This article looks at the financial side of the successful pop band, the Welbeck Group. In the early days, just after their first album and European tour they did not invest wisely, or rather the agent acting for them failed to give decent financial planning advice. But they blossomed in their mid careers, and now all of them, Chris, Alex, Danny Welbeck, and Robby Welbeck have invested wisely. I asked them about how they did their financial planning.
Danny Welbeck was always very sound in his wealth management. He squirreled away averything he earned even from those early days on the South Coast and Kent circuit back in the 1990s. He used traditional (if boring) saving methods, of banking investments. Later, he engaged the services of a financial consultant. Financial consulting has had something of a bad press recently and a chequered history, but Danny has no complaints about the financial consulting he received.
That’s not to say that he doesn’t manage some of his money personally. As a young man, Danny Welbeck was never a particularly boozy individual, but in later life he acquired not only a taste for fine wines, but also became intrigued and then involved in the world of fine wine investment. He now owns a part share of a Bordeaux vineyard with a couple of friends. It is making a tidy income, but then that’s because Danny is careful not to drink away all the profits!
Turning to Robby Welbeck, he began to invest in classic cars, and then a business that bought, restored and sold classic cars. However he found that he was paying so much tax, that it was hardly worth going on tour with the band again, as large amouts of profits would be eaten up in tax. However he came up with something which he laughingly calls “The Welbeck Tax Solution”. He is very reluctant to give any details on this, but it seems that he has registered one of his companies abroad, and used some not-so-well-known tax avoidance techniques to pay less tax. “It’s all 100% legitimate” says Robby, “But I needed a business tax solution, otherwise there was no incentive for me to develop the car restoration business. As it is, I now employ 5 people full-time and am thinking of opening up a new company with premises in Las Vegas. That’s where they really enjoy and respect classic cars and pay top dollar for quality restorations an refurbishments of classic cars”.
It’s interesting to see how the Welbeck brothers watch out for each other in the world of fianncial planning and wealth management. They have a couple of ventures that they have gone into together, 50:50, and if either one of them hears that some particular area for investment looks promising, he’ll share it with his brother.
The Welbeck Band itself now has its own record label and company, and the boys are doing very nicely thank you. I don’t begrudge them that. They have worked hard for what they now have!