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Choosing a Financial Advisor: Why Forbes Rankings Aren’t Everything | Jimmy Bisharat

Writer: Jimmy Bisharat
Jimmy Bisharat
14 hours ago
5 min read
Jimmy Bisharat Shaking hands

By Jimmy Bisharat


When you are looking for a financial advisor, it is natural to look for signals that tell you, “This person must be good.”


Maybe they were named to a “Top Advisor” list. Maybe they have a wall full of awards. Maybe their website looks impressive. Those things can absolutely be positive, but they should not replace doing your own homework.


Recent headlines around the Forbes | SHOOK advisor rankings are a good reminder of that. In August, SHOOK Research disclosed that its founder, R.J. Shook, made an undisclosed payment of approximately $6 million to former Forbes executive Randall Lane following the 2025 sale of a controlling stake in SHOOK. Shook has said the payment was related to Lane’s advice surrounding the sale and had nothing to do with the rankings themselves. Still, Forbes and SHOOK subsequently suspended their advisor rankings and related events for the remainder of 2026 while SHOOK works toward relaunching the rankings business.

That does not mean every advisor on a Forbes list is suddenly undeserving. In fact, the Forbes | SHOOK methodology considers a number of legitimate factors, including experience, client retention, compliance history, assets under management, revenue, credentials and interviews. But even Forbes' own methodology makes an important point: investors still need to perform their own due diligence, and the rankings are not an endorsement to hire any particular advisor.


So, ranking or no ranking, what should you actually look for?


Start With Their Record

One of the easiest places to start is simply researching the advisor and their firm.

Look for regulatory or disciplinary disclosures. Ask about anything you find. A disclosure does not necessarily tell you the entire story, but you should understand what happened and how the advisor explains it.


More importantly, pay attention to how they react when you ask.


Do they become defensive or try to brush off your questions? That could be a red flag.


Do they welcome the question, explain it clearly and encourage you to keep asking? That is a green flag.


Transparency should not be something you have to fight for in a financial relationship.


Follow the Money

Next, understand exactly how the advisor gets paid.


There is nothing wrong with asking:


“Walk me through every way you and your firm can make money from working with me.”

The SEC specifically encourages investors to understand how their financial professional is compensated and what conflicts of interest can arise from that compensation. Some financial professionals can provide both advisory and brokerage services, which makes understanding the capacity in which they are acting especially important.


You should also ask whether the advisor is acting as a fiduciary when providing advice to you. In simple terms, you want to understand the standard they are required to follow and whether there are circumstances where their role changes.


A good advisor should be able to explain all of this without making your head spin.


Is This a Transaction or a Relationship?

This is a big one for me.


Are they trying to sell you something, open an account and move on? Or are they trying to understand your life?


Your investments are only one piece of your financial picture. Your career, taxes, family, retirement goals, equity compensation, insurance, estate planning and major life decisions all interact with one another.


I believe the best advisory relationships evolve over time. Your life at 28 should look very different from your life at 38, 48 or 68. Your advisor should be prepared to evolve with you.


Do They Work With People Like You?

You also want someone who understands the intricacies of your situation.


If you work in tech and receive stock options, RSUs or concentrated company stock, does your advisor understand equity compensation and the tax planning surrounding it?


If you are an athlete, do they understand irregular income, potentially short career windows, endorsement income and the financial decisions that come with suddenly earning significant money?


If you are building a young family, are they thinking about buying a home, insurance, childcare, education planning and balancing today's goals with retirement?


If you are nearing or already in retirement, are they familiar with income planning, Social Security, Medicare, taxes and how your investment strategy changes when you start living off your assets?


An advisor does not need to know everything. Nobody does. But they should understand the problems you are likely to face and have the resources around them to help solve the ones that require additional expertise.


And Finally, Do You Actually Vibe Together?

This may sound less technical, but I think it is one of the most important factors.

Do you enjoy talking to this person? Do you feel comfortable telling them when something changes in your life? Can you admit when you made a financial mistake? Do they explain things in a way that makes sense to you? Do you trust them enough to call before making a major decision?


I tell my clients all the time: this is a relationship.


At the end of the day, we should enjoy working together. We should continue building trust over time because that trust becomes incredibly valuable when markets get ugly or life throws something unexpected at you.


It is easy to have a good relationship with your advisor when your portfolio is going up and everything in life is going according to plan. The real value of that relationship often shows up during the difficult periods, when emotions are high and important decisions have to be made.


The Bottom Line

Rankings, awards, credentials and accolades can all be useful pieces of information. Just do not mistake them for the entire picture.


Check the advisor's background. Understand how they are compensated. Ask about conflicts. Understand when they act as a fiduciary. Make sure they have experience with people in situations similar to yours. Pay attention to whether they embrace transparency.

And then ask yourself one final question: Do I trust this person enough to build a long-term relationship with them?


The best advisor on paper is not always the best advisor for you. The right one is someone you trust, understand, and want in your corner for the long run.

 

SOURCES:



Gerber Kawasaki Wealth & Investment Management is an investment advisor located in California. Gerber Kawasaki Wealth & Investment Management is registered with the Securities and Exchange Commission (SEC). Registration of an investment advisor does not imply any specific level of skill or training and does not constitute an endorsement of the firm by the Commission. Gerber Kawasaki only transacts business in states in which it is properly registered or is excluded or exempted from registration. A copy of Gerber Kawasaki Wealth & Investment Management 's current written disclosure brochure filed with the SEC which discusses, among other things, Gerber Kawasaki Wealth & Investment Management's business practices, services and fees, is available through the SEC's website at: http://www.adviserinfo.sec.gov .


Jimmy Bisharat is a Financial Advisor of Santa Monica, California-based Gerber Kawasaki Inc., an SEC-registered investment firm with approximately ~$4.78B billion in assets under management and assets under advisement as of 06/30/26. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. This material is for general information only and is not intended to provide specific tax or investment advice. Consult your tax professional regarding your individual situation.To determine which course of action may be appropriate for you, consult your financial advisor. No strategy assures success or protects against loss. Readers shouldn't buy any investment without doing their research to determine if the investments are suitable for their situation. “All investments involve risk and one should consult a financial advisor before making any investments. Past performance is not indicative of future results."

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