Fame & Fortune: Carl Palmer Wild drummer for ELP and Asia invested conservatively By Larry Getlen • Bankrate.com

Say the name Carl Palmer to any die-hard, classic-rock fan, and the image created will be one of hands flying so fast they blur.

Palmer, the stickman for the classically influenced progressive rock trio Emerson, Lake & Palmer, was regarded as one of the best drummers of his generation, playing in a flurry that equally matched the soaring, dynamic Moog keyboard of Keith Emerson, himself often regarded as the best at his own instrument.

What might be most impressive about Palmer, though, is that ELP was but one of his musical successes. He played on his first hit record at age 18 as the drummer for The Crazy World of Arthur Brown, which had a No. 1 hit with "Fire." He left Brown to form Atomic Rooster, and within two years was hooking up with Emerson and King Crimson bassist/vocalist Greg Lake to form one of the top-selling groups of the '70s. Upon that band's disintegration, Palmer ushered in the '80s with the progressive supergroup Asia, whose debut album spent nine weeks at No. 1.

Since then, Palmer has reunited with ELP and Asia several times, in addition to playing with groups of his own. Now, in perhaps his most daring musical feat yet, he's touring with his own trio playing a night of ELP songs -- with a guitarist taking the place of the keyboard.

Bankrate spoke with Palmer about his new musical risk and the many financial strategies that being a rock star in the formerly tax-mad UK requires.

Bankrate: Is there any fear that fans won't accept this music without the trademark keyboard sound?

Carl Palmer: I think there's apprehension with everything you do in life. Without the apprehension, there's no tension; without the tension, there's no friction, and that's what music is all about. It's not about sitting on the fence, trying to duplicate something. It's about opening up and finding new ways of doing things. There's a small percentage out there that will enjoy this. I'm hoping a lot of people will cross over, but this is specialized, intellectual music. It's not for the fainthearted.

Bankrate: Are you still in touch with Keith and Greg?

Carl Palmer: I'm still in touch. We have a business. We actually own our product, we own the tapes and we lease our music to various companies throughout the world. We own all of our publishing.

Bankrate: Any chance we'll see an ELP reunion again?

Carl Palmer: I have no plans to play with Greg or Keith. We won't record again. But in saying that, I don't think we ever made our best album. I think that still is there. It's highly unlikely that will ever happen. If I was approached to play for a charity, like Live 8, then I would agree to do that.

Bankrate: Through your years in ELP you were one of the most successful bands in rock. Did you do a good job of saving and investing the money you made?