A high-ranking Forbes editor was fired last week for taking a $6 million gift from the founder of a firm that partners with the magazine on its advisor awards and rankings, according to published reports.
Randall Lane, the magazine’s chief content officer, was terminated by Forbes after the company discovered he took the gift from R.J. Shook, founder of Shook Research, which has teamed with Forbes to publish its high-profile rankings of financial advisors, the New York Times reported today.
Rankings such as the Forbes best advisor lists have become a staple for marketing in the industry, with advisors often touting their placement on the lists in marketing and advertising. Although Forbes and other entities that produce the rankings often state that advisors do not pay for list placement, their awards are considered a major revenue generator from the marketing associated with them. The Times reported that advisors on Forbes’ list pay up to thousands of dollars for “plaques, logos and detailed online profiles commemorating their inclusion.”
The co-branded lists published by Forbes and Shook Research include Top Wealth Advisors, Best-In-State Wealth Advisors, Top Women Wealth Advisors and rankings of the top “Next-Gen” advisors on a national and state level.
The Times noted that it is standard newsroom practice to forbid journalists from taking gifts from sources or business partners to avoid conflicts of interest.
A Forbes spokesperson issued the following statement: “We will not comment further per company policy regarding the confidentiality of personnel information and other considerations. We have a strong editorial leadership team in place, including Kerry Lauerman, Executive Editor, Forbes, who is overseeing editorial operations in the interim. Forbes remains focused on delivering trusted journalism and world-class storytelling across our platforms.”
The Times reported that one person familiar with Lane’s thinking said he considered the payment a gift in recognition of the advice he had provided R.J. Shook over the years.
Lane, who could not be reached for comment, told the Times he erred by taking the money.
“I made a mistake, and I take responsibility for it,” Lane told the Times. “I should have disclosed the gift, and failing to was a serious error in judgment. I deeply regret that, and I lost the job and team I love because of it. None of this changes how I feel about Forbes and the amazing people there.”
R.J. Shook sold Shook Research in August 2025 and severed ties with the company in June, according to a Shook Research spokesman. The company hired a new executive team to run the company in February, headed by CEO Molly Bennard.
The Times reported that the payment to Lane was made after Shook sold Shook Research to private equity firm PPC Enterprises. It was PPC that discovered the payment when it went through company emails after the sale, the newspaper reported. Shook could not be reached for comment. However, the magnitude of the $6 million payment would seem to imply that the scale of Shook’s business was significant.
In a statement, Shook Research said the following: “The reported payment did not involve SHOOK Research itself, nor its research methodology, ranking criteria, advisor evaluation process, or research standards. R.J. and Liz Shook stepped down from their roles with the company in June, before this payment came to the Company’s attention and for unrelated reasons. Since the leadership transition, SHOOK Research has continued to invest in people, technology, and operational improvements that maintain the industry-leading quality, consistency, and oversight of its research process.”
Sources told the Times that Lane and Shook became close during a humanitarian trip to Liberia in 2013 that was organized by Forbes, and that since the trip Lane has served as “an unofficial sounding board” for Shook.