Final answer:
The personal manager is best equipped to handle money generated by an act due to their comprehensive involvement in managing and strategizing for the artist's career.
Step-by-step explanation:
When an act generates large sums of money, the personal manager is typically in the best position to handle the finances. This individual is responsible for overseeing the artist's or act's career, and part of that responsibility includes managing finances and making strategic decisions that impact the financial health of the client. While the record label might be involved in financial aspects related to recording contracts and distribution, and the booking agent handles live performance agreements, it is the personal manager who is most closely aligned with the artist's overall interests. An attorney, usually with expertise in entertainment law, is also critical for ensuring that all contracts are legally sound and protect the artist's financial interests, but typically does not manage the finances directly.