Michael Joyce, Agili President
Agili is happy to announce that Michael Joyce was included in the Forbes ranking of Best-In-State Wealth Advisors, released on April 3, 2024.
Criteria for Inclusion in Forbes Best-In-State Wealth Advisors Ranking
Below is a general description of the criteria required for inclusion in this list:
“The Forbes ranking of America’s Top Wealth Advisors and Best-In-State Wealth Advisors, developed by SHOOK Research, is based on an algorithm of qualitative criteria learned through telephone, virtual and in-person due diligence interviews, and quantitative data such as revenue trends and assets under management. The algorithm additionally weighs factors such as service models, compliance records and industry experience, and focuses on those that encompass best practices in their approach to working with clients.
All advisors that are considered have a minimum of seven years experience. Portfolio performance is not a criterion due to varying client objectives and lack of audited data. Neither Forbes nor SHOOK receive a fee in exchange for rankings.”
More specific criteria for inclusion are listed below:
Basic Requirements
- 7 years as an advisor
- Minimum 1 year at their current firm, with exceptions such as acquisitions
- Advisor must be recommended, and nominated, by their firm
- Completion of online survey
- Business that is conducted with individuals is evaluated
- Acceptable compliance record
Quantitative
- Weightings assigned for both revenue and production data
- Assets under management—and quality of those assets—both custodied and a scrutinized look at assets held away (although individual numbers are used for ranking purposes, we publish the entire team’s assets)
- Client-related data, such as retention
- Portfolio performance is not a factor (audited returns among advisors are rare, and differing client objectives provide varying returns)
Qualitative
- Telephone, virtual, and in-person meetings with advisors (telephone interviews are required; if an in-person meeting cannot be accomplished, exceptions are considered in which the interview will occur after a ranking has been published)
- Advisors that exhibit “best practices” within their practices and approach to working with clients
- Compliance records and U4s: Some “dings” can be overlooked such as 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 from leadership.
- SHOOK measures client “impact,” a proprietary indicator that measures the difference advisors make in the lives of their clients.
- Advisors that provide a full client experience: service model; investing process; fee structure; breadth of services, including extensive use of firm’s platform and resources (e.g. liabilities); credentials (years of service can serve as proxy); use of team & team dynamics; community involvement; discussions with management, peers, competing peers; telephone, virtual, and in-person meetings.
On April 3, 2024, Forbes/SHOOK Research released its list of 2024 Best-In-State Wealth Advisors. The ranking is based on current information submitted regularly by Agili. Agili did not pay to participate in this ranking. Agili’s inclusion in this list is no indication of future investment performance.