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Creative and performing
artists have unique personal financial planning needs. These
artists include but are not limited to the following:
- Actors in local or regional theater companies
- Musicians in local or regional symphonies, chamber orchestras,
or other musical groups
- Performers, singers, or musicians in local clubs
- Dancers in local or regional dance companies
- Local television or radio personalities
- Local Writers
Unlike executives,
professionals, salaried persons, and self-employed individuals,
artists generally do not have reliable income streams to depend
upon. They also tend to have less predictable careers in terms
of duration and progression in financial growth than most other
types of businesses.
Artists' earnings tend to be exceptionally volatile from one year
to the next. A hit record album, television series or motion
picture does not guarantee continued success in future
projects. Even the most successful artists, whose careers have
endured for decades, get "hot and cold". It is the nature of the
business ("The Biz"). This means there can be long periods of
time between projects, or the next project may not bring in much
money. The peaks and valleys of artists' careers require them
to have the mental capacity to deal with rejection on a daily
basis.
Artists may find that dealing with their finances is a
distraction from creative undertakings and may therefore prefer to
avoid dealing with their money. They may also be a target for
incompetent or unscrupulous individuals or organizations who want to
take advantage of them. Therefore, they will often seek out
and hire professionals to help prepare and implement their financial
plans.
The CPA needs to have the skills and knowledge to properly
provide services. Each aspect of the entertainment field is
different. | 
