Part of Ana Pérez’s job as vp and relationship manager for entertainment at City National Bank is to help artists and their teams administer the income they make from their music.
“You are your business. You have to look at yourself like you are your business. So it’s very important for you to take care of your money, organize it, budget yourself,” says Pérez, who has spent over 20 years in finance and works out of City National Bank’s Beverly Hills office. In that regard, she adds, a bank that specializes in entertainment is crucial for an artist.
“We understand the [entertainment] industry as a whole” in a way that a regular bank wouldn’t, says Pérez.
In a special finance edition of Latin Hitmaker, the Billboard podcast that tells the stories of executives behind the hits, Pérez gave five essential pieces of advice suitable for any artist’s career. They range from getting a trusted certified public accountant (CPA) to hiring a respected attorney who understands the complexities of international contracts and revenue.
“These are the folks that are going to be able to help you grow your business,” says Pérez, who grew up in California but spent summers regularly in her parents’ native Mexico. “You can’t just sign up with the first person you meet. You have to get advice from different individuals with different expertise.”
Pérez, who worked for City National Bank throughout her time in college — from undergrad to master’s degree — notes that the best piece of financial advice she ever got came early.
“My parents didn’t care what I did with my money as long as I put a percentage of my paycheck away. And I am so grateful for that because [at the time] I didn’t understand the importance.”
You can listen to the full episode of this week’s edition of Latin Hitmaker here: