Friday, March 4, 2011

Duff McKagan launches wealth management firm for musicians

Righteousness. Transparency. Education.

These are the three principles behind Meridian Rock, a new wealth management firm for musicians headed by Duff McKagan and Andy Bottomley, a British investor.

The company’s goal is to educate rockers about their finances instead of pandering or lying to them -- no small feat in the music world, where businessmen, a.k.a. "suits," are often seen as the enemy.

Fortune reports that McKagan’s business school experience puts him ahead of most musicians, who sign contracts and business deals without full knowledge or a plan for the future, the same as Duff did when he hit the top with Guns N’ Roses.

"If they're anything like me when I was thirty, they're too embarrassed to ask," says Duff. "I didn't know what a stock was, what a bond was."

Though McKagan has spoken publicly about the business of music and authored a column in Playboy on finance ("Duffonomics"), he is quick to downplay his investing expertise.

"I'm not a financial planner -- I was just trying to figure this out for myself," he says. "I didn't want to be 60 years old and broke, having made all this money in my twenties...that was my simple goal."

Find out more about Duff’s new venture at Fortune here.

Guns Guns N' Roses

Guns N’ Roses – Nightrain
River Plate Stadium – Buenos Aires, AR- July 17, 1993

See also:

VIDEO: Guns N’ Roses - Duff joins Steven Adler in London
Guns N’ Roses: Duff joins Adler’s Appetite in London
Guns N’ Roses: Duff talks about 2010 London experience
Velvet Revolver: Duff McKagan confirms Corey Taylor rumors