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Komfie Manalo, Opalesque Asia: The widespread growth of social media can have profound effects on a wealthy family, some of which become "virtual celebrities" because of their personal success, stated Katie Booth, managing director of private wealth consultancy firm Katie Booth Limited.
Participating in the latest Opalesque Roundtable Series - Family Office Roundtable, Booth pointed out that wealthy family are increasingly thrown into the public domain - often unintentionally - as a result of widespread use of social media.
She said, "I call it the 'Big Brother' effect whereby wealthy families have become virtual celebrities purely as a result of their personal success. This has gone way beyond the old days of the paparazzi, where there was usually sufficient time to seek an injunction to prevent the publication of unwanted press coverage."
Booth explained that the public is fascinated by social media phenomenons such as the Kardashians, by wealth, and what wealth and success does to people. The social media has turned parts of the public to 'voyeurs', and with the continued growth of social media, beneficiaries and family members are now much more exposed than they used to be.
Family legacy and the role of advisors
Financial advisors should take into consideration the impact of social media, Booth said. "We should think holistically about what these families are f...................... To view our full article Click here
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