Veritant, formerly known as Shook Research, has undergone a significant rebranding and system enhancement initiative in the wake of a controversy that engulfed the company and its long-standing partner, Forbes Media, earlier this summer. The company announced its new identity, Veritant, alongside substantial upgrades to its data capture, research processes, and marketing systems. This strategic pivot, led by CEO Molly Bennard, aims to rebuild trust and re-establish the integrity of its influential wealth advisor rankings, with plans to release the first Forbes | Veritant Top RIA Firms ranking in December.
The rebranding efforts were already in motion prior to the controversy that erupted in August. A report by The New York Times revealed that a top Forbes editor was fired for failing to disclose a $6 million payment received from RJ Shook, the founder of Shook Research. This revelation cast a shadow over the credibility of Forbes’ widely recognized best-advisor lists, which are powered by Shook Research’s methodology. The news triggered immediate scrutiny of the financial ties between Forbes and its research provider, leading to widespread questions among financial advisors about the impartiality and accuracy of the rankings.
Molly Bennard, who assumed the role of CEO earlier this year, acknowledged the pressure the controversy placed on the brand. "The August announcement, and I would say the negative press around that, definitely put pressure on the brand," Bennard stated. "We used this time post-August to really go dark and spend that time focused on our branding, how we’re positioning ourselves in the market and that we could come back as a stronger company with a distinct name and position that segregated the business from its past and from the founders and the legacy that was associated with that. We wanted to get, I guess you can call it, a fresh start or a clean start with a new brand."
Timeline of Events and Repercussions
The issues that led to the rebranding and system overhaul can be traced back several months, with the public fallout occurring in August.
- Pre-August: Shook Research had been a long-standing partner of Forbes Media for over a decade, producing various wealth advisor lists such as "Best-In-State Wealth Management Teams" and "Top Next-Gen Wealth Advisors." The company was reportedly already in the process of a brand refresh and system upgrades.
- August: The New York Times published a report detailing the undisclosed $6 million payment from RJ Shook to Randall Lane, a top Forbes editor who oversaw editorial efforts related to these rankings. This sparked immediate concern and criticism regarding potential conflicts of interest and the integrity of the ranking methodology.
- Immediate Aftermath: In response to the controversy, major wirehouse firms, including Wells Fargo Advisors and Morgan Stanley, announced their withdrawal from participating in the Forbes rankings. Forbes and Shook Research subsequently announced a suspension of all wealth advisor rankings and events for the remainder of the year, citing Shook’s rebranding efforts as the primary focus.
- Post-August to Present: Veritant, under Bennard’s leadership, engaged in a comprehensive "listening tour" with key industry players, including major firms and advisors. This period was dedicated to understanding concerns, gathering feedback, and formulating a strategy for relaunching with enhanced credibility and a reinforced commitment to independence. Significant investments were made in upgrading technology, data capture, and research methodologies.
- December: Veritant plans to publish the first Forbes | Veritant Top RIA Firms ranking, marking the official return of the rankings under the new brand. The company has also confirmed its commitment to continuing its full slate of rankings and events in 2027.
Enhancing Transparency and Methodology
A core focus of Veritant’s strategy is to address the concerns raised about the integrity of its research and rankings. The company has undertaken extensive investigations and an internal review of its processes. To further validate its findings, Veritant engaged Charles River Associates, a respected economic consulting firm, to conduct an independent review of its research methodologies.
According to Bennard, these reviews found no evidence that the integrity of the research was compromised by the undisclosed payment. "We confirmed our hypothesis that obviously there was an issue between two individuals, but as it pertains to our methodology and rankings, those were unimpacted," Bennard stated. "Advisors and clients, they do look at these rankings to basically confirm the credibility of an advisor. We thought it would be a good idea for us to draft the charter to make sure it’s out there publicly to basically confirm our commitment to do the things that we say that we do."
To solidify this commitment, Veritant has established an Independence Charter. This charter outlines seven core principles designed to govern the independence of its rankings. Key tenets include:
- Research Firewall: A strict separation between research and commercial activities to prevent any potential influence.
- Conflict Management: Robust protocols for identifying and mitigating any conflicts of interest.
- Transparency: Open communication regarding the methodology and the process of building the rankings.
- Third-Party Audits: Annual independent audits of the governance and methodology to ensure accountability.
- Direct Engagement: Continuous dialogue with advisors, firms, and sponsors to foster understanding and trust.
The charter aims to underscore Veritant’s dedication to maintaining independent research and safeguarding its rankings from undue external influence.
Technological Advancements and Data Integration
Beyond addressing past issues, Veritant has made significant investments in its technological infrastructure and data capture capabilities. The firm is actively building a "data lake" designed to centralize and dynamically manage all collected information. This initiative will integrate a substantial volume of compliance and regulatory data used in the due diligence process, enabling real-time analysis and responsiveness.
Furthermore, Veritant has revamped its survey design to enhance the user experience for advisors participating in the ranking process. This includes streamlining the data submission process and providing clearer guidance, aiming to make participation more efficient and insightful for the advisors themselves.
Continued Partnership with Forbes Media
Despite the controversy and the need for a rebrand, Veritant has announced its intention to continue its marketing partnership with Forbes Media. The forthcoming Forbes | Veritant Top RIA Firms ranking in December signifies this ongoing collaboration. Bennard expressed optimism that the company will regain the participation of all major firms for future rankings, citing positive feedback from advisors during their recent engagements.
"The reality is the wealth management industry doesn’t have a long list of quality accolades that advisors can leverage," Bennard explained. "We all know the main competitors that come out with their lists, but advisors do really appreciate the ability to market the accolade, and clients recognize that that accolade means something and represents quality from an advisor perspective. In our discussions with advisors, we continue to have a lot of very positive support around their desire to be ranked and to get back to our events and continue their engagement with us."
This continued partnership, while potentially raising further questions for some industry observers, signals Veritant’s strategic decision to leverage the established brand recognition of Forbes while simultaneously endeavoring to build its own independent reputation as Veritant.
Broader Implications for the Wealth Management Industry
The rebranding of Shook Research to Veritant and its commitment to enhanced transparency and methodology carry significant implications for the wealth management industry. For years, rankings and accolades have served as a crucial marketing tool for advisors and a signal of quality for clients. The controversy surrounding Shook Research and Forbes highlighted the inherent vulnerabilities in such systems, particularly concerning the potential for undisclosed financial arrangements to influence perceived objectivity.
Veritant’s proactive steps—including the rebrand, system upgrades, the Independence Charter, and independent third-party reviews—represent an attempt to preemptively address these concerns. The success of this endeavor will likely depend on several factors:
- Industry Adoption: The willingness of major firms and advisors to re-engage with the rankings under the new Veritant brand will be a key indicator of renewed trust. The withdrawal of Wells Fargo and Morgan Stanley represented a significant blow, and their potential return would signal a broader acceptance of Veritant’s efforts.
- Sustained Transparency: The ongoing commitment to the principles outlined in the Independence Charter will be critical. Regular, verifiable audits and clear communication about the methodology will be essential to maintaining credibility over time.
- Perception of Independence: The market’s perception of whether Veritant has truly achieved independence from past influences, including its relationship with RJ Shook and its continued association with Forbes, will be a deciding factor in its long-term success.
- Competitive Landscape: Veritant operates in a landscape with other prominent ranking organizations. Its ability to differentiate itself through genuine innovation, rigorous methodology, and unwavering ethical standards will be crucial for market leadership.
The journey of Veritant from Shook Research is a compelling case study in corporate crisis management and strategic realignment. By acknowledging past challenges, investing in robust solutions, and prioritizing transparency, the company aims to emerge as a more resilient and trusted entity within the competitive world of financial advisor rankings. The coming months, particularly the release of the December ranking, will offer the first clear indication of whether Veritant has successfully navigated its turbulent period and laid the groundwork for a credible future.
