The Forbes ranking of Best-In-State Wealth Advisors, developed by SHOOK Research , is based on an algorithm of qualitative criteria, mostly gained through telephone and in person due diligence interviews, and quantitative data. Those advisors that are considered have a minimum of seven years’ experience, and the algorithm weights factors like revenue trends, assets under management, compliance records, industry experience and those that encompass best practices in their practices and approach to working with clients. Portfolio performance is not a criterion due to varying client objectives and lack of audited data. Neither Forbes or SHOOK receive a fee in exchange for rankings.
SHOOK scours the financial services industry-banks, brokerages, custodians, insurance companies, clearing houses and others for nominations. SHOOK accepts advisors who meet pre-determined minimum thresholds and acceptable compliance records. As of this date, SHOOK has received over 21,000 nominations-advisors who meet SHOOK’s thresholds. SHOOK invited 5,089 of these nominees to complete an online survey.
Unlike other advisor rankings, SHOOK is not a “robo-ranker”-numbers such as production and assets don’t tell the whole story, especially when much of the data is self-reported. SHOOK Research creates rankings of role models-advisors that are leading the way in offering best practices and providing a high-quality experience for clients. A focus on both quantitative and qualitative factors, including telephone and in person meetings, is imperative.
Listing in this publication is not a guarantee of future investing success. This recognition should not be construed as an endorsement of the advisor by any client.
SHOOK is completely independent and objective and does not receive compensation from the advisors, firms, the meia, or an other source in exchange for placement on a ranking. SHOOK is funded through conferences, publications and research partners. Since every investor has unique needs, investors must carefully choose the right Advisor for their own situation and perform their own due diligence. SHOOK’s research and rankings provide opinions for how to choose the right Financial Advisor. Portfolio performance is not a criterion due to varying client objectives and lack of audited data. Remember, past performance is not an indication of future results.