Forbes Names Stokes Family Office Top RIA Firm For Third Consecutive Year

Forbes ranks Stokes Family Office (SFO) #83 out of the top 250 investment advisory firms nationally in 2024. SFO has been honored in the top 100 for three consecutive years.

NEW ORLEANS, Oct. 8, 2024—Stokes Family Office, LLC, a 100% family-owned SEC registered investment adviser* located in New Orleans, announced today that it has been named to Forbes’ 2024 list of America’s Top Registered Investment Advisory (RIA) firms. The firm is passionate about a client-first, relationship-building strategy, and with $1.9B in assets and three consecutive top 100 rankings, it is clear that this approach is achieving outstanding results.

“Our principles are to have an innovative mindset and to measure relationships in decades,” said Doug Stokes, Managing Partner at Stokes Family Office. “As a 100% family-owned business with no outside investors or shareholders seeking immediate results, we can focus on serving our clients with a long-term mindset while being nimble enough to make changes that add value to clients in the short term. The growth of the firm and the recognition by Forbes/SHOOK is further affirmation that we continue to move in the right direction.”

The third annual Forbes/Shook Top RIA list has 250 advisory firms with cumulative assets of more than $1.6 trillion and highlights firms that have strong track records when it comes to stewarding client wealth and preserving it for the long term.

“As investors navigate the fraught market landscape, they turn to registered investment advisory (RIA) firms, which are legally bound by a fiduciary standard to work in a client’s best interest rather than for the highest commissions. But how does one choose between countless firms? It’s one thing to choose an advisor who works for a global brand, like a major bank. But how does one begin to choose amid thousands of independent firms? SHOOK is here to help. As the world’s only advisor research firm with a specialty in quality, SHOOK performs deep due diligence as the basis for its rankings,” the Forbes release article states.

*Disclosure: SHOOK is completely independent and objective, and does not receive compensation in exchange for placement on its rankings.

Forbes/SHOOK invited firms to apply for the ranking. The list is based on SHOOK Research’s in-person, virtual, and telephone due diligence meetings and a ranking algorithm that includes: a measure of best practices, client retention, industry experience, review of compliance records, firm nominations; and quantitative criteria, including assets under management and revenue generated for their firms (data as of 3/31/24).

*No compensation was provided either directly or indirectly by SFO in connection with obtaining or using this rating. See the full list here.

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Research Summary (as of October 2024)

• 46,212 nominations received, based on thresholds
• 25,103 invited to complete online survey
• 21,417 telephone interviews
• 5,246 in-person interviews at advisors’ location
• 1,545 virtual interviews

*Approximately 20% represent independent advisors.

About SHOOK Research

SHOOK is completely independent and objective and does not receive compensation from the advisors, Firms, the media, or any other source in exchange for placement on a ranking. SHOOK is funded through various sources, such as conferences and research partners. Since every investor has unique needs, investors must carefully choose the right advisor for their own situation and perform their own due diligence. SHOOK’s research and rankings provide opinions for how to choose the right financial advisor and not indicative of future performance or representative of any one client’s experience. Portfolio performance is not a criterion due to varying client objectives and lack of audited data. Remember, past performance is not an indication of future results.

About Stokes Family Office, LLC

Stokes Family Office, LLC is a 100% family-owned SEC registered investment adviser* located in New Orleans. As a fiduciary, the firm works on behalf of its clients through wealth management services, retirement plan consulting services, and family office services. The Stokes Family Office’s youthful leadership approaches the complexities of wealth management with fresh eyes, providing a modern, innovative point of view and radically transparent guidance from one clear and patient voice.

*Registration as an investment adviser is not an endorsement by securities regulators and does not imply that Stokes has attained a certain level of skill, training, or ability. 

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The SHOOK Process

SHOOK scours the financial services industry for nominations. SHOOK accepts advisors who meet pre-determined minimum thresholds and acceptable compliance records. As of this date, SHOOK has received nearly 46,212 nominations—advisors who meet SHOOK’s thresholds. 25,103 of these nominees have taken an online survey.

Unlike other advisor rankings, SHOOK is not a “robo-ranker”—numbers such as production and assets don’t tell the whole story, especially when much of the data is self-reported. SHOOK Research creates rankings of role models—firms that are leading the way in offering best practices and providing a high-quality experience for clients. A focus on both quantitative and qualitative factors, including telephone and in-person meetings, is imperative.

SHOOK Research is the only ranking firm that interviews firms and advisors via telephone and in person at the firm’s location.

Basic Requirements

• A minimum of 7 years as an advisor for 1 partner/principal
• Fully operational as a practice for a minimum of 1 year
• Must incorporate a fiduciary model
• Completion of online survey and interview with SHOOK
• Evaluations focused on wealth management
• Acceptable compliance record

Quantitative Metrics

• Revenues
• Assets under management—and the quality of those assets
• Client-related data, such as retention rates
• Portfolio performance is not a factor; audited returns among advisors are rare, and differing client objectives provide varying returns

Qualitative Metrics

• Telephone, virtual, and in-person meetings with firms (if an in-person meeting cannot be accomplished, exceptions are considered in which the interview will occur after a ranking has been published).
• Compliance records. Some “dings” can be overlooked (e.g., firm or product failure beyond the scope of an advisor’s due diligence; the older a ding, the less we look). Since there are many gray areas, the SHOOK team is willing to listen to a firm that is willing to stand behind the advisor with written support.
• Firms that provide a full client experience: Service model; investing process; fee structure; breadth of services (e.g., liabilities and other wealth management services)
• Credentials (years of service can serve as proxy)
• Use of team and team dynamics
• Community involvement
• Discussions with management, peers, and competing peers

Compliance Issues

The following conditions will be considered in order to lessen weightings infractions:

• Infractions that are denied or closed with no action
• Complaint arose from a product, service or advice initiated by a previous advisor or another member or former member of team
• Length of time since complaint
• Complaints related to product failure not related to investment advice (some limited partnerships, adjusted-rate securities, etc.)
• Complaints that have been settled (must be proven) to appease a client who remained with the advisor for at least one year following settlement date
• Complaints that are proven to be meritless
• Actions taken as a result of administrative error or failure by firm

Once an advisor’s compliance rating falls into a tenable category, the following conditions must be met:

• An advisor’s rating must be among SHOOK’s highest qualitative measures including in-person interview
• Letters of recommendation

Ranking Algorithm

The algorithm is designed to fairly compare the business practices of a large group of firms based on quantitative and qualitative elements. Data are weighted to ensure priorities are given to dynamics such as preferred “best practices,” business models, recent business activity, etc. Each variable is graded and represents a certain value for each measured component. These data are fed into an algorithm that measures thousands of firms against each other.

Forbes/Shook Disclosure

Data provided by SHOOK®Research, LLC. Data as of 3/31/24 Source: Forbes.com (October, 2024). Forbes America’s Top RIA Firm’s ranking was developed by SHOOK Research. RIA Firm refers to those that are registered directly through the SEC as a registered investment advisor, those that file their form ADV within a corporate umbrella, or recognized practice groups associated with such a firm under a corporate umbrella. Rankings are based on in-person, virtual and telephone due diligence meetings and a ranking algorithm that includes: a measure of each firm’s best practices, client retention, industry experience, review of compliance records, firm nominations; and quantitative criteria, including: assets under management and revenue generated for their firms. Investment performance is not a criterion because client objectives and risk tolerances vary, and advisors rarely have audited performance reports. SHOOK’s research and rankings provide opinions intended to help investors choose the right financial advisor and firm, and are not indicative of future performance or representative of any one client’s experience. Past performance is not an indication of future results. Neither Forbes nor SHOOK Research receive compensation in exchange for placement on the ranking. For more information, please see www.SHOOKresearch.com. SHOOK is a registered trademark of SHOOK Research, LLC.