List details more than 3,400 of the country’s top wealth advisors on a regional basis
NEW YORK, February 20, 2019 – Forbes, in partnership with SHOOK Research, today released the list of Best-In-State Wealth Advisors, a ranking of more than 3,400 of the nation’s top finance minds, broken down state-by-state. Unlike national SHOOK Research rankings, such as the Top Advisor and Top Women Advisor lists, the Best-In-State Wealth Advisors focuses on standout regional players in an effort to provide resources for citizens in every area of the country, especially those in smaller markets.
"The majority of wealth advisors are naturally located in areas where there is a higher concentration of wealth, such as New York City or Silicon Valley," said R.J. Shook, president of SHOOK Research. "While these individuals are undoubtedly talented, there are world-class advisors in every market, big or small, and it’s our objective to recognize them.”
Of the advisors recognized on the 2019 list, New York City maintained the greatest number of honorees with 287, followed by Los Angeles with 127. Lower populated states including North Dakota, Wyoming and US territories had the fewest, with 4 each. The companies with the greatest number of representatives on the list were Merrill Lynch Wealth Management, Morgan Stanley, UBS Group, and Wells Fargo.
With nearly 30,000 nominations, an increase of more than 8,000 over the previous year, nominees and honorees for the Best-In-State Wealth Advisors are judged based on an algorithm of qualitative criteria, gleaned through telephone and in-person due diligence interviews, as well as quantitative data. Advisors must have a minimum of seven years experience to qualify, with the algorithm weighing additional considerations such as revenue trends, assets under management, compliance records, and industry experience. Neither Forbes or SHOOK receive a fee in exchange for rankings.
SHOOK Research is the world’s only Wealth Advisor research organization with deep due diligence on the quality of the advisors, including in-person and telephone interviews in addition to its quantitative measures. Its Wealth Advisor rankings appear as feature stories in Forbes Magazine, Forbes.com, Working Mother and 43 regional publications. SHOOK lends its research capabilities to the world of philanthropy and creates the “America’s Top Givers” ranking, an annual feature in Forbes magazine, and has helped raise hundreds of millions of dollars. For more information, please visit www.SHOOKresearch.com.
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