Insights
By: Guy Hudson
Reputation management: looking through the lenses of risk and opportunity
Two minutes with Guy Hudson
We look at reputation management through the lenses of risk and opportunity. Risks can include negative coverage in the media for the family or their business, defamatory or inaccurate commentary online, or an inappropriate and damaging social media presence. Equally, a family brand or business with no digital presence at all poses its own problems. Behaving with discretion is important but having no information available online can be a disadvantage. Here there is opportunity to develop a consistent family narrative that represents them accurately and authentically.
Social media acts as an accelerant – it is like putting gas on the fire. High profile families are vulnerable to the huge role that social media plays in all our lives. It has created an environment where reputational issues – real or perceived – can be seized upon, amplified and distributed with a speed far greater than was previously possible. It’s more important than ever that family members of all ages understand how their online profile can affect the whole family.
Our aim is to create awareness in families before a reputational crisis occurs. Our latest Four Pillars research identified that only 18% use a formal risk management process despite a 14% increase in families discussing risk together. Understanding the value of, and protecting their reputation is something that families should be prioritising. Our role is to start the conversation, treating reputation as another risk to manage. For those families who have already identified, we can draw on our powerful network of partners in the fields of digital intelligence, strategic communications and legal expertise to support them.
A digital health check is a good place to start. Essentially this is an audit of a family’s public profile – a sweep of their digital footprint and analysis of the findings. If there is nothing to cause concern, then the family has the valuable benefit of peace of mind. What they also have is an increased understanding of the importance their brand and areas in which it could be vulnerable.
We have many years of experience advising families around the world. You only have one reputation. Families are recognising the need to cherish their good name and their brand, as it can impact across all Four Pillars of their Capital. We are well placed to understand the factors that can affect their reputation and harness extensive experience and resources to help them.
Guy is Head of Marketing and Communications for the Stonehage Fleming Group. He is also responsible for leading our Reputation Management service for our clients. He has more than 37 years’ experience in asset and wealth management.
Find out more about Stonehage Fleming's Reputation Management offering