Every year, Forbes.com publishes one of the most respected rankings in the financial world: the Forbes Best-in-State Wealth Management Teams list.
For financial advisors, it’s more than an accolade—it’s validation. A third-party seal of excellence. A powerful conversation starter with high-net-worth prospects. Not to mention a magnet for talent, credibility, and referrals.
But here’s the thing: getting on that Forbes’® or Barron’s® list isn’t about having the biggest book or slickest pitch. The top wealth management teams that land on this ranking—year after year—have something in common.
They run their businesses like high-performing machines.
At Bill Good Marketing, we’ve worked with many of the firms recognized on the Best-in-State Wealth Management Teams list. We’ve helped them implement the exact systems, workflows, and growth strategies that now define their success. And today, I’m pulling back the curtain.
This article isn’t speculation. It’s based on firsthand experience—our work behind the scenes with the teams you see topping the Forbes’ ranking.
If you’re wondering what it actually takes to become one of the best-in-state wealth advisors, or how to engineer a client experience that stands out in a crowded market… you’re in the right place.
Let’s break down the specific habits, marketing systems, and operational disciplines these elite teams rely on—and how you can start applying them this quarter.
What the Forbes’ List Really Measures—and Why It Matters
Landing a spot on the Forbes’ Best-in-State Wealth Management Teams list isn’t just about size. It’s not about who manages the most assets or generates the most revenue. In fact, SHOOK® Research—the independent firm behind the ranking—has made it clear: they’re not looking for the loudest firms, but the ones that lead with integrity, strategy, and client experience.
Their mission? To identify top wealth management teams that serve as role models for the industry—those setting the standard for financial advisors across the country.
Unlike many rankings, SHOOK’s process isn’t a black-box “robo-ranker.” Their methodology is rigorous and hands-on. They start with over 47,000 nominations (2025) from across the financial services industry and then narrow the field using a blend of quantitative criteria and qualitative judgment.
Here’s what’s evaluated:
Quantitative Criteria
- Revenue and production (with weightings based on the business model)
- Assets under management (AUM)—both custodied and held away
- Client retention rates and client-related metrics
- Minimum thresholds for tenure (at least 7 years of industry experience for one team member)
Qualitative Criteria
- Telephone due diligence meetings and in-person interviews at the team’s office (a hallmark of SHOOK’s process)
- Team structure and dynamics
- The overall client’s experience, including the breadth of services like investment management, financial planning, and liability support
- Community involvement and team leadership
- Compliance records (verified through FINRA BrokerCheck®) and firm support in the case of past infractions
- Transparent disclosures, proper licensing, and standing with regulatory bodies like FINRA and SIPC (or clear member SIPC language)
Source: Forbes & SHOOK’s Full Methodology
What’s Not Considered?
Interestingly, investment performance is not a factor. Why?
Because audited returns are rare, and client goals vary dramatically. SHOOK is less concerned with market timing and more interested in consistent delivery, trustworthy practices, and scalable service models.
The Algorithm at Work
All these elements—along with business model alignment, recent activity, and “preferred best practices”—are run through SHOOK’s proprietary algorithm. The result?
A ranking that shines a spotlight on the best teams in each state, based on more than just surface-level quantitative data.
This is why making the best-in-state wealth management teams list is such a significant accolade. It signals to prospective clients, strategic partners, and the broader industry that a team isn’t just successful—they’re operating at a level worth emulating.
Whether you’re a registered investment adviser, a large wealth management group, or affiliated with a broker-dealer, if your goal is to be recognized on a national stage, you need to think beyond numbers. You need a system.
6 Proven Strategies of The Forbes Best-in-State Wealth Management Teams
While every team on the Forbes Best-in-State Wealth Management Teams list has its own unique flavor, we’ve noticed a clear pattern. The ones who show up on the list year after year aren’t relying on luck or momentum.
They’ve built systems.
They’ve made intentional choices—in marketing, operations, client service, and leadership—that compound over time. And at Bill Good Marketing, we’ve had the privilege of helping many of them implement these very strategies.
If you want to see your firm rise to that level, here are six core practices that separate the best from the rest:
1. They Know Their Niche—And Serve It Intentionally
The most successful teams don’t chase everyone. They define who they’re built to serve—and then systematize everything around that.
- For some, it’s high-net-worth business owners approaching retirement.
- Others focus on HENRYs, rising professionals, or running a family-office-style service for multi-generational households.
- Every investment strategy, service offer, and marketing message reflects their niche.
This tight positioning makes their marketing sharper, their onboarding cleaner, and their client experience more personalized. That’s exactly the kind of advisor team focus that SHOOK values.
2. They Treat Client Experience Like a Product
What’s the difference between a good team and a great one?
A consistent, well-orchestrated client experience—before, during, and long after the close.
The Forbes best-in-state wealth management teams:
- Use a structured service calendar to ensure every client gets high-value touchpoints
- Offer holistic services that go beyond investing, like financial planning, debt and liability management, tax strategies, and more
- Maintain strong communication during volatility, delivering clear insights and proactive reassurance
Whether you’re based in New York, San Francisco, or anywhere in between, consistency in client care is non-negotiable.
3. They Run Like Well-Oiled Machines
Behind the polished exterior of a top-tier team is a tight operational engine. These teams:
- Use CRMs to manage every detail of the client relationship
- Maintain up-to-date CRS documents, clear disclosures, and clean compliance records
- Lean into defined roles, workflow automation, and regular scorecard reviews
They don’t just “manage chaos”—they prevent it with structure and systems.
That’s a major factor in standing out during SHOOK’s in-person interviews and telephone due diligence meetings.
4. They Market with Discipline, Not Desperation
There’s no room for haphazard marketing at the top. The best teams treat marketing like a core function, not a once-a-quarter fire drill.
The best-in-state wealth advisors:
- Hold weekly marketing meetings to review performance and upcoming campaigns
- Send regular, compliance-friendly content that aligns with their brand and market focus
- Leverage multiple channels: email, in-person events, social media, direct mail
During periods of market volatility, these teams aren’t scrambling for talking points. They’re already prepared with timely messaging and advisor-branded thought leadership.
And yes—many of them use the systems we’ve built to make that happen.
5. They Train Like the Pros
Great teams don’t just hire talent. They develop it.
- Financial Advisor coaching, roleplay, and performance reviews are regular parts of the calendar
- New hires receive structured onboarding into the team’s service standards and values
- Everyone—from operations to senior advisors—undergoes ongoing training in financial planning, communication, and investment advisory services
When SHOOK interviews these teams, they’re looking for more than surface knowledge. They’re looking for culture, cohesion, and mastery. These teams show up prepared.
6. They Carve Out Time to Think Bigger
While average teams stay in reactive mode, Forbes-ranked teams zoom out and plan.
- They host annual strategy retreats to set their vision, refine their business model, and analyze KPIs
- They use quantitative data to drive improvements in operations, marketing, and service
- They actively prepare for the next phase—whether that’s building succession plans or gunning for America’s Top Women Wealth Advisors or Top Next-Gen Wealth Advisors lists.
This long-game mentality gives them an edge in everything from compliance readiness to growth execution.
What You Can Do Right Now to Join Forbes’ Top Wealth Management Teams
You don’t need to overhaul your entire business overnight to start moving in the direction of a Forbes Best-in-State Wealth Management Team.
The truth is, many of the teams we’ve helped get there didn’t start out as powerhouse firms. They started small. But they took deliberate steps—and they took them consistently.
If you’re serious about leveling up, here are three high-impact actions you can take this quarter to start operating like a top-tier team.
1. Audit Your Client Experience
Start by looking at your client’s experience from the outside-in.
- Is your client service model consistent?
- Do clients know what to expect—and when to expect it?
- Are you communicating clearly during times of market volatility?
Pull your team together and walk through your service calendar, touchpoints, and post-meeting workflows. Identify where clients are being over-serviced, under-informed, or falling through the cracks.
Pro tip: SHOOK® Research, LLC heavily weighs a team’s ability to deliver a complete and personalized client experience—not just one-time service.
2. Build a Real Marketing Engine
Great teams don’t just have great investment products or a compelling investment strategy. They communicate it clearly and consistently.
If your marketing feels like an afterthought—or something that only happens when there’s “extra time”—you’re already behind.
Here’s what to do:
- Set up a weekly marketing rhythm
- Design campaigns around the needs of your ideal client (especially if you serve high-net-worth families or private wealth clients)
- Use compliance-reviewed messaging, and keep your disclosures, CRS documents, and regulatory alignment current
Remember, SHOOK isn’t impressed by noise. They’re impressed by well-run systems.
3. Get Your House in Order
If you dream of seeing your business on the Forbes® or Barron’s® lists, this step is non-negotiable.
Review your internal compliance practices, client documentation, and operational structure.
- Is your compliance record clean and up to date?
- Are you clear on how to present your advisory services, especially in line with your broker-dealer or registered investment adviser obligations?
- Is your firm properly listed as a member SIPC where applicable?
It’s not just about being compliant—it’s about being organized, proactive, and audit-ready. That’s exactly what SHOOK is looking for during their telephone and in-person interviews.
These steps are achievable—and they’re a whole lot easier when you’re not doing them alone.
Final Thoughts: It’s Not Just a List—It’s a Level of Excellence
Making the Forbes Best-in-State Wealth Management Teams list isn’t about luck. It’s not just about AUM or headcount either. It’s about excellence—in client service, team operations, and strategic growth.
It’s about building a business that runs with the precision of a system, not the chaos of constant reaction.
At Bill Good Marketing, we’ve had the privilege of working with dozens of advisor teams who’ve earned a spot on that coveted list—not once, but multiple years in a row. And that’s no accident.
These teams used our System to:
- Refine their niche and marketing message
- Streamline client communications and elevate the client experience
- Build operational discipline across their entire team
- Train and retain top talent with clearly defined roles and workflows
- Maintain proactive communication—especially during market volatility
We didn’t just hand them content. We helped them build the infrastructure that turns good advisors into elite teams.
If you’ve ever looked at that Forbes ranking and thought, “That could be us”—you’re right. And we know the steps to get you there.
Whether you’re a next-gen wealth advisor ready to scale, a multi-generational team planning your next phase, or a rising contender looking to break into the top tier, Bill Good Marketing is the system behind the success stories. We’ve been doing this for over 45 years—and we’re just getting started.
If your goal is to build a practice worthy of the Forbes list…
We’d love to help you engineer it.
👉 Schedule a strategy call with our team to find out just how we do it.
About the Author
Andrew D. White is the Director of Marketing at Bill Good Marketing, a firm with over 45 years of experience helping financial advisors scale their businesses. With deep expertise in advisor marketing, client acquisition, and retention strategies, Andrew specializes in creating high-impact campaigns that drive measurable results. His insights are grounded in real-world experience, working alongside top-performing advisors to refine prospecting, branding, and practice management strategies.
