The pop and country superstar's father, Scott Swift, has worked for decades at legacy wirehouse Merrill Lynch and is still registered there, according to FINRA BrokerCheck records. A young Taylor helped her father out at one point two decades ago when his higher-up James Gorman, who was at Merrill prior to his run at Morgan Stanley, needed a last-minute singer for a Merrill event in California. Young Taylor even wanted to become a financial advisor herself, taking after Scott, but she took the road less traveled by.
Swift has since shown considerable business acumen in her career, certainly owing in part to learning about wealth building from her parents. Her father's FINRA BrokerCheck shows he helps with "investment direction and oversight" in her ventures; her mother, a former marketing manager, has helped her with fan engagement.
Among financial advisors, Swift naturally has her share of admirers. "She's more than '22' times the glitz and glamor," said Tyler Martin, the director of financial planning for registered investment advisor Stonebridge Wealth Management in Nashville, referencing the singer's hit single "22."
Jeremy Finger, the founder and owner of Riverbend Wealth Management.
Jeremy Finger
"I was in high school for her first self-titled album release and since she was local, her music was ubiquitous," Martin said. Although the Pennsylvania-born Swift, whose family moved to Nashville for her career when she was growing up, was not a native of the city, "She was someone that everyone rooted for and wanted to be successful," Martin said.
For Jeremy Finger, a financial planner who is the founder and owner of the RIA Riverbend Wealth Management in Myrtle Beach, South Carolina, it was Swift's lyrics, melody and storytelling that first made him a fan. "She is inspiring to me because of her authenticity," he said. "She sings from the heart."
August has slipped away into a moment in time, but below are a handful of timeless business strategies inspired by the pop icon. Advisors looking for an edge, take note.
Differentiate with savvy marketing
While Swift has distinguished herself with memorable songwriting and versatility of sound over the years, equally important to her success has been the investment in marketing at scale to her fanbase, known affectionately as Swifties.
Swift was one of the first musicians to market through social media via her MySpace earlier in her career, and she has continued to engage strategically with fans on other social platforms with intricately designed content that often teases her future work — moves that paid off, as her fan army built hype for her whenever she released new albums.
Although research by Financial Planning's parent company Arizent has found that advisors rarely make use of social media for marketing and rely more on referrals for new business, Swift's example illustrates the value of expanding one's reach with early, sustained and inventive marketing on new platforms to younger and diverse audiences. With her loyal fanbase, Swift was empowered to demand better conditions for artists from Spotify and Apple Music.
Swift has also donated generously to fans around the holidays through her branded "Swiftmas." Similarly, pro bono work in the community can help advisors build a name for themselves, develop relationships and loyalty and lead to more organic referrals.
Take ownership of your business
Advisors interested in independence can take inspiration from Swift's bold moves over the years, which have been gutsy but paid off for her financially.
"Whether it is reclaiming her masters, fan engagement, transition into various genres, or innovative album releases, she continues to dominate," Martin said of Swift's ability to take initiative as an artist. "While there is still much of her story left to be written, it is clear that one of her greatest contributions will be empowering creative control for the next generation."
Martin has never met Swift, but through his firm, which works with high net worth celebrities and professional athletes, he shares mutual colleagues with her.
"From what is known publicly about Taylor, particularly how she seems to be heavily involved in her own financial matters, that is something we strongly advocate for with all our clients," Martin said.
Tap into the growing wealth of women
Swift's success as a businesswoman, built largely through a brand focused on catering to a female audience, can serve as a reminder for advisors of the value of engaging with women in their practice — especially given women's rising wealth as a group.
In songs like "The Man" and "the last great american dynasty," Swift reflects on her growing power and wealth in a world where women have been expected to conform to patriarchal expectations or to have their wallets controlled by men. "I'm so sick of running as fast as I can/ Wondering if I'd get there quicker/ If I was a man," she sings in "The Man." (Similarly, women in the wealth management industry have been ignored and overlooked, both as clients and as advisors and fund managers.)
Swift was previously viewed in the public eye as a pop singer whose songs were limited to catchy hits for girls about crushes, breakups and petty revenge. While she has since been recognized for covering much broader ground, to some extent that caricature has become a point of pride for Swift. She has continued to engage her younger-leaning, historically mostly female fanbase, securing a commercially powerful and multigenerational fan army along the way.
Finger said one client of his, a father, spent $20,000 attending Eras with his two daughters — $5,000 for each ticket, and $5,000 on travel expenses. While dropping $20k on a single event can feel like a small fortune, Finger said his client felt it was worth it. "The memories he had with his two daughters will last a lifetime. … Spending money on experiences like a concert is way more impactful than material items."
Tie up loose ends and watch details
Swift keeps tabs and follows through on her promises; in that way she reflects basic principles financial advisors must adhere to with clients to retain their business. Fans have pointed out that Swift is known to plan albums and their release dates years in advance, dropping hints along the way about them. In songs like "Mastermind" and "No Body, No Crime," Swift flaunts her reputation for impeccably delivering exactly the outcome she wants, and what she thinks is deserved.
Like a Santa Claus possessed by a Wall Street Fury, Swift says in "Look What You Made Me Do" that she keeps close accounts. "I've got a list of names and yours is in red, underlined," she sings. "I check it once, then I check it twice." Her list of trademarks is in itself astonishing, showing the tight control she has kept over the use of her brand and image.
Swift's songs appeal to wide swaths of the public because they connect with listeners on many life experiences — from coping with social isolation in "The Outside," to finding new hope in "Begin Again," to mourning the end of a relationship in "My Tears Ricochet." Swift has been widely praised for her ability to use vivid narrative details to create the impression of reminiscing together about an emotionally charged memory.
Similarly, advisors are at times tasked with carrying the weight of a client's lowest moments — whether it's the fall of their portfolio in a down market, or the pains of divorce and declining in old age, or providing comfort to those suffering from losses after a disaster. The thing to avoid is clichéd, impersonal, one-size-fits-all advice in those moments. And it's crucial for advisors to show up empathetically for their client, as Taylor does for down-and-out listeners in songs like "Ronan," which she wrote for a mother who lost her son to cancer.
Invest in professional development
Swift is considered one of the most intelligent and protean songwriters in the business, reflecting her lifelong investment in education and professional development.
Swift never attended college and was home-schooled for her last years of high school, although NYU awarded her an honorary doctorate of fine arts last year. The mostly self-taught Swift said in interviews that she reads widely and watches films and television shows for inspiration. It's paid off for her, as her songs have been praised for their apt phrasing, and liberal use of references to famous English-language authors — from the Brontës to Sylvia Plath to T.S. Eliot — which has led several universities to offer courses on her relationship to the Western canon.
Swift also took voice lessons after criticism several years ago that her voice was weak. "I didn't want to just be handed respect and acceptance in my field. I wanted to earn it. To try and confront these demons, I underwent extensive vocal training," Swift said in a letter to fans published by Teen Vogue. Critics and the public responded well to these changes.
By continuously reading, learning and experimenting with new styles and skills, Swift has ensured that she doesn't go out of style.
The standard-setting group is mulling increasing continuing education requirements and requiring that CFP aspirants have certain types of financial planning-related experiences, among other changes.
Jordan Hutchison, vice president of technology and operations at RFG Advisory, helps support 69 advisory teams nationwide, which manages almost $5.5 billion in assets.
The current limits for a deduction tied to state and local duties and the debate on the extension of the TCJA provides a lens to examine gender-based disparities.
