Baird Responds to Shook Research Controversy
Robert W. Baird & Co. has issued a directive to its advisory force regarding the use of Forbes-Shook advisor rankings. The firm is currently evaluating its long-term participation in these programs after reports surfaced involving a six-million-dollar payment from Shook Research founder RJ Shook to a former top editor at Forbes. Unlike some competitors that moved to scrub these accolades from their platforms, the Milwaukee-based firm is granting its 1,400 advisors the autonomy to decide whether to keep or remove mentions of the rankings from their marketing materials.
This decision marks a cautious middle ground for the wealth management firm. Several other major institutions, including Morgan Stanley and Wells Fargo, have already mandated the complete removal of Forbes-Shook references from advisor websites and suspended all participation in the ranking program. Baird currently lists 192 of its advisors across four separate Forbes lists, indicating that the firm has historically leaned on these rankings to showcase talent. For instance, Michael Klein, a prominent Milwaukee-based advisor, managed over seven billion dollars in assets while holding a top ranking, yet his recent online profile notably omitted any mention of Forbes as of late August.
Internal Guidance and Client Communication
The internal memo provided to Baird employees includes a specific statement for brokers to use when clients ask about the sudden suspension of the rankings. The firm is instructing advisors to confirm awareness of the situation while noting that the focus remains on standard service delivery. This script emphasizes that Baird is monitoring the situation before committing to a permanent course of action. The memo specifically states that Baird will continue to participate in other industry programs, such as those published by Barron’s, reinforcing that the freeze is targeted strictly at the Forbes-Shook partnership.
This development occurs against a backdrop of wider industry scrutiny. RJ Shook established his influence through a long-term partnership with Barron’s before moving the program to Forbes in 2016. The recent controversy began after news emerged that Shook paid millions to Randall Lane, a former Forbes editor, following the sale of Shook Research to the private equity group PPC Enterprises. Shook has described the payment as compensation for long-term guidance, yet the optics of the transaction have triggered a wave of reevaluations across the financial services sector.
Industry Repercussions and Future Outlook
Wealth management firms are now scrambling to manage their reputation and client trust. Wells Fargo, through an internal message from head of national sales James Craven, explicitly ordered a pause on all participation in the Forbes-Shook programs. Citizens Financial Group has also signaled that it is reassessing its own involvement. The uncertainty is compounded by the fact that Shook Research plans to return in 2027 under a new brand identity, as announced by company CEO Molly Bennard.
Whether Baird eventually joins the ranks of firms banning the branding entirely remains to be seen. The current approach allows for a staggered withdrawal rather than a sudden, broad purge. Clients may continue to see these awards on some advisor pages while others have removed them. This lack of uniformity across the industry reflects the difficulty of distancing firms from high-profile rankings that were previously considered standard benchmarks for professional success. The shift serves as a stark reminder of how quickly professional standing can collapse in the highly regulated and reputation-driven world of private wealth management.