Chapter 3 Reputation management in the digital age
“I have many millions - but only one name.” This astute observation from an old friend of the firm captures succinctly why managing reputational risks has always been a primary concern of families and wealth creators. “It takes twenty years to build a reputation, and five minutes to lose it.” This famous warning from legendary investor Warren Buffett, meanwhile, captures why doing so has always been such a difficult task.
Increased political pressure for transparency and the new dominance of social media are making the management of reputational risk more challenging than ever.
Very few respondents take a formal approach to reputation management: nearly 90% do not keep track of their digital footprint.
Nearly two thirds of respondents do not proactively communicate their contributions to the community out of a desire to remain discreet.
The Stonehage Fleming View
Proactive reputation management can combine communicating a family’s positive contributions with fulfilling its desire for privacy.
Understanding your digital profile is crucial in today’s world: a digital health check is a sensible element of a comprehensive risk management strategy.
Preparing and educating the Next Generation is essential: what you say when young and inexperienced can haunt you and impact those around you for years to come.
The general public is now able both to consume and to produce information for themselves without limit or sanction...
HOW DO YOU MANAGE YOUR FAMILY’S REPUTATION? (TOP THREE)
Source: Stonehage Fleming
DO YOU KEEP TRACK OF YOUR FAMILY’S DIGITAL FOOTPRINT?
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