Morgan Stanley Suspends Forbes Rankings Participation Over Editor's $6 Million Payment Scandal
Updated
Updated · RIABiz · Aug 22
Morgan Stanley Suspends Forbes Rankings Participation Over Editor's $6 Million Payment Scandal
1 articles · Updated · RIABiz · Aug 22
Summary
$8.1 trillion Morgan Stanley Wealth Management has frozen involvement in Forbes' Top Advisor rankings, saying it is still assessing whether partners meet its standards for integrity and transparency.
The move follows Forbes' firing of chief content officer Randall Lane after he accepted an undisclosed $6 million payment from RJ Shook, founder of rankings partner Shook Research.
Morgan Stanley's withdrawal hits a rankings franchise it heavily populated this year, with 64 advisors on Forbes' Top 250 list and more than 2,000 advisors plus 1,400 teams in Best-In-State rankings.
Critics say Forbes has not explained why a conflict serious enough to cost Lane his job would not also require changes to the rankings business, paid promotional packages, or its relationship with Shook.
The dispute is widening into a broader challenge to advisor-ranking economics, as Forbes, Shook and rivals all monetize awards through licensing, marketing packages, events and paid content.