Shook Research, the consultancy that partnered with Forbes to produce its coveted rankings of financial advisors, has re-emerged under a new name and brand, Veritant. The rebranding comes months after a scandal involving a secret $6 million payment to a Forbes editor forced the suspension of the rankings through 2026. The firm announced the change on Thursday, with CEO Molly Bennard stating that the new name, derived from the Latin word for truth, reflects a commitment to integrity and transparency.
The rankings, which have been a marketing staple for advisors and firms, were halted in August after The New York Times reported that Randall Lane, Forbes' former chief content officer, received $6 million from RJ Shook, founder of Shook Research. Lane did not disclose the payment to Forbes, leading to his termination and the suspension of all ranking events and published lists. Shook Research also acknowledged that the payment was for services that included helping to sell a controlling stake in the firm to private equity firm PPC Enterprises in 2025.
Veritant's new charter includes a provision for an independent audit of the advisor rankings, a move aimed at restoring credibility. The firm says it will continue its partnership with Forbes and intends to publish a new list of top advisors by the end of the year. Additionally, Veritant is planning a new conference for advisors, signaling a broader push to rebuild its presence in the wealth management industry.
The rankings business has become increasingly important for publications like Forbes, which face declining print advertising revenue. Rankings, events, and awards generate significant marketing revenue, making them a key revenue stream. The suspension was a blow to both Forbes and Shook Research, as many advisors and firms rely on these lists for client reassurance and marketing purposes. Barron's, a rival publication, also publishes a similar list, highlighting the competitive landscape.
The scandal had ripple effects across the industry. Morgan Stanley, one of the largest wirehouses, suspended its participation in Forbes' advisor rankings in the wake of the payment disclosure. Other firms and advisors expressed concerns about the integrity of the rankings, prompting calls for greater transparency. Veritant's independent audit provision appears to be a direct response to these concerns.
Despite the controversy, the demand for advisor rankings remains strong. Wealth management firms and individual advisors often use these lists to differentiate themselves in a crowded market. Clients, too, view inclusion on such lists as a mark of quality and trust. Veritant's return, with a new name and a promise of independent oversight, could help restore confidence in the rankings.
Industry observers will be watching closely to see how Veritant's new approach is received. The firm's ability to publish a credible list by year-end will be a key test. The rankings have historically been a significant source of prestige and business development for advisors, and their return could be welcomed by many in the industry. However, the shadow of the scandal may linger, and Veritant will need to demonstrate that its new processes are robust and independent.
For now, Veritant is moving forward with its plans, emphasizing its commitment to advisor excellence and impact. The firm's new charter and audit provision are steps in that direction, but only time will tell if they are enough to rebuild trust. As the wealth management industry evolves, the role of rankings and awards will continue to be a topic of debate, with Veritant at the center of that conversation.
