Recognition that Chuck Bean and Heritage Financial have received has been subject to strict criteria. Details on each acknowledgement and award is listed below.

Barron's Top 100 Independent Wealth Advisors

According to Barron’s, the Top 100 is based on a 102-question survey that queries advisors about everything about their practices – from the investments they favor to the number of clients they serve and the size and structure of their staffs. The ranking formula is based on three general categories of factors: assets, revenue, and quality of practice. There are multiple factors and calculations in each of these categories.

Forbes Best in State Wealth Advisors

According to Forbes, those advisors that are considered have a minimum of seven years’ experience, and the algorithm weights factors like revenue trends, assets under management, compliance records, industry experience and those that encompass best practices and their approach to working with clients. Neither Forbes nor SHOOK receive a fee in exchange for rankings.

Basic Requirements

  • 7 years as an advisor.
  • Minimum 1 year at current firm, with exceptions (acquisitions, etc.).
  • Advisor must be recommended, and nominated, by Firm.
  • Completion of online survey.
  • Over 50% of revenue/production must be with individuals.
  • Acceptable compliance record.

Quantitative

  • Revenue/production; weightings assigned for each.
  • 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 and in-person meetings with advisors (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 & u4s. 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 from leadership.
  • Advisors that provide a full client experience:
    • Service model
    • Investing process
    • Fee structure (higher % of fee-based assets earns more points)
    • Breadth of services, including extensive use of Firm’s platform and resources (eg, liabilities)
  • Credentials (years of service can serve as proxy).
  • Use of team & team dynamics
  • Community involvement
  • Discussions with management, peers, competing peers
  • Telephone and in-person meetings

U4/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.

  1. An advisor’s rating must be among SHOOK’s highest qualitative measures including in-person interview.
  2. Letters of recommendation from firm. 

Forbes List of America's Top Wealth Advisors

The ranking, developed by Forbes’ partner Shook Research, is based on in-person and telephone due-diligence meetings and a ranking algorithm for advisors who have a minimum of seven years of experience. Client retention, industry experience, compliance records and firm nominations as well as quantitative criteria such as assets under management and revenue generated have been considered for the ranking.

Charles Schwab & Co. Best in Business Impact Award

Selected from among applicants all across the nation, Heritage was recognized for its:

Remarkable growth: In the past five years, Assets Under Management (AUM) have grown by 80 percent to more than $1.3 billion;

o High client retention rate of 99 percent;

o Innovative use of technology, including mobile-friendly tools for clients; and

Comprehensive wealth management offerings, spanning investment management, cash flow and financial planning, income tax planning, retirement planning, philanthropy and estate planning.

Financial Advisor Top RIA List

This is an annual ranking that uses advisor assets under management (AUM), percentage growth in AUM, average assets per client, percentage growth in assets per client, and percentage change in number of clients as the criteria to find the top RIAs in the country.

Financial Times Top 300 RIA

According to Financial Times, this list is based on six broad factors, including advisor’s assets under management (AUM), asset growth, the company’s age, industry certifications of key employees, SEC compliance record and online accessibility.

Barron's Top 1200 Wealth Advisors

According to Barron’s, these rankings are based on assets under management, revenue produced for the firm, regulatory record, quality of practice and philanthropic work. Heritage does not receive any compensation to or from any person, firm or media in exchange for placement on a ranking.