, emphasizing his passion for gaming and exposing him to a new audience.”

Timothy J. Jorstad
President/CEO, Jorstad

Jorstad has organized and managed several worldwide tours by The Doobie Brothers and Carlos Santana and works with additional clients including music executive Irving Azoff, Full Stop Management, Jefferson Starship, the George Winston estate, Kenny Loggins, Mickey Hart, the Grateful Dead, Ross Valory, Steve Smith, Steve Perry and Journey. He advises artists and their families on estate planning, catalog valuation and intellectual property protection, while the firm has also expanded into international markets, navigating global tax and royalty structures to safeguard and maximize long-term value for clients worldwide. “I have prepared the legacies and intellectual property of a number of musicians to be sold,” he says, “including the John Lee Hooker estate and the Jefferson Airplane and Jefferson Starship bands.”

Most unusual client ­investment: “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.”

Jordan L. Josephs
Managing partner
Desiree Nunez
Partner, Royal Entertainment Business Management

Josephs says his financial guidance of a three-year-long global stadium tour — including overseeing tour accounting, streamlining budgets, negotiating vendor contracts and implementing reporting systems that it says boosted profitability and operational efficiency — is a recent highlight of his firm’s work. (He declined to disclose the client’s name.) For another unnamed client, the firm “successfully renegotiated a major-label contract, transitioning the client to a net profit structure that guarantees multimillions in additional earnings,” Josephs says. “The deal also significantly improves artist rights — including reducing the retention period, allowing her to reclaim ownership years earlier.”

Impact of the Reconciliation Act: The 2025 reconciliation act significantly “favors tax relief for high-income individuals and corporations while reducing funding for essential social programs,” Josephs says. “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.”

Nicholas Judd
CEO
Nicholas Brema
Graham Helser
Business managers, Leftbrain

This year, the company launched a department focused on tour accounting, a service that provides all clients — regardless of their career phase — with arena-level financial oversight. Each artist is paired with an accountant who has the tools, Brema says, “to close tours in weeks instead of months. What once took 90 to 150 days now takes 30 to 90, and clients are keeping more of what they earn.”

Impact of the Reconciliation Act: “The HITS Act finally passed [as part of this bill] and plenty of industry organizations rushed to call it a big win for musicians,” Judd says. “The reality is different. On paper, it allows up to $150,000 of production expenses to be deducted right away, but most musicians and small businesses already had that benefit under existing rules. The only ones who see a real change are some music companies generating $30 million or more in annual revenue, but even then, the impact is little more than a rounding error.”

Wayne Kamemoto
Partner/music industry practice leader
Maria del Pilar Lòpez
Errol Wander
Partners, Citrin Cooperman

Earlier this year, Citrin Cooperman “received a significant investment from” private equity giant Blackstone, which acquired a majority stake in the firm, Wander says, noting that the funds will help the firm “make additional investments and expand our service offerings and technology” for clients including Jack Antonoff. Notably, Citrin Cooperman’s music economics and valuation services practice, which reportedly oversaw around 750 catalog valuations worth more than $15.5 billion between 2021 and 2022, boasts clients including Hipgnosis Songs Fund, Primary Wave and Reservoir Media. Citrin Cooperman also acquired several firms over the past year, including Barkin Perren Schwager & Dolan, a Woodland Hills, Calif.-based accounting and advisory practice.

Most unusual client ­investment: “A client of ours is considering buying hotel rooms that would then be subleased to potential hotel guests,” Wander says.

Michael Kaplan
Managing partner
Michael Kane
Partner, Miller Kaplan

Kaplan and Kane, who count Mariah Carey, the estate of Michael Jackson and numerous others as clients, managed multiple international tours in markets including China, Australia, New Zealand, Indonesia and South Korea. In emerging tour markets, “significant research goes into determining the best way to structure these deals in a completely new environment with its own set of laws, security and tax regulations,” Kane says. Another pressing issue for Miller Kaplan to tackle is older legacy deals that are “outdated” in the modern music industry. “Many were made when artists were paid on the basis of the purchase of an album,” Kane adds, “which doesn’t reflect the current business model.”

Most unusual client ­investment: “An extremely liberal Democratic client asked me to look into investing in the [President Donald] Trump [crypto] coin,” Kane says. “When they noted I was surprised, they said, ‘I may not like Trump, but I’m still a capitalist.’ ”

Michael Karlin
Founding partner
Wallace Fortune
Kevin Kanegai
Steve Landau
Matt Segal
Partners, NKSFB

The 650-employee firm that started after a meeting at Karlin’s apartment 44 years ago now represents some of music’s biggest names — and counts other honoree firms on this list among its divisions, including Neuman + Associates and David Weise & Associates. Of late, NKSFB has provided clients with “third-party investment opportunities” that have had “returns in the three times to four times,” according to Segal. NKSFB, which is based in seven locations including Los Angeles, New York and London, also helps its artist clients with determining recording budgets, translating U.S. and international tax laws, tracking royalties, hiring personnel and working with insurance brokers on asset protection. The firm also advises on catalog sales, with Segal stating, “We continue to see our clients obtaining substantial catalog opportunities.”

Most unusual client ­investment: “A client invested in a foreign lottery business,” Segal says.

Matt Klarberg
Senior client advisor/managing director
Joseph Buccella
Senior client accountant, MAI Capital Management

Two years after celebrating the 50th anniversary of the firm, MAI Capital Management announced an upcoming acquisition of Evoke Advisors, a leading independent registered investment adviser based in Los Angeles. Already guiding clients such as Nicki Minaj, John Summit, Kaskade, Tokischa and Miguel, MAI Capital, with Evoke Advisors, “will advise on approximately $60 billion in assets across more than 30 offices nationwide,” Klarberg says. “[Our] partnership [will enhance] MAI’s ability to support clients with comprehensive business management services, including career and cash-flow management, tax and estate planning, family office services and guidance on long-term business opportunities away from the stage or the playing field.”

Pressing issue: “Most recently, we’ve seen that evolving digital distribution and streaming models are changing the way our clients earn income, which affects how we guide them in managing and broadening their revenue streams,” Klarberg says. “This has placed a greater emphasis on helping clients diversify their income through live performances, brand partnerships, licensing opportunities and other avenues.”

Joshua Klein
Founder/CEO, TKG Business Management

After growing its workforce in 2024 to include 32 employees, TKG once again expanded its team over the last year to now boast 45 people dedicated to serving the company’s roster of A-list clients including Shaboozey, The Chainsmokers, Charlie Puth, Danny Ocean, Amy Allen and Big Sean. With its larger team, Klein says that TKG has been working to address ongoing changes to distribution models, which have fundamentally altered how clients “view long-term value” along with changing how they’re paid. “My role is to help translate those changes into stability,” he adds.

Impact of the Reconciliation Act: “Uncertainty, which is always the problem with this kind of thing. 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.”

Justin Kobay
Bruce Seckendorf
Marius Bercovici
Trey Files
Venicia Mestey
Partners, LL Business Management

With a client list that includes artists Feid, Pusha T, Clipse, Action Bronson and JVKE, producer-songwriter Circuit and content creator Mar3LG, LL Business Management prides itself on building “an entire team around our clients and plan for long-term success,” Kobay says. “Our goal is to work with our clients for the rest of their careers and beyond.” For 2025, Kobay’s advice for clients is “investing in themselves rather than trying to diversify into businesses they don’t know.” He adds, “There is no stronger force than compound interest. Put money away early, reinvest the earnings and let it grow. The average investment portfolio will double every 10 to 12 years.”

Most unusual client ­investment: “I recently discovered via a client that there is a rather large market for dinosaur fossils,” Kobay says.

Sumby Kuti
Founder/CEO/business manager, OAK Management Group

OAK Management Group is ready to guide clients in challenging times. “We’ve kept tours in the black despite rising costs and tighter promoter budgets by building real-time budgets, auditing settlements and negotiating smarter deals,” Kuti says. “Clients see fewer leaks, clearer reporting and sharper calls on when to scale up or stand down.” Additionally, OAK has expanded worldwide tax services for non-U.S. artists, reducing the impact of the default 30% withholding through treaty relief, compliant preclearance and efficient structures. “We brokered publishing, brand and licensing partnerships that align incentives, share costs and open new revenue streams for long-term growth,” she adds.

Pressing issue: “Cash-flow management is critical since artists often shoulder large upfront costs. With label layoffs, consolidations, reduced artist development and interest rate volatility, they must deliberately set aside funds for both projects and family needs.”

Kristin Lee
Founder/entertainment business manager, KLBM

After more than two decades in the music business, Lee notes that artists and entertainers are increasingly looking to make an impact beyond their music or films. “They have a message to spread, and being part of an aligned community is the most powerful way to do that in a long-lasting and meaningful way,” she says. As a female entrepreneur, Lee says KLBM taps into its “culture and systems” to support clients in these endeavors. “As the landscape in this industry evolves, we continue to be on the forefront of business management that makes both a statement and a foundation for and with our clients. The future is female.”

Pressing issue: “This year has been a nail-biter when it comes to investing. 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.”

David Levin
Managing director
Ellis Beber
Michael Nelson
Partners, DL Business Management, a division of Adeptus Partners

DL Business Management advises such talents as John Legend, Hailey Bieber, Live, Lake Street Dive, Indigo Girls, Wyclef Jean, Aaryan Shah, James Rosemond Jr., Madison Beer, BoyWithUke, Postmodern Jukebox, Cindy Kimberly and Peter McPoland. The firm helps its clients “stay profitable despite rising costs across the board,” Nelson says. “From inflation-­driven venue fees and travel expenses to increased production and staffing costs, the financial landscape for live entertainment has become more challenging than ever. Through careful budgeting, real-time cash-flow monitoring and strategic tax planning, we’ve ensured our clients can continue to tour successfully without compromising their bottom line. In a volatile environment, financial clarity and proactive business management have made all the difference.”

Impact of the Reconciliation Act: “The increase in the state and local tax itemized deduction, the reinstatement of 100% bonus depreciation and the increase in the lifetime exemption for estate and gift tax,” Levin says.

Matthew Lichtenberg
Partner
Paul Ta
Executive, Level Four Business Management

“Unlike traditional money management, entertainment business managers are tasked with ensuring all financial growth opportunities are maximized across various and continually emerging platforms,” Ta says. “For this reason, it is crucial for us to stay current not only with the evolving tax landscape but with technology, trends in the music industry, new channels of distribution and shifts in audience behavior and platform policies. This expertise allows us to guide our clients through negotiation of contracts, investments and the impact of business decisions on their long-term financial health, as well as how to best manage their resources in a fluctuating environment.”

Pressing issues: “The unknown ways in which AI will impact both the internal operations of the firm as well as the external marketplace and the evolving challenge of fraud,” Ta says. “As firms and banks get better at catching it, the criminals get better at evading safeguards.”

Derick Luna
Founder/CEO, Glocal Management

With blockbuster tours seemingly launching every month, the touring sector has been at the forefront of the music industry. Last year, “Glocal acted as both business and tour accountants across multiple major tours, [which] collectively generated an estimated $90 million in revenue and over 1 million tickets sold,” Luna says. “Glocal [also] expanded its services to professional athletes, applying its proven financial and operational frameworks to the sports sector.” Though his firm cannot reveal its full client roster for confidentiality reasons, Luna has previously acknowledged representing Myke Towers and helping to guide his newly established, sports-­focused, youth-based foundation.

Impact of the Reconciliation Act: “One of the most significant impacts… is its effect on tax burdens, particularly when viewed from the perspective of the entertainment industry and artists. The act extends the 2017 tax rates, introduces changes that allow high-net-worth individuals to benefit from additional deductions while maintaining lower rates and simultaneously expands certain tax credits, including the low-­income housing credit.”

Amir Malek
Pam Malek
Heads of business management, Focus Partners Wealth

The goal of Focus Partners, Pam Malek says, is to stress to clients the importance of business managers. “We have been focusing on providing ‘family office’ services where we can combine our accounting and tax knowledge with diversified client investments to create generational wealth.” Amir Malek adds that recent mergers and growth within the firm have expanded the company’s resources, expertise and experience. By offering more wide-ranging financial and lifestyle services, the firm allows its clients “to focus on their success and what drives them, while our business managers use decades of experience to focus on their finances.”

What’s affecting client income: “The capital gains tax treatment, along with an appropriate multiple on music categories, creates an opportunity for our clients to liquidate their intellectual property and earn more income,” Pam says.

Joshua Martin
President/CPA, Martin Business Management

“This past year was transformative for Martin Business Management as we became a fully independent firm,” Martin says. “We strengthened our boutique approach by expanding services, implementing new technology and streamlining operations,” he adds. “I also guided the financial forecasting, due diligence, accounting and tax planning for the sale of two independent entertainment management agencies to major agencies, which showcased the depth of our expertise.” A continuing challenge for Martin’s clients are streaming royalty rate changes, which require “constant monitoring and forecasting.” Another focus is tax compliance, he says. An advance to a client “is taxable income, and often they will not get paid again for some time. I make sure they budget carefully, stretch those funds and stay disciplined until cash flows become more predictable.”

Most unusual client ­investment: “One of my clients wanted to invest in an AI version of OnlyFans. It was certainly unconventional, but it reflects how quickly technology and new platforms are influencing the kinds of opportunities clients explore.”

Mike Merriman
President
Brandon Russell
Sunny Sanghera
Executive account managers
Megan Goodrich
Odette Moradians
Senior account managers
Bryan Gott
Director of business management, PARR/3

PARR/3 has been determined to find hidden royalties for its clients. “Our team has uncovered just under $5 million for our clients from labels, publishers and [performing rights organizations] that would have otherwise been lost in limbo,” Merriman says of the firm that also handles tour accounting for many high-profile artists. “We’ve put a lot of energy into training our entire team on the mechanics of the music business and it’s paying off.”

Pressing issue: “Security, security, security,” Merriman says. “Our industry is on the precipice of a new era of cyberattacks with AI, 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.”

Harley J. Neuman
Founding partner, Neuman + Associates, a division of NKSFB

Neuman, whose firm represents Alicia Keys, Melissa Etheridge, Cynthia Erivo, Cee Lo Green and many others, cites his greatest recent music-business achievement as “partnering with clients and their teams in alternative investments where the client is more than merely a passive investor.” He emphasizes managing daily finances, estate planning, coordinating asset sales and acquisitions, and analyzing budgets. Neuman founded his firm in 1991, and it became a division of NKSFB in 2019.

What’s affecting client income: “Continuing monetization of music catalogs and continuing evolution of streaming economics. AI will be game-changing, but it’s still a bit early.”

Wale Ogunleye
Managing director/head of sports and entertainment, UBS

Helping artists turn unpredictable income into sustainable wealth — and also navigate industry challenges — remain the essential goals of UBS. From teaching financial literacy to young artists to steering musicians, songwriters and producers as well as executives behind the scenes over hurdles like royalties, fee structures, streaming and the impact of AI, Ogunleye says UBS’ advisory role has never been more crucial. “Artists today are entrepreneurs as much as they are creatives,” he explains, “and ensuring their financial stability means they can continue to create, invest in their craft and build a legacy that lasts long after the spotlight fades.”

Impact of the Reconciliation Act: “The HITS Act within the 2025 reconciliation bill has created meaningful financial opportunity for independent artists, allowing them to deduct up to $150,000 of recording expenses in the same year they are incurred. That added cash flow can be reinvested into their music while giving them space to plan for the future.”

Kerry O’Neil
Alvin Hagaman Jr.
Legina Chaudoin
Cheryl Harris
Sam Powers
Lynda Ragsdale
Lillian Williams
Partners, O’Neil Hagaman

In May, the company celebrated Harris’ induction into the SOURCE Hall of Fame, which honors women who have made a significant impact on Nashville’s entertainment industry. “Cheryl was recognized for all her work behind the scenes, guiding her clients through the financial intricacies of their history-making, record-breaking careers,” Williams says. “She is a true trailblazer in the industry and is known to be a supporter of women across all aspects of music.”

Pressing issue: “Economic and political changes are directly impacting our industry and the economics of touring stateside and globally,” Williams says. “As business managers, it is our job to not only help our clients navigate the financial intricacies of their career but also educate them during these volatile times against looking for quick fixes or making reactive decisions.”

Mark Pariser
Tony Peyrot
Partners, Dunn Pariser & Peyrot

Overseeing a complicated music catalog sale for a member of a “well-known band” (which he cannot identify due to client confidentiality), Pariser describes settling matters for the only U.S. resident in a group that has members who live in other countries. “Because each country has different tax laws, we needed to make sure that we got the best possible tax outcome for each band member,” Pariser says. “That involved multiple conversations with multiple advisers and commenting on many versions of the sales agreement.”

Most unusual client ­investment: “Q30 Sports Science. A company that developed a collar to protect athletes from brain injuries that resulted from repeated head impacts incurred in sports like football and lacrosse,” Pariser says. Another example: “Ethel’s Bakery, [which is a company that creates] gluten-free baking products made with natural ingredients and that don’t taste like they’re gluten-free.”

Michelle Richburg
Founder/CEO, Richburg Enterprises

Richburg Enterprises is blending wealth preservation with education to redefine industry standards. This past year, the firm successfully “launched and managed several major North American and European tours, overseeing more than 40 dates with full financial operations — production budgets, artist/crew payroll, insurance and international compliance,” Richburg says. At the same time, the executive spearheaded the BEYOND the Bag! 2025 Master Your Money Summit in New York to “bring financial literacy to creatives, entrepreneurs and women of color,” she adds. “This dual impact — protecting client wealth at the highest levels of the industry while educating the next generation — perfectly reflects our mission.”

Most unusual client ­investment: “Investment in senior day care franchises.”

Murray Richman
Nathan Richman
Partners, Richman Business Management

The business management and accounting firm had “incredible growth over the past year,” Nathan Richman says, and he attributes that recent success to the company’s addition of multiple clients across genres including pop, country and electronic music. “Our ‘client­-first’ approach to managing the artists’ long-term planning while understanding their overall cash-flow needs has really had an impact on our business and client relationships,” Nathan says. “Making sure the artist knows we are an integral part of their team and here to support them first has really been appreciated in a challenging business.”

Pressing issue: “Digital security continues to be at the forefront of everything we do,” Nathan says. “The rise of fraudulent activity is prevalent and a major concern. This is in the form of AI-generated voice copying, unauthorized credit card transactions, fraudulent check writing and email and phone hacking, to name a few.”

Adam Sansiveri
Stacie Jacobsen
Chris Brigham
Co-leads of Bernstein sports and entertainment group
Daniel Weisman
Principal/advisor specialist for Bernstein sports and entertainment group, Bernstein Private Wealth Management

The number of clients Bernstein serves that have made their wealth in music, media, the arts and sports has tripled over the past decade, prompting the firm to add specialists nationwide who have a proven track record of serving this unique demographic, Weisman says. “Our lead specialists are driving the growth of our business and supporting our thought leadership across the industry. We’ve published numerous articles and remain focused on helping clients leverage their brands and investments to build and grow their businesses.”

Most unusual client ­investment: “We’ve had two clients recently discuss investing in an Indian Premier League cricket team,” Weisman says. “Frankly, we’ve heard more about cricket this year than every year combined leading up to it. It’s an interesting reminder of how global opportunities are reshaping the way clients think about investing.”

Phil Sarna
Founder/senior managing director
Amy Gittleman Blom
Tara Moore
Patrick Templeman
Partners/managing directors, PS Business Management

With offices in New York, Los Angeles, Nashville and New Orleans, PS Business Management has voiced a mantra of late: “staying the course in the current climate of private equity taking ownership in business management firms,” Templeman says. “We’ve remained true to ourselves, our staff and clients. Our approach is to foster a culture of growth from within whenever possible and when needed, hiring the best people we can find without sacrificing quality work for shareholders who want greater returns and do not see the big picture — which is always supporting the most talented and inspirational artists in the world.”

Most unusual client ­investment: “I don’t know if it’s unusual, but Mermaid Gin is a good one,” Moore says. “Beautifully handcrafted gin from a small town on the Isle of Wight, an island located off the south coast of England. A real mom-and-pop shop that grow their own botanicals on their adjacent farm.”

Patrick Savage
Chairman, OJK Business Management

OJK has ended its run with private equity ownership, says Savage, who notes the company’s return to independent ownership earlier this year. “Reestablishing OJK [as independent] has given us greater agility and alignment with our long-term vision: providing bespoke financial and business management for leading artists, creatives and executives,” he adds. OJK constantly monitors the aspects most affecting its clients’ income, including the “major” areas of catalog sales and AI in music creation and rights management. “Streaming economics remain a central focus,” Savage says, “with shifts in payment models and platform strategies directly impacting royalty flows.”

Pressing issue: “Touring costs have escalated sharply, while income streams are becoming more fragmented across streaming, social platforms, synch and live events. Business managers must balance short-term liquidity with long-term ­planning, all while safeguarding clients from increased financial, reputational and cyber risks.”

John Shaheen
Managing partner, Business Wealth & Tax ­Management

“In the past year, we’ve helped multiple clients strategically structure their businesses to maximize long-term value … particularly ahead of touring, catalog sales, investing and estate planning,” says Shaheen, who works with Burna Boy, Thirty Seconds to Mars, Mk.gee, Noname, Kenny Beats and others. “One highlight is cross-border work for clients with worldwide income across multiple territories. We help maximize tax deductions and minimize tax while also protecting assets. We also have leaned into educating our younger clients and managers on ownership and equity and encourage them not only to think like talent but also like founders, CEOs and COOs.”

Pressing issue: “Clients with short-term virality. In general, there’s a growing desire for career liquidity events and at times during breakout periods. Business managers have to act swiftly while also instilling discipline around tax planning and long-term [investment] planning. This means we embed financial literacy early and often.”

Jose A. Silva
Managing partner, Grupo Silva

Working closely with música mexicana and Latin urban stars as well as influential Latin music labels including Tito Double P, Blessd, Double P Records and Cigol Music Group, Silva offers his clients a world-class financial infrastructure that spans global touring, publishing and brand ventures. “We introduced systems that deliver real­-time visibility into royalties, touring cash flow and international tax compliance,” he says. “This has not only safeguarded revenues but also unlocked scalable growth, allowing our clients to expand globally with the confidence of financial discipline.”

Impact of the Reconciliation Act: “On the one hand, expanded deductions for creative industries and clearer cross-border income rules are a huge win for artists. On the other, heightened reporting and compliance requirements mean business managers have to be more strategic than ever. We’ve stepped into an era where tax planning isn’t just about filing on time — it’s about anticipating legislation, optimizing structures and guiding creators through an increasingly globalized financial landscape.”

Tony Smalls
Partner/leader of the ­entertainment, sports and media practice, Macias Gini & O’Connell

Citing the importance of financial education, Smalls and his partners at Macias Gini & O’Connell have prided themselves on publishing materials to help guide artists and creators on making their business endeavors operate at the highest level possible. “Educating ourselves and our clients is a cornerstone of how we deliver value to our clients,” Smalls says. By delving heavily into lucrative yet laborious industry avenues like music royalties, touring, budgeting and catalog sales, Smalls’ expertise assists in delivering top value to clients. For example: Last year, the firm uncovered an eight-figure missed royalty adjustment for a recording artist.

Pressing issue: “Interest rates, although they’ve come down some, as well as product pricing increases — tariffs — have made us rework some client budgets. Changing tax laws also play a role in us educating clients and keeping them informed.”

Alex Smith
Co-managing partner
Justin Sroka
Partner, Mann Gelon Smith Sroka Lee

Formerly Mann Gelon Glodney Gumerove Yee, the firm rebranded as Mann Gelon Smith Sroka Lee in the last year — a move, Smith says, that “positioned it for the future with our second-generation partners in leadership roles.” The rebranding follows the firm’s earlier addition of staff specializing in royalties, touring and insurance. Smith adds that insurance is the most pressing issue facing business managers in guiding their clients’ finances. “It’s a major pain point at this moment,” he says. “Rising premiums on both personal and business lines have forced clients to make difficult decisions about coverage.”

What’s affecting client ­income: “With AI becoming more prevalent throughout music,” Sroka says, “addressing any current and future legal considerations in contracts has become a greater focus while legal policy catches up.”

Charles Sussman
President, Sussman & Associates

Sussman & Associates follows a straightforward strategy for clients while keeping a close eye on changes in the entertainment industry, says Sussman, who has more than 40 years of experience in the field. Those changes include the threat of AI, shifts in tax laws and emerging streaming models. Over the last year, he says, “we have negotiated music distribution deals, copyright reversions and catalog sales to the benefit of our clients financially.” He also notes that “new streaming payment models are most affecting our clients’ income, and we are advising them to renegotiate their streaming royalty rates.” Sussman has been a featured speaker on royalty, tax and business management at several universities and conferences.

Pressing issues: “The volatile economy and utilizing the provisions of the new tax legislation.”

Lou Taylor
Founder/CEO
Lahteefah ­Parramore
Chief growth officer
Bret Guest
Rummy Le Guevel
Business managers, Tri Star Sports & Entertainment Group

The Tri Star team spent the year working on projects including the launch of major tours and counseling artists on significant catalog sales, all of which, Taylor says, “has allowed our clients to achieve creative and financial success in a more complicated market.” Tri Star also acquired The LRW Group, the Miami-based firm led by Parramore, who is now Tri Star’s chief growth officer and whose “proven leadership” is strengthening a long-term growth strategy while enhancing resources available to clients. “This move reflects our commitment to evolving alongside the needs of artists and executives,” Taylor continues, “combining strategic foresight with superior service to navigate the ever-changing entertainment landscape.”

Pressing issue: “The rise of platforms like TikTok has transformed the industry, making it possible for someone to achieve massive popularity virtually overnight,” Taylor says. “The real challenge, however, lies in sustaining that momentum, converting it into long-term revenue and successfully navigating the industry. Supporting clients through this rapid rise to fame and fortune has become a crucial part of our work.”

Jini D. Thornton
Founder/CEO, Envision Business Management Group

Thornton, who counts Ludacris, Khalid and a growing number of digital influencers, producers and podcasters as clients, says that “we’ve been especially focused on community impact through estate planning, in partnership with our clients.” Envision helped launch the country’s largest free clinic for preparing legal documents, empowering nearly 500 women to write wills, powers of attorney and health-care directives. The clinic collectively ­protected over $188 million in assets. “This work goes beyond documents,” Thornton says. “It’s about empowering families to build generational wealth and creating a lasting legacy.” She says a top challenge facing business managers is finding talent: “It’s increasingly difficult to recruit professionals who have both the technical expertise and the discretion this work demands.”

What’s affecting client income: “The rise of AI, evolving streaming payment models and shifts in live entertainment continue to reshape income for our clients.”

José Juan Torres
Founder, Torres

Torres’ approach to business management is comprehensive. In the past year, he has focused on diversifying investment strategies and developing asset risk-management plans for clients such as Bad Bunny, Rauw Alejandro, Camilo and Mora. Beyond finance, strategic initiatives include the “planning and structuring of worldwide tours, the negotiation and execution of music catalog sales, the application for Puerto Rico tax exemption decrees and the acquisition of real estate in different countries,” he says, as well as providing guidance on key contractual moves. The biggest challenge, he notes, “is dealing with uncertainty. Income is volatile, contracts are more complex, and tech is moving faster than the law.”

What’s affecting client ­income: “AI creates both opportunity and risk — it can open new licensing doors but also threatens ownership of voice and likeness. Streaming payout changes affect how much mid-tier artists really earn. And catalog sales are tempting at today’s high valuations, but once you sell, control is gone.”

Sally Velazquez
President/business manager
Tracy Miller
Vp of operations/business manager, Empower Business Management

Empower is expanding, with plans to open an East Coast office by the end of the year, Velazquez says, and the firm has also increased its roster to include “more international clients,” many of which are top touring artists. “Over the past year, we’ve been proud to assist clients with global tours and to secure their wealth by leveraging smart tax strategies,” adds Velazquez, who has also guided her clients to “create equity situations that align with their long-term goals. We [also] make sure clients are saving for retirement and building stock portfolios that can generate dividends and interest to support them now or in the future.”

Impact of the Reconciliation Act: “The bill touches a lot of areas that affect our clients,” Velazquez says, “from tax planning to deductions or extending some deductions that were set to expire. For example, the SALT [state and local tax] cap adjustment is especially relevant for touring clients with multistate income since it gives us more room to manage their state tax exposure.”

Rit Venerus
Founder/senior managing director
Butch Gage
Dan Goscombe
Managing directors, Cal Financial Group

In November 2024, John Mayer made headlines for co-purchasing Los Angeles’ historic Jim Henson Studios lot — and it was a particularly proud moment for Cal Financial Group, which represents Dead & Company, The Lumineers, Jack White, Sam Barber, Bon Iver and ODESZA. The lot was the home base for silent film icon Charlie Chaplin’s studio beginning in 1917. After Chaplin sold the facility in 1953, A&M Records eventually acquired the Los Angeles Historic Cultural Monument in 1966, then subsequently sold it to Muppets master Henson in 2000 to serve as the home of The Jim Henson Company. “Working with John Mayer, [film executive Joseph “McG” Nichol] and Irving Azoff to purchase the Henson studio property and bring it back as Chaplin Studios… it’s truly amazing to see what you can accomplish with that kind of team,” Venerus says.

Pressing issue: “The world is so intertwined that the true fallout from decisions being made [in Washington, D.C.] can only be seen in the rearview mirror,” Venerus says.

David Weise
Founding partner
Jaime Masuda
Rob Salzman
Partners, David Weise & Associates, a division of NKSFB

David Weise & Associates has helped music clients “navigate some of the largest asset sales in the industry,” Salzman says, and access “private equity opportunities.” “Through decades of operations,” he adds, “we have aggregated a large pool of potential buyers helping clients mitigate or avoid substantial broker fees while helping to obtain top dollar through competitive solicitation in the event of an asset sale.” Weise founded his first firm in 1999, after spending seven years as a business manager at other companies, and it evolved into Weise & Associates in 2005.

What’s affecting client ­income: “Some clients are looking at AI as a rationale to selling their catalog, as they see the liquidation as a way of mitigating the risk of AI to the overall industry,” Salzman says. “This is essentially clients taking their proverbial chips off the table at a substantial multiple of annual royalty revenue while concurrently realizing preferential tax treatment and seeking compounding long-term returns on substantial revenue.”

Kris Wiatr
Sarah Hamner
Kim Olson
Valerie Shelton
Senior executives, Wiatr & Associates

Wiatr & Associates saw notable expansion in the past year. “Our firm has grown to over 50 employees and supported a record number of client tour dates,” Olson says. Chris Stapleton, Tucker Wetmore, HARDY, Lee Brice, Billy Gibbons and Parker McCollum are among the company’s clients who have toured in 2025; Mick Fleetwood, Chase McGill and others are also on the roster. “That reflects the trust artists place in us to manage their finances and shows how crucial business managers are in helping artists stay financially secure,” Olson adds.

What’s affecting client income: “New streaming payouts are a bit of a double-edged sword for touring artists,” Olson says. “Big acts might see a boost in royalties, while smaller artists could earn less, which makes live shows and merch even more important. We help clients navigate these shifts so touring stays profitable and manageable.”

Dwight Wiles
Partner/president
Rob Taylor
Partner/vp
Kevin Dalton
Steve Eggart
Partners/business managers, Wiles + Taylor

While business management teams often help their clients broker major deals, Dalton points out that some of his company’s “most important achievements” over the last year concerned the “deeply personal” work of helping clients purchase their first home or set up education accounts for their children. Meanwhile, Dalton emphasizes the importance of Wiles + Taylor being on the cutting edge of emerging technologies like AI, ensuring the company can “stay proactive and position clients ahead of these changes so they remain protected and ready to capitalize on new opportunities as the industry evolves.”

Impact of the Reconciliation Act: “Clients can now fully expense major purchases, whether it’s touring equipment, a bus or even a jet,” Dalton says. “These changes provide immediate flexibility and greater planning certainty in an industry where cash flow is everything.”

Colin Young
Founder/owner, CC Young

Young reports that, during the past year-and-a-half, his firm has guided “13 successful audit claims of significance, seven U.S. [copyright] reversions and some of the most successful world tours of my career, including three large Mexico City shows.” His recommendation to artists is to “retain your rights and, where able, enhance your rights through continued creativity and entrepreneurial endeavor.” For clients to receive “full return from their creativity,” Young says, “requires a skeptical examination of all the royalty sources, including the label, publishing company, the performing rights organizations and the neighboring rights collection management organizations, every year, with no gaps.”

Most unusual client ­investment: “A share in a zoo — with an optional participation in feeding the hippopotamus.”

Mark Zelasko
President, Level Group

Success doesn’t always come from saying yes, according to Zelasko. “Very often the best deals arise from saying no,” he says. “I’m very proud of some of the deals my clients have said no to in the past year.” Zelasko believes that Level Group, which boasts more than 100 clients, has a huge responsibility as part of its clients’ teams. “Business managers should be the members of the team looking out for the client’s personal and business health in the long term,” he says. “Unfortunately, I’m seeing a lot of short-term thinking in the industry. Business managers should take their responsibility to look out for the long-term seriously.”

What’s affecting client income: “The increasing number of distribution deals is both exciting for artists holding a greater portion of their revenue streams and demanding for their business managers in order to take on the third-party accounting obligations.”

Bill Zysblat
Co-founder/managing partner, RZO
Tom Cyrana
Lia Sweet
Partners/managing directors, RZO

What has been the driving business for the music industry in the past year? “Touring, touring, touring,” says veteran business manager Bill Zysblat, co-founder of RZO, whose many superstar clients include Lady Gaga.

The response of Gaga’s fans to The Mayhem Ball has been “insane,” Zysblat says. The tour grossed $134.1 million and sold 541,000 tickets through its first 38 shows, according to Billboard Boxscore, with additional shows in Europe, Australia, Japan and North America still to come. (And that’s not including the $56.6 million grossed and 312,000 tickets sold in Mexico and Singapore earlier this year for dates that preceded The Mayhem Ball.)

RZO merits expanded coverage on Billboard’s Top Business Managers list for its history, its strategy and its client list. In 1975, Zysblat and the late Joe Rascoff began advising The Rolling Stones, forming RZO in 1988. In addition to The Stones and Gaga, RZO’s clients include U2, Steely Dan, David Byrne, Shania Twain, Sting, Yoko Ono and the estates of John Lennon, David Bowie and Tom Petty. (In a first meeting with Zysblat a decade ago, representatives of Gaga brought with them the firm’s profile on Billboard’s Top Business Managers list to prove they had done “their homework,” he recalls.)

Even while The Stones are off the road, RZO’s first client claims its status as the highest-grossing and best-selling rock band in Boxscore history. Among the firm’s other clients currently on the road, “Shania Twain has never done better,” Zysblat says. “David Byrne had a great year leading up to his [current] tour,” he adds, with the former Talking Heads frontman releasing Who Is the Sky?, his first album in seven years, which debuted in the top 10 of the Top Album Sales chart.

With decades of data on touring deals, RZO is uniquely positioned to negotiate the best terms for its clients on everything required to mount a major concert outing (collaborating with Live Nation for artists like Gaga and AEG for The Stones). After the pandemic, Zysblat adds, “everything changed dramatically pricewise.” And still, he notes, “we review every settlement” statement.

For Gaga, The Mayhem Ball is now playing arenas following stadium shows in 2020 for The Chromatica Ball. “We were involved in the discussion because it’s a financial issue,” Zysblat says — but not the decision, which was an artistic judgment by the superstar.

“It’s always up to the artist,” he says. “With Gaga, it’s often her saying, ‘I like to be closer to the audience.’ She loves being engaged.”

Contributors: Nefertiti Austin, Katie Bain, Dave Brooks, Anna Chan, Ed Christman, Leila Cobo, Janine Coveney, Stephen Daw, Kyle Denis, Elizabeth Dilts Marshall, Bill Donahue, Thom Duffy, Chris Eggertsen, Griselda Flores, Eric Frankenberg, Paul Grein, Raquelle “Rocki” Harris, Lyndsey Havens, Gil Kaufman, Steve Knopper, Taylor Mims, Gail Mitchell, Jessica Nicholson, Sigal Ratner-Arias, Isabela Raygoza, Kristin Robinson, Jessica Roiz, Dan Rys, Michael Saponara, Crystal Shepeard

Methodology: Nominations for Billboard’s executive lists open no less than 150 days in advance of publication, and a link is sent to press representatives by request before the nomination period. (Email thom.duffy@billboard.com for inclusion on the email list for nomination links and for how to obtain an editorial calendar.) Billboard’s Top Business Managers for 2025 were chosen by editors based on factors including, but not limited to, nominations by peers, colleagues and superiors, as well as music industry impact of clients cited in nominations. (Client information is not printed in profiles if honorees cite issues of confidentiality.) Industry impact is measured by metrics including, but not limited to, chart, sales and streaming performance as measured by Luminate and social media impressions using data available as of Sept. 17.

This story appears in the Nov. 15, 2025, issue of Billboard.