Advisors Reconsider Use of Forbes-Shook Awards After $6M Gift

Forbes and Shook Research canceled their remaining 2026 awards and events following reports that Randall Lane, the outlet’s former editor in chief, received a $6 million gift from RJ Shook, founder of Shook Research. Lane was removed from his editorial role. Shook said the payment was for “services and guidance” unrelated to the company’s rankings and plans to relaunch the research business under a new brand in 2027. Company statements say there is no evidence that award recipients paid for placement on the lists.

The canceled programs included widely cited lists such as Top Wealth Advisors and Best‑in‑State Wealth Management Teams. Firms that used those honors in marketing are reviewing how they display past awards and whether to continue promoting them.

April Rudin, founder and CEO of The Rudin Group, advised firms to remove references to Forbes‑Shook honors from websites and promotional materials. She recommended giving clearer information about who clients would work with and how a firm’s processes operate, so prospective clients can judge fit. “I think they should take them down because I think they’re forever tarnished by this entire story,” Rudin said.

Ross Gerber, CEO of Gerber Kawasaki Wealth and Investment Management, abandoned a planned LinkedIn announcement after the payment became public and does not plan to edit older posts. He questioned the client value of industry awards and pointed out that publications often charge winners licensing fees to use the honors in marketing. “They have every incentive to have as many awards as possible and to give as many people awards as possible,” he added.

Joe Anthony, CEO of PR firm Gregory, warned that removing mentions from a firm’s site will not erase the listing from search results or the original lists. He suggested firms avoid leading their messaging with “award‑winning” claims while the controversy persists.

Earning a Forbes ranking typically requires interviews, survey responses, background checks and submission of quantitative data such as assets under management and revenue. Winners frequently purchase licenses to display the award. Firms must take care not to misrepresent credentials or honors in marketing, which can draw regulatory scrutiny.

A securities‑industry marketing rule that took effect in late 2022 allows client testimonials, but firms that publish testimonials must solicit feedback from all current and former clients in a defined pool and publish all responses rather than select only favorable comments. Compliance teams are weighing those obligations as firms consider alternatives to third‑party awards.

Some advisory firms plan to remove or downplay past awards. Others will retain historic references and shift focus toward clear descriptions of teams, specialties, processes and educational content such as explainer videos. With Shook planning a 2027 relaunch and ongoing questions about editorial independence, many firms say they will be more selective about relying on awards and third‑party endorsements in future marketing.