The former Guns N’ Roses bass player Duff McKagan is starting a wealth management firm for musicians to help them understand their complex finances and manage their wealth, according to Fortune.

The new company, reportedly to be called Meridian Rock and headed by McKagan along with British investor Andy Bottomley, aims to “educate rockers about their finances instead of pandering or lying to them”. The report goes on to say that in the world of rock, businessmen “are often seen as the enemy”.

McKagan’s own financial background began when, after realizing he didn’t understand his own band’s financial records, he started a basic finance course. He went on to enroll at Seattle University's Albers School of Business and get involved in managing his own portfolio, including stocks, mutual funds and property, according to the publication. He reportedly started receiving calls from other musicians he knew asking for financial advice.

Bottomley, meanwhile, is a former banker who runs an early-stage venture firm, Imprimatur Capital, the report says.

Many large firms target musicians and have specific teams or units to deal with the needs of this client segment. However, McKagan told the news service he thinks many wealth managers overestimate how long an artist’s music will provide him or her with guaranteed income, and that musicians, thinking the money will keep rolling in, are not told when to cut back on their lavish lifestyles.

This is not the first time a renowned musician has crossed over into financial services. Last June, Gene Simmons, the bassist/singer for the band KISS, became the marketer for Cool Springs Life Equity, charged with ensuring the company’s life insurance product strategy was correct. Simmons said at the time that learning to manage his own money had empowered him to avoid the usual rock star pitfalls.