“It’s all about family” has gone beyond a well-repeated line in “The Fast and Furious” film franchise to a meaningful message for all of us, including David Bolno.
As one of the more prominent business management professionals in the Hollywood area, David Bolno works with all types of clients, from actors to producers to musicians to athletes. Some of his clients in the recording industry have expressed nothing but gratitude to him for not only helping them better manage their finances but encouraging them to work hard, help others, and give back whenever or however they can.
He especially enjoys working with clients to find secure and lucrative ways to invest their funds. Though there are great financial professionals around the country who give similar messages about the importance of philanthropy, many of his entertainment industry clients are in unique situations.
For instance, they may have a lot of wealth all of a sudden after a successful film or music concert, but all the money also has the risk of going away fast, especially if they have high expenses such as a fancy home, a fancy diet, and an entourage.
There are plenty of cautionary tales around about past stars who have lived the good life for a short time but lost a lot of their fortune due to poor money and lifestyle choices, not keeping a good eye on costs, or mistakenly assuming the money will keep coming just as fast and just as frequently.
Adding to the challenge is that many artists have had training in the creative arts but never had the opportunity to become familiar with even basic money management concepts.
That’s why a trusted professional like David Bolno is so important, since he provides consulting on topics such as personal wealth, business profits, and tax planning services. He doesn’t just offer financial management expertise but financial preservation skills, including helping clients create financial plans, reconcile all of their costs from tours, create business entities, and look closely at projected costs vs. projected income.
Which brings us back to the “it’s all about family” reference.
David Bolno will certainly encourage clients to make sure their direct families are taken care of, such as spouses, children, or other loved ones. Want to buy a house for your mom? Great! Want to move to a bigger place? Perfect.
But he’ll likely look for ways to encourage clients to spread their wealth around and find ways to help their greater “family,” referring to the rest of humanity, especially others haven’t been as fortunate. The world can certainly use more philanthropy – it’s the ultimate win-win.
Setting up foundations, getting involved with charities, organizing, supporting, or attending fund-raisers, providing grants and donations, even volunteering, are all good ways anyone can donate and help others, whether doing so publicly or anonymously. But there are also all sorts of great financial benefits for this type of giving, and David Bolno enjoys helping find the right ways to connect clients with causes they’re passionate about, such as children, research into certain health or economic conditions, people affected by specific disasters, even animals.
Leading by example
David Bolno doesn’t just tell clients it’s important to give back. He likes to take his own advice and look for ways to make his own difference in the world.
He recently had an important role in starting the Bolno-Pineles Family Scholarship Fund, a program that supports students enrolled at the Pennsylvania Perelman School of Medicine.
The fund is designed to help eligible students with the costs of attending this intensive program where the end result is to create more heroes of health care in the future. Medical professionals such as doctors are already in high demand and this need is projected to be even more important in the future.
Along with general financial support of students at the school, the Bolno-Pineles Family Scholarship Fund also gives preferences to medical students who are especially interested in learning more about Jewish studies and culture. Recipients of the fund are encouraged to do the best they can in their studies but also look for ways to become more culturally enriched and sensitive about the Jewish culture.
David Bolno and others involved in establishing this scholarship fund hope the investment leads to future benefits for students and society, and not just the financial variety. Once these students have completed their studies and are out in the workforce, the new medical professionals will be able to provide quality medical care to all, along with additional knowledge of Jewish patients who they may encounter.
This could include those with Jewish heritage, those who are active practitioners of their faith, or those who have converted but are interested in learning more about their new faith. This knowledge can help provide an environment of inclusivity, where everyone receives high levels of care, but extra effort has gone into learning more of the intricacies of this faith and culture. Patients may feel more comfortable and that they’re in good hands and may even spread the word to friends and family.
Plus, at the student level, not having to worry as greatly about always-rising college costs can allow students to concentrate more on their studies, learning how to be even greater medical professionals.
If clients want to follow David Bolno’s example and help invest in other types of students or other faiths, he’s always happy to help them create a fund or foundation that is designed to pay it forward and provide future benefits to society. Educational philanthropy is definitely an area of investing that everyone should consider.
David Bolno’s Background
David Bolno has always felt that education is important, not just for his clients but for himself. The college or even a quality trade program can provide useful knowledge for the modern world and can also be useful for networking.
He credits much of his education with helping get him where he is today.
While providing helpful financial services to the entertainment community on a full-time basis, he took the time to attend college.
His background includes a blend of business and finance classes, which provided him with much of the technical expertise clients appreciate. He also learned other useful skills about working with others and communicating well.
He earned a bachelor’s degree from Duke University and graduated magna cum laude with distinction. Then he went on to earn a law degree and graduated cum laude from Temple University
David Bolno has also been invited to be part of the Alumni Council at Duke University, an honor that he was happy to accept.
Overall, he’s a firm believer that education can greatly impact success. Plus, once you succeed, you can find value in investing wisely, which can benefit everyone around you.