Our research has found that the best advisors are those who are focused on making a difference in their clients’ lives and helping them live better lives. We ensure that every advisor we recommend is of high quality by evaluating whether they can offer impact and if we would recommend them to a friend or family member. While our annual Top Wealth Advisor rankings are often concentrated in major markets like New York and San Francisco, we have also uncovered great advisors in smaller markets such as South Carolina and Oklahoma.
We believe that clients are better served by local representation, as they may have specific needs based on their industry or background. For example, an investor in Houston may prefer an advisor with experience in the oil sector, while a tech entrepreneur may seek an advisor with expertise in start-ups. Many clients view their advisors as part of their families, so having a local advisor can provide comfort and convenience. Our rankings, developed by SHOOK Research for Forbes, are based on qualitative criteria gathered through interviews, as well as quantitative data such as revenue trends and assets under management.
Advisors included in the rankings have a minimum of seven years of experience and are evaluated based on factors like service models, compliance records, and industry experience. Portfolio performance is not a criterion due to varying client objectives and a lack of audited data. Neither Forbes nor SHOOK Research receive a fee in exchange for rankings. The research process involves scoping the financial services industry for nominations and then conducting interviews to determine the top advisors. Advisors are required to complete a survey and meet certain basic requirements in order to be considered for the rankings.
SHOOK Research emphasizes the importance of both qualitative and quantitative factors in evaluating advisors. Ranking criteria include revenue and production data, assets under management, client-related data, and compliance records. The research process involves telephone, virtual, and in-person interviews with advisors to ensure a comprehensive evaluation. Compliance issues are also taken into consideration, with a focus on the impact advisors make in the lives of their clients. The algorithm used to rank advisors is designed to fairly compare business practices based on various elements.
SHOOK is an independent and objective firm that does not receive compensation from advisors or firms for placement on rankings. Investors are encouraged to carefully choose the right advisor for their unique needs and perform their own due diligence. Rankings are based on the opinions of SHOOK Research and are not indicative of future performance. For more information on the methodology and details on rankings, visit SHOOKresearch.com. Advisors can also complete a survey for upcoming rankings through the SHOOK Research website.
