Suspension of Rankings and Industry Response
Forbes and Shook Research have suspended all wealth advisor rankings and events for the remainder of 2026. This decision follows a cascade of departures by major financial institutions, including Wells Fargo Advisors and Morgan Stanley. The two organizations stated they intend to use the coming year to reform their processes before a scheduled brand relaunch in 2027. They issued a joint note to advisor teams Tuesday, signaling a pause in operations to address growing criticism.
The suspension follows reports from The New York Times that Randall Lane, a high-ranking Forbes editor, was terminated after receiving an undisclosed $6 million payment from RJ Shook. Shook is the founder of Shook Research, the firm that partners with Forbes to produce annual industry lists like the Best-In-State Wealth Management Teams. The revelation sparked immediate concern regarding the integrity of the data and the objectivity of the ranking process. Many firms have cited these concerns as their primary reason for distancing themselves from the project.
Ethical Questions and Financial Disclosure
RJ Shook addressed the payment in a formal statement released this week. He claimed that the $6 million was not related to the research methodology or ranking determinations. Instead, he characterized the funds as a facilitation payment for the partnership between Forbes and Shook, alongside assistance in the sale of his company to the private equity firm PPC Enterprises. He admitted the payment was a mistake and expressed regret for the impact it has had on the perception of the rankings. Shook also confirmed that he and his wife, Liz, will exit their involvement with the business entirely.
Despite these assurances, industry skepticism remains high. Ross Gerber, president and CEO of Gerber Kawasaki, stated that many advisors already viewed these awards as an overly commercialized business model rather than a true measure of performance. Gerber noted that the appearance of a secret payment turned an already questionable list into something he believes should be abandoned. The pressure from firms and public scrutiny made the current trajectory of the program unsustainable.
The Future of Advisor Marketing
Financial firms are now looking for alternatives to sustain their visibility. Louis Diamond, CEO of Diamond Consultants, expects some firms to seek other rankings, though he acknowledged that Forbes held a dominant position in the space. He suggested that if the reputation of the rankings is restored, larger wirehouses might return to the fold in a year or two. The immediate void, however, leaves a gap in how these companies market their services to potential clients.
Other industry observers suggest a shift toward more direct engagement. Joe Anthony, president of the PR agency Gregory, believes firms should pivot to client testimonials and original content. He noted that such methods provide more accurate social proof than industry lists, which often suffer from conflicts of interest. Currently, fewer than 15 percent of RIAs use client testimonials in their marketing materials. This shift could force wealth management firms to rely on their own internal channels rather than third-party publications for growth and credibility.