Forbes and Shook Research have suspended the magazine’s advisor rankings in the wake of controversy sparked by a secret $6 million gift given to a top Forbes editor by Shook’s founder.
The decision by the two firms to freeze the widely known awards program comes the week after Morgan Stanley and Wells Fargo announced that they were withdrawing from participation in the rankings.
Forbes and Shook Research have teamed to produce the rankings for years, with Shook providing the behind-the-scenes analytics for the advisor lists and Forbes publicizing them with its brand, its magazine and its other media platforms. Although the firms stress that advisor firms do not pay to appear on the lists, the rankings do generate revenues for the companies through the sale of marketing materials, licenses and events related to the rankings.
The co-branded lists published by Forbes and Shook Research include the 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 rankings, however, were shaken earlier this month when it was revealed that Randall Lane, formerly the magazine’s chief content officer, was fired by the magazine after Forbes discovered that he took a $6 million gift from R.J. Shook, the founder of Shook Research. Shook made the gift after he had sold his interest in Shook and left the firm’s board, but it still raised concerns in industry circles about the integrity of the rankings program.
In a statement, Shook Research CEO Molly Bennard said the decision was made to suspend the rankings out of a “desire for greater transparency and dialogue in the face of the recent controversy.”
“To that end, SHOOK Research, in partnership with Forbes, has made the decision to suspend all rankings and events for the remainder of 2026 as we focus on relaunching the rankings business under a new brand in 2027,” she said.
Bennard said that Shook intends to resume its research and rankings activities in 2027.
“Our goal is straightforward: We will deliver research, rankings, and industry engagement programs that are stronger, more transparent, and more valuable than ever,” she said in the statement.
A Forbes spokesman issued the following statement:
“Forbes and SHOOK Research have jointly decided to suspend all Forbes SHOOK rankings and events for the remainder of 2026, as SHOOK focuses on relaunching the rankings business under a new brand in 2027. We remain confident in the integrity of the rankings, but we recognize that there is a need to restore trust with the advisor community, partners and audiences.”
In a comment to the New York Times after news of the gift broke, Lane said, “I made a mistake, and I take responsibility for it. I should have disclosed the gift, and failing to was a serious error in judgment.”
Along with suspending the rankings, Forbes and Shook have canceled events associated with the awards, including an annual summit in Las Vegas that in the past has been attended by executives from top Wall Street firms such as Goldman Sachs and JPMorgan Chase, the New York Times reported.
Shook told the Times that his payment to Lane was a “gift” for his services, including helping to sell a controlling stake in Shook Research to private equity firm PPC Enterprises a year ago.