John Solomon, Executive Vice President, Wealth Advisory
As the class divide widens, modesty has become increasingly important to the wealthy. A recent study indicates nearly nine out of every ten wealthy individuals (89%) believe in the concept of stealth wealth–the idea of keeping their level of wealth under the social radar.
While there are plenty of statistics to support the stealth wealth movement as an aspirational lifestyle, many wealthy Americans unwittingly leave digital breadcrumbs that could reveal their riches.
If you want to fly under the radar, you and your children need to be cognizant of how the use of social media could put the family’s reputation, and even its physical security, at risk. After all, your children don’t have to use the hashtag #RichKidsofInstagram to paint a picture of their lifestyle. Simply by posting pictures, checking in at trendy locations, or tweeting family adventures could draw unwanted attention.
Consider taking these steps to protect your family’s privacy on social media:
- Talk to your entire family about the importance of exercising discretion on the web. It’s helpful to identify and create guidelines for the appropriate and inappropriate uses of social for everyone, regardless of age.
- Establish an alert with Google to notify you whenever your name or your children’s names are mentioned on the Web.
- Follow and monitor your children’s social media accounts as well as your extended family’s accounts. Many extended family members may post pictures of their favorite Aunt and Uncle’s summer home, and a seemingly harmless caption could lead na’er-do-well’s to your door.
- Have different user names/passwords for each account.
- Regularly change and be more creative with passwords. If you are like most people, you use a password you can remember … like your dog’s name. Savvy hackers, however, troll social media sites for pictures of your pets and captions that reveal their names – which often provide fruitful password clues.
Now, managing your online presence is potentially time consuming that you neither have the time nor inclination to pursue; however, there is help. Services and applications exist to help you keep private information off the web, while also offering online reputation management services. The fact that there are so many resources available in social media protection and management is a testament to how important you must take it.
 New Elite: Inside the Minds of the Truly Wealthy, Jim Taylor, Doug Harrison and Stephen Kraus, p. 57
The Brinker Capital Wealth Advisory team delivers service and support to meet the unique wealth management needs of high-net-worth and ultra-high-net-worth investors, family offices, institutions, and endowments. The views expressed are those of Brinker Capital and are not intended as investment advice or recommendation. For informational purposes only. Holdings are subject to change. Brinker Capital, Inc., a Registered Investment Advisor.