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Coping with Fame, Fortune and Finances

In a recent Fame & Fortune survey, 203 entertainment attorneys were polled on their clients' views on a broad range of topics including finances and estate planning.

 

The survey report indicated that it's clear that celebrities deal with a host of issues that are exclusive to their particular position in society. However, many of the concerns are shared with other segments of the high-net-worth community. In fact, celebrities deal with issues that impact Americans of all financial backgrounds such as depression, divorce, child-rearing and asset protection planning. Important lessons can be learned from how celebrities cope with these challenges under the intense scrutiny that accompanies fame.

 

Survey findings were delineated between "craft-oriented" and "status-oriented" celebrities and include:

• Status-oriented individuals were far more likely — often 2 to 3 times — to cite the incentives of fame as a motivating factor.
• Status-oriented celebrities were nearly twice as likely (80.2%) as craft-oriented celebrities (43.8%) to cite additional financial opportunities as a motivation for achieving fame.
• However, both status-oriented (75.8%) and craft-oriented (61.9%) groups consistently reported that they feel that they have no real control over their careers (weighted average of 71.2%).
• The majority of celebrities (60.2%) see themselves as a business and those that do are significantly wealthier than their counterparts.
• Status-oriented celebrities (71.4%) are far more likely to view themselves as a business than craft-oriented individuals (37.2%).
• Still, only a minority (36%) of celebrities are focused on the business side of their careers. Despite their tendency to view themselves as a business, fewer than half of status-oriented celebrities (42.4%) are focused on this area.
• More than half of celebrities have an estate plan that is more than six years old, even though 93.1% are wealthier and 64.3% have experienced a life-changing event since that time.
• A minority of status-oriented celebrities (35.6%) recognizes that their careers might have a limited lifespan, and cite paying for their current lifestyle as an important concern (67.6%).

 

At PFS, we understand that the challenges of celebrity can impact every aspect of your lifestyle, often making it difficult to take charge of or focus on important aspects like wealth management and financial planning.

 

Our depth of experience working with high-net-worth clients allows us to efficiently and effectively work through any issues or challenges you may face to develop a plan of action designed to meet your short and long-term lifestyle and wealth preservation goals.

 

 

Source: "Fame & Fortune: Maximizing Celebrity Wealth," February 2008; authored by Russ Alan Prince, Hannah Shaw Grove and Richard J. Flynn. Published by Fame & Fortune, a division of Elite Traveler magazine, the book shares the findings of an extensive survey on celebrity lifestyle and financial planning trends.