Forbes and Shook Research suspended their joint rankings and events amid an investigation into a $6 million payment from Shook Research founder RJ Shook to Forbes editor Randall Lane. The payment, disclosed after Lane’s firing, was described by Lane as a “gift” for services including facilitating the sale of Shook Research to PPC Enterprises. Forbes CEO Sherry Phillips stated the suspension would last through the end of the year to restore trust with the adviser community and partners.

The companies emphasized that Lane was not involved in ranking decisions. Morgan Stanley Wealth Management and Wells Fargo Advisors have paused participation in the Forbes rankings, which generate revenue through commemorative plaques and logos sold to listed advisers. Shook Research is commissioning an independent governance review and creating an “independence charter” to affirm that rankings cannot be purchased.

The annual Las Vegas summit, typically attended by executives from Goldman Sachs, JPMorgan Chase, Black Rock, and Apollo, was also suspended. Both firms said they are exploring appropriate actions to hold Lane fully accountable.