Financial data firm Shook Research has rebranded as Veritant following a scandal in which founder RJ Shook secretly paid $6 million to Forbes editor Randall Lane. Major clients including Morgan Stanley and Wells Fargo halted participation in the company's wealth adviser rankings, fearing reputational damage. Shook Research suspended rankings while conducting an internal review, hiring Charles River Associates to examine methodology for impropriety—none was found.
The new name, derived from Latin 'veritas' (truth), was adopted ahead of schedule after the August payment revelation. CEO Molly Bennard stated the rebrand aims to 'regain confidence and get ourselves organized.' Veritant will implement annual audits, publish a new charter emphasizing independence, and resume rankings with a December release. The company plans a revived financial advisers summit and a revamped data submission system to enhance ranking authority.
Forbes partnership continues, with shared revenue, while new submission processes will better organize previously difficult-to-categorize firm decision-making data.
Source: New York Times Business · Summarized by HeadlinesBriefing