Forbes magazine and Shook Research have suspended their advisor rankings and related events until year end, according to two sources.
The halting, confirmed by a Forbes spokesperson, comes in the wake of the news about a $6 million payment made by Shook’s founder–after he sold the company to a PE firm–to Randall Lane, who was then Forbes’ chief content officer.
“Forbes and SHOOK Research have jointly decided to suspend all rankings and events for the remainder of 2026, as SHOOK focuses on relaunching the rankings business under a new brand in 2027,” the Forbes spokesperson wrote in an emailed statement. “We remain confident in the integrity of the rankings, but we recognize that there is a need to restore trust with the advisor community, partners and audiences.”
Forbes and Shook had regional events scheduled in September in Chicago and Washington D.C. and a top advisor conference slated for October in Las Vegas, according to its website.
In July, Forbes fired Lane, who had worked at the magazine for 15 years, after the new PE owners of Shook, PPC Enterprises, uncovered the payment from RJ Shook, the founder of the research firm behind its advisor rankings.
Lane considered the payment a personal gift for the advice that he had given Shook over the years, according to reports. Forbes’ policies require approval for any outside activities and prohibit employees from personally benefitting from the company’s business relationships.
RJ Shook said in a statement on Monday that he had known Lane since 2011 and that the money was given for his “assistance in connection with his efforts to sell the company” and in “recognition” of Lane’s “services and guidance.”
“The payment was not made in connection with Shook Research’s rankings or research process, and we did not disclose it to PPC,” Shook wrote. “My actions were taken with the best intentions, but ultimately the payment was a mistake.”
Shook also said in the statement that he had “entered into a settlement” with PPC and Shook Research “to resolve the matter.” He did not elaborate on the terms of the settlement beyond noting that Shook and his wife will “have no further role or ownership in the business going forward.”
Shook Research issued a separate statement seeking to clarify that Lane had not been involved in their rankings.
“Neither Mr. Lane nor anyone at Forbes has ever been involved in SHOOK’s research process or the creation of its rankings,” the statement said.
Last week, Morgan Stanley Wealth Management halted its relationship with Forbes and Shook Research’s advisor rankings following the report of the undisclosed $6 million payment.
“After careful consideration, we have decided that Morgan Stanley Wealth Management will suspend participation in Forbes | Shook Research industry recognition, including their advisor rankings and conferences,” Morgan Stanley Wealth Chief Operating Officer of Field Management Barry Krouk wrote in a memo sent to advisors on Thursday.
Ugh! This was gonna be my year to be the #1,843 top advisor in my state.
Introducing new 2027 award sponsor CROOK
Does Merrill still make the managers put out the same 10000 posts on LinkedIn with the jacked up capital and lowercase and mismatching graphics? We had to ask our director to please not post ours. If it didn’t look like 3rd grade phot shop maybe it would be ok. Good times in that asylum. Couldn’t pay me enough to ever go back
The phone lines are still open for 2026 plaque orders…you get a 10% discount if you also order your 2027
They should just rename it to “Nepo Baby Advisor Rankings at Wirehouses” because that’s all it really is.
Forbes rankings have been a joke for several years now due to over saturation and endless new lists. However, this board seems to be filled
with Pikers who want any reason to hate the wire houses. Pretty funny actually but the real truth is that the independent and RIA world have far more clowns than big time producers. The top 10% of advisors are the only ones who deserve any recognition for being best in class…regardless of whether they work at a wire house, Independent or RIA.
Facts Only
* Forbes and Shook Research suspended advisor rankings and events for the remainder of 2026.
* The suspension relates to a $6 million payment made by Shook’s founder to Randall Lane, then Forbes’ chief content officer.
* Shook’s founder stated the payment was for assistance in selling the company and recognition of services.
* RJ Shook stated the payment was not connected to Shook Research’s rankings or research process.
* Shook Research stated Randall Lane was not involved in their rankings or research creation.
* Morgan Stanley Wealth Management halted its relationship with the advisor rankings following the report of the payment.
* Forbes policies require approval for outside activities and prohibit employees from personally benefiting from business relationships.
Executive Summary
Forbes and Shook Research have suspended advisor rankings and related events for the remainder of 2026, as Shook focuses on relaunching the rankings business under a new brand in 2027. This decision follows news regarding a $6 million payment made by Shook’s founder to Randall Lane, who was then Forbes’ chief content officer. The suspension was implemented to restore trust with the advisor community, partners, and audiences, despite the entities remaining confident in the integrity of the rankings. Regional events and a top advisor conference were previously scheduled for September and October 2026. This action follows an investigation triggered when the new PE owners of Shook uncovered the payment from RJ Shook.
The situation involves conflicting narratives regarding the $6 million payment, as Shook stated the funds were for assistance in selling the company and recognition of services, while Forbes’ policies prohibit personal financial benefit from business relationships. Furthermore, Shook Research issued a separate statement clarifying that Randall Lane was not involved in their rankings process. Morgan Stanley Wealth Management also suspended its participation in the rankings following the report of the undisclosed payment.
Full Take
The incident reveals a significant tension between private financial transactions, established organizational policies, and public reputation management within advisory ranking systems. The suspension signals that perceived ethical breaches, even if disputed by the involved parties regarding intent, can trigger systemic trust failure across multiple stakeholders, including media entities and financial partners. The divergence in statements regarding the payment—founder’s justification versus Shook Research’s denial of involvement—highlights a pattern where internal agreements and external reporting conflict, complicating the ability for independent verification. Furthermore, the reaction from Morgan Stanley demonstrates that reputational risk extends beyond the direct relationship between the parties to broader institutional trust in the entire recognition framework. This suggests that while formal processes exist, the actual integrity of advisory metrics is increasingly subject to scrutiny based on undisclosed relationships, forcing an assessment of which entities—the creators of the rankings or the facilitators of the public presentation—bear primary responsibility for maintaining credibility.
Bridge Questions: What structural changes are necessary within organizations like Forbes and Shook to ensure that internal financial dealings are demonstrably separated from external recognition processes? How can regulatory frameworks evolve to manage the reputational fallout when disputes arise over personal interactions versus official data integrity? What mechanisms can be established to define and enforce boundaries between personal relationships and professional representation in advisory contexts?
Sentinel — Human
The text appears to be primarily journalistic reporting on a specific business dispute but concludes with highly opinionated, subjective commentary that separates it from objective news reporting.