Anthony Fittizzi of US Trust spoke to Family Wealth Report about how managing “digital assets” has become a crucial element of modern wealth management and financial planning.
US Trust, the private wealth management arm of Bank of America, recently extended its Financial Empowerment Program by adding new modules focused on the risks to family wealth in an increasingly online world.
The firm certainly isn’t alone in its view that managing “digital assets” has become a crucial element of modern wealth management and financial planning - the issues of data protection and identity theft have become hot topics globally among many industry sectors, particularly in light of various security violations that have affected institutions and individuals.
Expanding the Financial Empowerment Program to raise awareness among wealthy clients and their children or heirs about protecting the value of their digital assets - as well as about online reputation, privacy and security - was thus a natural next step, Anthony Fittizzi, a wealth strategist at US Trust, told Family Wealth Report.
As Fittizzi noted, citing Benjamin Franklin: “It takes many good deeds to build a good reputation, but it only takes one bad one to lose it.”