Business Services Industry
Sound banking: not often are the words "hip" and "banking" used in the same sentence. But by catering to the Latin music industry, SunTrust hopes to gain more high-end private banking business - Banking
South Florida CEO, April, 2003 by Wendy Doscher-Smith
With his spiky, highlighted hair, Dixie drawl and confident swagger, Brian Williams speaks and acts like a man who is used to winning people over. As SunTrust's senior vice president in charge of private banking for the music industry, he has done his fair share of that. Under his direction, SunTrust's Nashville private banking office for the country music industry has a top roster of stars. Garth Brooks, Faith Hill, Alan Jackson and The Dixie Chicks have all given SunTrust plaques to display in the Nashville branch.
Now Williams has his sights set on South Beach. And from where he sits--at least part-time--at the SunTrust building on Lincoln Road, it looks good. "It just screams at you that there is a huge music industry down here," says Williams, "I thought, 'Golly, why aren't we doing something in Miami?'"
Actually, Williams says he has wanted to expand his Nashville success (where 30 bankers now cater to most of country music's chart-toppers) to Miami for nearly a decade. He finally got the green light late last year.
He could have hardly picked a better place, especially for the Latin music industry. Almost all of the Latin labels are based in Miami: In addition to the five majors--Sony, BMG, Universal, EMI and Warner--there are numerous independents, including Madonna's Maverick Records. Miami Beach is home to, among others, pop diva Gloria Estefan, crooner Julio Iglesias and legendary songwriter Desmond Child (Livin' La Vida Loca). Jennifer Lopez owns a house there. Emilio Estefan produces the likes of Shakira and Ricky Martin.
"This is the epicenter for the majority of Latin music and artists," says Ralph Fernandez, vice president of Latin music for the Recording Industry Association of America (RIAA). "So, for targeting labels and artists, this is a good market."
Williams, an ex-band member himself, believes SunTrust's music private banking group can attract--and grow--affluent music clients by offering both understanding and special services. Above all, says Williams, SunTrust will offer sympathetic banking for people who are often discriminated against, or not taken seriously, as income earners.
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For example, if an artist comes in and needs to suddenly go on tour, the SunTrust staff will work to get that client a line of credit. Another service is "lending on a song," which means estimating how much a song will eventually earn once it plays on the radio. "If this is your first hit, you need money now, not nine to 12 months later," Williams says.
SunTrust is actually the second bank to address the music industry in South Beach; neighboring Mellon National already has a foothold in the business. But there is apparently plenty of room for competition. "This is a growing music industry within Florida," says Neil Crilly, executive director of the Florida chapter of the National Academy of Recording Arts and Sciences. "For the bank to tap into that, to have an understanding of how creative people get paid on the music side is important."
Gabriel Abaroa, head of the Latin Academy of Recording Arts & Sciences, sees SunTrust's move as a reaffirmation that Miami is the "true emerging capital" of the Latin entertainment world. "For any organization that wants to conduct business in the entertainment arena, specifically in the Latin fields, being in Miami is a must," Abaroa says. "The record labels, publishers, crossover artists, new Latin American talent, agencies and of course the Latin Recording Academy have made Miami their home."
Williams is already working on building the bank's presence in the local music "fraternity," through everything from advertising in trade publications to aligning with local businesses, foundations and networking events. Williams plans to put the bank's "healthy sponsorship dollars" to good use sponsoring events and buying tables at fundraisers.
In the end, however, it will be the personal touch--and the SunTrust division's understanding of the business--that wins the day. Training for private bankers in the new unit will consist of a crash course in the music industry, including boning-up on record companies, artists and producers.
"The musicians don't need [just] fans, they need banks," says Williams, who also plans to start a private banking unit in Atlanta to cater to hip-hop artists. "We say, 'We know how you make a living,' instead of asking them how they do."
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