Wells Fargo Suspends Forbes Advisor Rankings Participation After $6 Million Payment Controversy
Updated
Updated · Wealth Management · Aug 25
Wells Fargo Suspends Forbes Advisor Rankings Participation After $6 Million Payment Controversy
3 articles · Updated · Wealth Management · Aug 25
Summary
Wells Fargo Advisors told its financial advisors Tuesday that it is pausing participation in Forbes and Shook Research rankings and conferences, days after Morgan Stanley made the same move.
The withdrawal follows reports that Forbes editor Randall Lane was fired over an undisclosed $6 million payment from RJ Shook, whose firm has partnered with Forbes on advisor lists for a decade.
James Craven, Wells Fargo's head of national sales, said the firm still plans to recognize advisor performance through other industry programs and will give ranked advisors guidance on using existing marketing materials.
Industry recruiter Louis Diamond said more defections could make the rankings "implode," while PR executive Joe Anthony said firms may shift toward testimonials and other in-house marketing as alternatives.
The controversy threatens a widely used source of recruiting and client-facing credibility in wealth management, though some observers expect firms could return if Forbes restores trust.