Morgan Stanley Suspends Forbes Advisor Rankings Ties Over $6 Million Secret Payment
Updated
Updated · InvestmentNews · Aug 24
Morgan Stanley Suspends Forbes Advisor Rankings Ties Over $6 Million Secret Payment
3 articles · Updated · InvestmentNews · Aug 24
Summary
15,000 Morgan Stanley advisors were told last week the firm is suspending participation in Forbes and Shook advisor rankings and conferences, cutting off a marketing tool many top advisors use.
The move followed revelations that RJ Shook paid former Forbes chief content officer Randall Lane $6 million without disclosure, triggering scrutiny of the rankings partnership.
Shook Research said it is taking additional steps to demonstrate the independence of its rankings and plans to change its branding, while RJ Shook said the payment recognized Lane’s services and guidance.
Forbes said it is reviewing the facts with outside counsel and has not found evidence that the rankings’ editorial integrity was compromised; it remains unclear whether other large wealth firms will follow Morgan Stanley.
After a secret $6 million payment shattered trust in Forbes' advisor rankings, will other Wall Street giants abandon the prestigious list?
With Morgan Stanley abandoning Forbes' rankings over a secret payout, how can investors know if their wealth manager truly earned their top spot?
As the $6 million scandal exposes the lucrative business of financial rankings, what hidden conflicts of interest lurk behind other prestigious industry awards?