Oprah hadn’t seen the inside of a bank in 29 years. Personal assistants are the cash handlers for many celebrities, a job that rarely comes with any sort of Hollywood glamour. A young, female personal assistant remembers a time when one well-known director asked her to get stores to loan her clothing for her boss — how Much Money Do Stockbrokers Make so he could see the items in person. 15,000 range for his prewar apartment. It’s a very selfish mindset he has.
He has no problem spending money on himself. The experience has now led to her asking pointed questions of prospective employers about their demands in the future to vet them. She’s been luckier with her bosses, including an A-list actor, since. Unfortunately the longer someone has been famous, the less they remember how to do menial tasks for themselves. They have these expectations they think are commonplace, but to any other human, you kind of feel like you’re adult-babysitting. That’s where someone like Mike Vaden comes in. The 64-year-old Nashville native, who leads the entertainment division at the firm Elliott Davis, found his calling as a young accountant when he started working with Johnny Cash and Waylon Jennings.
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Vaden said of a business manager’s role. We beat up the money managers to make sure they’re doing their job and getting their client a good return. Money managers specifically look after investment portfolios, while business managers work more broadly with clients’ financial concerns. That means everything from communicating with stockbrokers about investment decisions to negotiating any major deals, from real estate to cars. 54-year-old Arnie Herrmann, a partner at Citrin Cooperman whose clients include Martin Scorsese and Barbara Walters. The business managers and their teams take on even the most mundane financial tasks, which the rest of us would happily unload on someone else, like paying the monthly electric bill.
Herrmann’s office cuts checks and keeps track of clients’ expenses. The assistant mentioned earlier said business managers have issued credits cards in her name for work expenses, like those takeout meals. They’re almost like having another agent. Assistants also frequently take on big financial chores. She chose to keep her boss anonymous because of professional concerns. Certain prominent names, in the vein of Oprah and Ellen, don’t even bother getting cash out for themselves.