Privacy is a precious commodity. But for high net worth clients it’s fragile, and depends on a whole host of other factors. In a world seemingly driven by clicks, the appetite for insights into the lives of the wealthy - no matter how questionably obtained - has become insatiable. For high net worth individuals, negative and inaccurate social media speculation, or historical activity, can explode or re-emerge at any time. And deeply personal events such as weddings, bereavements or health issues can - if not managed - spill out onto the world stage.
Today’s multi-faceted media landscape also makes it incredibly difficult to separate the individual from those around them, which means family members can also be in the firing line when a reputation crisis hits. Justyna agrees: “Contrary to the media portrayal of many high net worth individuals, discretion is usually the utmost priority for the clients we serve. A reputational crisis can be devastating, so there’s a moral as well as commercial imperative for individuals to ensure they’re doing everything they can to minimise the risks, prepare for the worst, and handle any issues skilfully”.
In addition to the invasion of privacy, security is also a huge factor. Justyna adds: “The unfortunate reality for high-net-worth families is that they face a greater risk of blackmail, harassment, or other forms of targeted intrusion. This vulnerability stems from their public visibility, significant financial resources, and the valuable personal data associated with their wealth. As such, ensuring discretion and managing the flow of information into the media becomes not only important but essential”.
There are other factors too. Continues Justyna: “A client’s reputation is a critical factor that can either open doors to opportunities or close them before they’re even recognised. The cornerstone of most of our clients’ wealth strategies is diversification. This approach ensures they’re always prepared to attract and adapt to new deals and opportunities. However, a damaged reputation can have far-reaching consequences, including reduced sales, revenue, and profitability. Additionally, it can deter financial institutions, investors, shareholders, suppliers, and prospective employees, ultimately hindering long-term success”.
This sounds like a bleak picture. But there’s a whole host of support available to minimise risks and ensure that if a reputational crisis does occur, it can be tackled swiftly.
When they first come to us, many of our clients have planned for every possible eventuality besides a PR crisis, either because they either don’t think it will happen to them or it’s simply not something they’ve thought about. Justyna agrees: “Investing carries significant risk and you have to have an unshakeable mindset to be in the best mental space possible to run your portfolio well. Just like any other aspect of business continuity, peace of mind is surely better than having a threat lurking in the background. With a strategy you can be ready to react, often before things escalate, using a combination of PR and legal strategies. That’s where our respective services converge beautifully”.
So what can high net worth clients do to get started? We’d recommend use of tools that monitor the way stakeholders and consumers talk about their business, and seizing opportunities to improve perception on a regular basis. With proactive monitoring and planning, you’re also more likely to spot issues before they escalate, as well as tapping into valuable insights.
Concludes Justyna: “I would always advise clients to take control of the online narrative about their business and their reputation”. So ask yourself:
I always advise clients to take proactive control of the online narrative surrounding their business and reputation and consider these critical questions:
- Would you want to associate with yourself?
- Is there anything from your past that is currently interfering with your future, or could potentially do so?
By taking the first steps such as an online reputation audit, you can be more in control of how people perceive you and make sure your online reputation works in your favour.
Igniyte is based in Leeds, London and New York. They can be found at igniyte.co.uk. Bossalini can be found at BossaliniCapital.com