Our research has found that the best advisors are those who are focused on making a positive impact in their clients’ lives, adding meaning and helping them live better lives. When recommending advisors to the public, we ensure that each one is of high quality by considering if they can offer impact and if we would recommend them to a friend or family member. The Top Wealth Advisor rankings published annually by Forbes do not tell the whole story, as most advisors are concentrated in bigger markets like New York and San Francisco. However, we have uncovered great advisors in all markets, including smaller states like South Carolina and Oklahoma.
We believe that clients are better served by local representation, as they may have specific needs based on their industries or backgrounds. For example, an oil investor in Houston may prefer a local advisor with experience in that sector, while a tech entrepreneur may want someone well-versed in start-ups and funding. Many clients view their advisors as part of their families, so having them close by is beneficial. The rankings developed by SHOOK Research for Forbes are based on a combination of qualitative criteria learned through interviews and quantitative data such as revenue trends, assets under management, service models, compliance records, and industry experience.
The advisors considered for rankings must have at least seven years of experience, and portfolio performance is not a criterion due to varying client objectives and lack of audited data. Forbes and SHOOK do not receive fees for rankings, ensuring the rankings are unbiased. The research process involves extensive interviews, both virtual and in-person, to ensure that only the best advisors are recognized. The algorithm used by SHOOK Research weighs factors such as service models, compliance records, and industry experience to determine the rankings.
To minimize the number of nominations received, SHOOK sets high thresholds for advisors to meet before being considered for rankings. The research process involves interviews with advisors via telephone, virtual meetings, and in-person visits to their locations. SHOOK focuses on qualitative and quantitative factors, looking for advisors who exhibit best practices in their approach to working with clients. Compliance records and U4s are also considered, with certain conditions taken into account to lessen the weightings of infractions. Advisors must meet certain basic requirements and have a letter of recommendation from their firm to be considered for the rankings.
The ranking algorithm is designed to fairly compare the business practices of a large group of advisors based on quantitative and qualitative elements. Data are weighted to prioritize factors such as best practices, recent business activity, and business models. SHOOK Research is independent and objective, receiving funding through conferences, publications, and research partners. Investors are advised to carefully choose the right advisor for their needs and perform their due diligence. Rankings are based on the opinions of SHOOK Research and do not guarantee future performance. For more information on methodology and complete details, visit SHOOKresearch.com.
