Our research has found that the best advisors are focused on making a positive impact in their clients’ lives and helping them live better. When recommending advisors to the public, we prioritize quality and consider if the advisor can offer meaningful impact. We aim to recognize advisors in all markets, not just the larger ones like New York and San Francisco, as clients are often better served by local representation.
The Forbes ranking of America’s Top Wealth Advisors and Best-In-State Wealth Advisors, developed by SHOOK Research, utilizes an algorithm based on qualitative and quantitative criteria to assess advisors. Factors such as revenue trends, assets under management, service models, compliance records, and industry experience are considered, as well as a minimum of seven years of experience. Portfolio performance is not a criterion due to varying client objectives and lack of audited data.
The research process involves a rigorous selection based on qualitative and quantitative factors, including telephone, virtual, and in-person interviews with advisors. Advisors must meet specific requirements, such as a minimum of seven years as an advisor, a recommendation by their firm, completion of an online survey, and an acceptable compliance record. The algorithm also considers client-related data like retention and measures the impact advisors make in the lives of their clients.
SHOOK Research scours the financial services industry for nominations and accepts advisors who meet predefined thresholds and compliance standards. Unlike other rankings, SHOOK focuses on qualitative factors beyond production and assets, emphasizing advisors that exhibit best practices and provide a high-quality client experience. The rankings prioritize both quantitative elements like revenue and production data, and qualitative factors like in-person interviews and compliance records.
Compliance issues are considered in the rankings, with certain conditions that may lessen the weight given to infractions. Advisors with compliance issues may have their ratings affected, but if they meet SHOOK’s highest qualitative measures and provide letters of recommendation from their firm, they may still qualify for a favorable ranking. The algorithm compares the business practices of advisors based on various quantitative and qualitative elements, ensuring a fair assessment of thousands of advisors against each other.
SHOOK Research is independent and objective, funded through conferences, publications, and research partners. Rankings are not indicative of future performance or representative of any one client’s experience but provide opinions on choosing the right financial advisor. Clients are advised to carefully select the right advisor for their unique needs and perform due diligence. Portfolio performance is not a criterion in the rankings due to varying client objectives and lack of audited data. More details on the methodology can be found on SHOOKresearch.com.