America’s Top Women Wealth Advisors 2023

The Forbes Top Advisor Rankings, developed by SHOOK Research, are the only advisor rankings that focus on quality, including interviewing advisors in person, virtually and over the phone.

Unlike other advisor rankings, SHOOK is not a “robo-ranker”. Figures like production and means don’t tell the whole story, especially when much of the data is self-reported. SHOOK Research creates a classification of role models—advisors who are leading the way in offering best practices and delivering a high-quality experience to clients. It is mandatory to focus on both qualitative and quantitative factors.

How we rate

Developed by SHOOK Research, America’s Top Women’s Wealth Advisors and Forbes’ Top Women’s Wealth Advisors are based on an algorithm of qualitative data obtained from surveys and interviews conducted over the phone, in person and virtually to rank. best practices such as service models, investment models and compliance records, and quantitative data such as revenue trends and assets under management.

All consultants have at least seven years of experience. Portfolio performance is not a benchmark due to different client objectives and lack of audited data. Neither Forbes nor SHOOK receives payment in exchange for ratings.

Here, advisors can fill out a survey about upcoming rankings.

Research summary for all SHOOK consultants (from February 2023)

We don’t want 300,000 nominations, so we set high thresholds to reduce the amount we receive:

• 38,314 nominations received based on thresholds (10,250 women)
• 22,106 invited to complete the online survey
• 17,143 telephone interviews
• 3,453 face-to-face interviews at the consultants’ location
• 1361 web interviews

SHOOK process

SHOOK researches the financial services industry – banks, brokers, custodians, insurance companies, clearing houses and others – to make nominations. SHOOK accepts advisors who meet predetermined minimum thresholds and acceptable compliance records.

Basic Requirements for the Best Female Wealth Advisors

• At least 1 year in current company, with exceptions such as acquisition
• The advisor must be recommended and appointed by the company
• Completing an online survey
• Business activities conducted with private individuals are assessed
• Eligibility record acceptable

Quantitative metrics

• Weights assigned to both revenue and production data
• Assets under management and the quality of those held and a close look at the assets held (although individual numbers are used for ranking purposes, we publish team-wide assets)
• Customer-related data, such as retention
• Portfolio performance is not a factor (audited returns are rare among advisors, and different client goals produce different returns)

Qualitative indicators

• Telephone, virtual and face-to-face meetings with advisers (telephone interviews are required; if face-to-face meetings are not possible, exceptions are taken into account when the interview will take place after the publication of the rating)
• Compliance Records and U4: Some “non-compliances”, such as company or product failures, are outside of the advisor’s due diligence. The older the bell, the less we look. Because there are many gray areas, the SHOOK team is willing to listen to a firm that is willing to stand behind an advisor with written management support.
• SHOOK measures client “impact,” a proprietary metric that measures the difference advisors make in the lives of their clients.
• Advisors that provide a full client experience, including service model, investment process, fee structure (higher percentage of fee assets earns more points), breadth of services, including extensive use of the firm’s platform and resources such as affiliations.
• Credentials (years of service can serve as a proxy)
• Use of team and team dynamics
• Community involvement
• Discussions with management, peers, competing peers
• Phone, virtual and face-to-face meetings

U4/compliance issues

In order to reduce weighting violations, the following conditions will be taken into account:

• Violations that are dismissed or closed without any action
• The complaint arose from a product, service or advice suggested by a previous advisor or other member or former team member
• Time since the complaint was filed
• Complaints related to product failure not related to investment advice, such as limited partnerships or adjusted rate securities
• Complaints that have been dealt with and need to be proved to satisfy the customer who remained with the consultant for at least one year after the settlement date
• Complaints proven to be unfounded
• Actions due to administrative error or business failure

When an advisor’s compliance rating is in the acceptable category, the following conditions must be met:

• The advisor rating must be one of SHOOK’s highest quality scores, including a face-to-face interview
• Letters of recommendation from the company must be submitted

Ranking Algorithm

The algorithm is designed to fairly compare the business practices of a large group of consultants based on quantitative and qualitative elements. The data is weighted to ensure that dynamics such as preferred “best practices”, business models, recent business activity, etc. are prioritized. Each variable is evaluated and each measured component has a specific value. This data is fed into an algorithm that measures. thousands of advisors against each other.

Discovery of SHOOK

SHOOK is completely independent and unbiased and does not receive compensation from consultants, firms, media or other sources in exchange for ranking. SHOOK funds conferences, publications and research partners. Because each investor has unique needs, investors should carefully select the right advisor for their situation and conduct their own due diligence. Ratings are based on the opinions of SHOOK Research, LLC and are not indicative of future performance or experience of any customer; company research and ratings provide insights on how to choose the right financial advisor. Portfolio performance is not a benchmark due to different client objectives and lack of audited data. Remember that past performance is not indicative of future results.

For more information and complete methodology details, visit www.shookresearch.com.

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