The future of wealth management is here.
We started our rankings originally in 2001, highlighting the best of the best advisors. In 2017, we started looking for the future with our next generation ranking – those under 40.
With an average tenure of over 12 years, there’s a reason millions of families entrust their future to this group: they’ve proven themselves to be among the best in wealth management. Sandwiched between generations, these advisors are eagerly sought after by the industry to best serve families.
They are experienced, have lived through market cycles and their deep relationships with families – often spanning three or more generations – position them among the best wealth managers have ever seen.
Here’s more proof: they’re now appearing in our rankings, which until now were limited to advisors with an average of 30 years of experience.
We believe that our Top Next Generation Wealth Advisors rankings are an early look at our future Top Wealth Advisors rankings – say, 10 or more years from now.
Our rankings represent the true role models in the industry. They set the standard, and because these advisors are dedicated to always maintaining their edge, they help raise the bar.
Ranking for best in the country
Our national rankings for Top Advisors don’t tell the whole story. Most of these advisors are concentrated around larger markets such as New York and San Francisco. But we found great advisors in all markets—Arkansas, Montana, and other states with less concentration of wealth.
We believe that customers are often better served by a local dealership. For example, a Houston-based investor who made his fortune in oil may prefer a local advisor with experience in that sector; a tech entrepreneur may want an advisor well versed in startups and financing; or the farmer can seek an advisor with experience in the futures markets. Many of the clients we speak to say they consider their advisors and teams to be part of their family, so it’s nice to have them around.
Most importantly, the best counselors are laser-focused on making a positive impact on their clients’ lives. They want to add meaning, to help them live a better life. This is how we think about our research process every day.
Research process
As we recommend advisors to the public, we need to ensure that each advisor is of high quality and can make an impact.
No other advisor ranking provides this type of research and in-depth vetting that includes phone interviews with each advisor, virtual meetings and in-person meetings – we’ve met with thousands of advisors in their offices.
Every time we interview an advisor, we think, “Is this someone who can offer impact and would we recommend them to a friend or family member?”
Methodology
The Forbes Next-Gen Wealth Advisors rankings, developed by SHOOK Research, are based on an algorithm of qualitative criteria – obtained primarily through phone, virtual and in-person due diligence interviews – and quantitative data. Those advisors considered have a minimum of four years of experience, and the algorithm weighs factors such as revenue trends, assets under management, compliance records, industry experience and those that embrace the highest standards of best practice. Portfolio performance is not a criterion due to different client objectives and lack of audited data. Neither Forbes nor SHOOK receives a fee in exchange for ranking.
Research Summary for SHOOK Advisors (as of August 2023)
We don’t want 300,000 nominations, so we set thresholds to minimize the amount we receive, which in this case includes:
- 42,108 nominations received based on high thresholds and qualifications
- 22,874 invited to complete the online survey
- 17,996 telephone interviews
- 3,859 personal interviews at counselor locations
- 1,487 web-based interviews
- 3,738 individuals considered for our Next Generation Ranking
Shocking revelations
SHOOK is completely independent and objective and does not receive compensation from advisors, companies, media or any other source in exchange for a place in a ranking. SHOOK is funded through conferences, publications and research partners. Because each investor has unique needs, investors should carefully select the right advisor for their own situation and perform their own due diligence. SHOOK’s research and rankings provide opinions on how to choose the right financial advisor and are not indicative of future results or representative of any client’s experience. Portfolio performance is not a criterion due to different client objectives and lack of audited data. Remember that past performance is no indication of future performance.
For more information, please see www.SHOOKresearch.com.
Click here for the full list of Forbes‘ Best Next Generation Wealth Advisors and Best Next Generation Wealth Advisors Best in State.