Duff McKagan, who was the world-famous band’s bass player from 1985 to 1993, decided that he needed to attend to his finances after suffering a burst appendix brought on after years of excessive drinking. He found that he did not have any knowledge of finance, and was inspired to start his firm after realising that he was unsure about exactly what was happening to his fortune, Sky News reports.

His firm, Meridian Rock Capital Management, was launched after he attended Seattle University’s Albers School of Business and took a finance course.

Duff McKagan, who earned an estimated 15 million during his tenure as Guns N’Roses bassist, now plays with Velvet Revolver and still earns seven-figure royalties from his previous time with the band. He told The Sunday Times: “Many of my peers have been ripped off and ended up broke and living in squalor.

“When they heard I was doing a course in finance they asked for advice – I realised there was a market for this kind of service.”

His firm, which will employ professional financial consultants, is due to launch in October.