Forbes and Shook Research have officially suspended all wealth advisor rankings and associated events for the remainder of the current year. This significant decision, communicated to advisor teams via a joint note on Tuesday, signals a period of introspection and strategic realignment for the prominent industry accolades. The suspension comes as Shook Research prepares for a comprehensive relaunch of these rankings under a new brand in 2027, a move that has ignited considerable discussion and concern within the financial advisory community.
The abrupt halt to the widely recognized Forbes wealth advisor lists, including the "Best-In-State Wealth Management Teams" and "Top Next-Gen Wealth Advisors," follows a damning report by The New York Times last week. The Times’ exposé revealed that Randall Lane, a senior editor at Forbes, was terminated following the disclosure of a $6 million payment he allegedly received from RJ Shook, the founder of Shook Research. Shook Research has been a long-standing partner with Forbes for the past decade, collaborating on the development and execution of these influential rankings.
The revelations have cast a long shadow over the credibility and integrity of the rankings, prompting a swift response from both organizations. In their joint communication, Forbes and Shook Research acknowledged the input they have received from the advisor community. "We’ve heard directly from many of you over the last two weeks, and that input is shaping our path forward," the note stated. "Our focus now is on strengthening this program for the road ahead, and to meet the standard the advisor community expects and deserves."
This commitment to rebuilding trust was further elaborated upon: "We are going to spend this time to work closely with your firms, compliance leaders, sponsors, and advisors so that confidence you’ve long placed in our research and rankings continues to be well earned." This suggests a period of deep engagement with stakeholders to address concerns and implement potentially rigorous new protocols.
The immediate fallout from the controversy has been palpable. Two major wirehouse firms, Wells Fargo Advisors and Morgan Stanley, have reportedly withdrawn their participation from the Forbes rankings. Wealth Management was the first to report on Wells Fargo’s departure on Tuesday afternoon. Representatives from Merrill Lynch, J.P. Morgan, and Edward Jones declined to comment when approached for statements. A spokesperson for UBS did not respond to requests for comment by the time of publication, leaving their stance on the matter unclear.
The incident has left many advisors, including those who have previously been recognized on the Forbes lists, feeling concerned and questioning the validity of past accolades. Wealth Management reported last week that the fallout from the $6 million payment has created a climate of unease.
A Deepening Crisis of Confidence
Ross Gerber, president and CEO of Gerber Kawasaki, an independent registered investment advisor (RIA) firm that has been featured on Forbes’ lists, expressed his pre-existing skepticism regarding such awards. "There are so many of these awards now, and the minute they offer you awards, you get four calls from the people selling you plaques and advertising and advertising at the event, and it’s become a business," Gerber commented. He further elaborated on the impact of the payment revelation: "The appearance that someone at Forbes was being paid under the table took pretty questionable lists already into a new realm of just complete absurdity. I think they should shut the whole thing down."
Gerber’s sentiments reflect a broader concern within the industry that the proliferation of rankings, coupled with the potential for undisclosed financial arrangements, has eroded their value and objectivity. The situation highlights a delicate balance between generating revenue through partnerships and maintaining editorial independence and public trust.
RJ Shook’s Statement and the Nature of the Payment
In a detailed statement released this week, RJ Shook provided context for the $6 million payment to Randall Lane. Shook explained that Lane’s involvement was primarily in facilitating the partnership between Forbes and Shook Research, and in assisting with Shook’s efforts to sell his company. This culminated in the sale of Shook Research to the private equity firm PPC Enterprises. Shook also stated that he and his wife, Liz, will have no further involvement or ownership in the business moving forward.
Crucially, Shook asserted that the payment was unrelated to Shook Research’s rankings or research processes and was not disclosed to PPC Enterprises. "My actions were taken with the best intentions, but ultimately the payment was a mistake," Shook stated. He expressed deep regret that this situation has raised questions about the integrity and independence of Shook’s rankings. Shook vehemently denied any influence on the research methodology, data analysis, or advisor ranking determinations, emphasizing that Randall Lane was never involved in these core aspects of the company’s operations.
The Broader Implications for the Advisory Industry
The suspension of the Forbes rankings, and the ensuing controversy, has significant implications for how financial advisors market themselves and how the public perceives their expertise. Louis Diamond, CEO of Diamond Consultants, a firm that advises RIAs on business strategy and growth, anticipates that firms will seek out alternative rankings and recognition platforms. However, he acknowledges the unique position Forbes holds in the landscape. "Forbes produces a number of lists and is the most extensive in the space—so he could see wirehouses and firms returning ‘after a year or two’ if the controversy is cleared up," Diamond noted.
He further elaborated on the current climate: "At the moment, they’re probably thinking that they gained by being on this list, but there’s more reputational harm to be a part of it. The industry will continue, but there will be a void if Forbes’ rankings disappear." This suggests that while the immediate impact is a withdrawal, the long-term absence of such prominent lists could create a vacuum in industry recognition and marketing strategies.
Exploring Alternative Marketing Avenues
The reliance on third-party rankings as a primary marketing tool is now under scrutiny. Joe Anthony, co-owner and president of the PR agency Gregory, suggests that RIAs should explore and accelerate their adoption of alternative strategies for accumulating social proof. "RIAs are always looking to accumulate social proof, and we should expect to see more firms accelerating adoption of client testimonials and reviews (less than 15% adoption so far)," Anthony advised.
He posits that client testimonials offer a more direct and relevant form of social proof regarding an advisor’s credibility than industry lists. "Testimonials offer more relevant social proof on an advisor’s credibility than an industry list does, but they need to be promoted and published using the firm’s own channels versus benefiting from the distribution that a Forbes or Barron’s has," Anthony explained. This shift in focus could lead to a greater emphasis on authentic client experiences and direct communication channels for marketing.
A Timeline of Events
The unfolding crisis can be traced through a series of key moments:
- Early 2024 (Estimated): Randall Lane reportedly receives a $6 million payment from RJ Shook, founder of Shook Research. The exact timing and the specific nature of Lane’s "assistance" in the sale of Shook Research remain points of clarification.
- Early May 2024: The New York Times publishes its investigative report detailing the $6 million payment and Randall Lane’s subsequent termination from Forbes.
- Mid-May 2024: Forbes and Shook Research jointly announce the suspension of all wealth advisor rankings and events for the remainder of the year. The announcement cites a focus on relaunching the rankings under a new brand in 2027.
- Mid-May 2024: Wells Fargo Advisors and Morgan Stanley reportedly begin withdrawing their participation from the Forbes rankings.
- Late May 2024: RJ Shook releases a statement providing his perspective on the payment and its context.
Industry Reactions and the Future of Rankings
The suspension of Forbes’ rankings leaves a significant void in the landscape of advisor recognition. For years, these lists have served as a benchmark for success, a marketing asset for featured advisors, and a source of leads for firms seeking to align with top talent. The controversy surrounding the rankings, however, has illuminated potential vulnerabilities in the methodology and the business models underlying such accolades.
The commitment from Forbes and Shook Research to a relaunch in 2027 suggests a long-term vision for restoring credibility. This period will likely involve a thorough re-evaluation of their research methodologies, data collection processes, and partnership structures. Industry experts are keenly observing whether these changes will be sufficient to regain the trust of both advisors and the investing public.
The incident also prompts a broader conversation about transparency and accountability in the financial media and its role in ranking and evaluating professional services. As advisors increasingly prioritize authentic client relationships and transparent communication, the value of third-party endorsements may shift, with greater emphasis placed on direct client feedback and demonstrable performance. The industry will be watching closely to see how Forbes and Shook Research navigate this challenging period and what form their future rankings will take.
Disclosure: Wealth Management creates its own in-house annual list, the RIA Edge 100, based exclusively on research and metrics compiled with publicly available data in a firm’s Form ADV. There is no business relationship with firms on the RIA Edge 100.
