Forbes, Shook Suspend 2026 Advisor Rankings After $6 Million Payment Scandal

3 articles · Updated · Wealth Management · Aug 25

All Forbes-Shook wealth advisor rankings and events are halted for the rest of 2026, with the partners telling advisor teams they aim to relaunch the program under a new brand in 2027.
The suspension follows last week's report that former Forbes editor Randall Lane received an undisclosed $6 million payment from Shook founder RJ Shook, a controversy that raised questions about the lists' independence.
Wells Fargo Advisors and Morgan Stanley had already withdrawn from participating in the rankings, adding pressure as Forbes and Shook said they would work with firms, compliance leaders and advisors to rebuild confidence.
RJ Shook said the payment related to helping forge the Forbes partnership and to the eventual sale of Shook Research to PPC Enterprises, not to ranking methodology, and said he and his wife will have no future ownership or involvement.
Industry executives said firms may shift to rival rankings or client testimonials for marketing, though some expect a return if Forbes resolves the reputational damage because its lists are among the broadest in wealth management.