Musician Franz at last cuts record (5)
I believe the answer is:
liszt
'musician' is the definition.
(Franz Liszt, 1811-1886)
'franz at last cuts record' is the wordplay.
'at last' suggests the final letters.
'cuts' indicates putting letters inside (some letters cut their way into a word).
'record' becomes 'list' (list is a type of record).
The last letter of 'franz' is 'z'.
'z' inserted into 'list' is 'LISZT'.
(Other definitions for liszt that I've seen before include "Franz . . . . ., great Hungarian composer" , "Hungarian piano virtuoso, d. 1886" , "Brahms and - is rhyming slang for drunk" , "Franz -, Hung. pianist" , "Scorer" .)