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Celebrities are known for their lavish lifestyles and extravagant purchases. From private jets to expensive clothing, they are used to getting what they want. However, behind the scenes, there is a group of people who are tasked with making sure that these stars don’t fall into financial ruin – their business managers.
Business managers for A-list celebrities have a unique role. They are responsible for managing the stars’ finances, including overseeing investments, handling daily money matters, and advising on purchases. One of the key responsibilities of a business manager is to rein in their client’s spending and prevent them from making reckless financial decisions.
One such business manager is Michael Kaplan, a partner at Miller Kaplan Arase in Los Angeles. Kaplan, who was named one of The Hollywood Reporter’s 25 most powerful business managers, takes pride in being honest with his clients. “I tell my clients that if they only want to hear yes, I’m not the right person. I’m going to tell you no,” he says. “I’m going to tell you what you need to hear, not what you want to hear.”
One example of Kaplan’s role in preventing financial disasters is when one of his clients wanted to buy an island. While it may seem like a glamorous idea, Kaplan had to advise his client on the high costs of upkeep. Similarly, Kaplan has also been involved in advising against investments in restaurants, a risky business that has led many celebrities to lose money.
The entertainment industry is known for its unpredictable nature, with careers often experiencing highs and lows. Kaplan understands this roller-coaster ride and works with his clients to plan for the uncertainties that come with a career in show business. “The thing you have to understand with celebrities is that the entertainment industry is like a roller coaster. There are ups and downs, and you have to make sure that you cover that,” he says.
In addition to managing their finances, business managers also play a role in helping celebrities maintain their public image. In today’s social media-driven world, it’s crucial for stars to stay visible in order to remain relevant in the industry. This means attending high-profile events, going on extravagant vacations, and being seen at trendy hotspots. However, this constant need for visibility can also lead to excessive spending.
Kaplan emphasizes the importance of finding a balance between maintaining a certain lifestyle and protecting the client’s financial well-being. “If they’re not picked up on CNN or People magazine, then people start to wonder, ‘are they washed up? What’s happening to them?'” he says. Business managers like Kaplan work behind the scenes to ensure that their clients can enjoy the perks of fame while also securing their financial future.
In conclusion, business managers play a crucial role in the lives of A-list celebrities. They act as a guiding force, helping stars navigate the pitfalls of the entertainment industry and make sound financial decisions. While celebrities may be used to getting what they want, having a business manager who isn’t afraid to say no can ultimately lead to a more stable and secure future.
