Forbes, Shook Defend Advisor Rankings After $6 Million Payment Triggered Editor's Firing
Updated
Updated · RIABiz · Aug 14
Forbes, Shook Defend Advisor Rankings After $6 Million Payment Triggered Editor's Firing
3 articles · Updated · RIABiz · Aug 14
Summary
Shook Research told financial advisors the Forbes rankings were untouched by the undisclosed $6 million payment from founder R.J. Shook to former Forbes content chief Randall Lane, calling the controversy a non-event for the lists.
Molly Bennard said joint reviews by Forbes, Shook and outside counsel found no link between the payment and rankings, and that neither Lane nor Forbes participated in Shook’s research process.
The reassurance campaign followed Lane’s firing and Shook’s June exit from day-to-day operations; PPC Enterprises said it uncovered clues to the payment in Shook’s company emails after buying a majority stake last August.
The dispute strikes at a lucrative rankings business Forbes has run with Shook since 2016, with advisers often paying after winning for advertising, licensing and promotional rights tied to the Forbes seal.
Critics say the unexplained payment deepens long-running doubts about whether advisor lists marketed as editorial judgments can remain independent when they also generate downstream revenue.