Dalal Salomon Named as one of Forbes 2023 Top Women Wealth Advisors

Recent studies by Wells Fargo and Vanguard show that women tend to have a more disciplined approach to investing. Not only are women more patient and trade less than men—often leading to better risk-adjusted returns—but they are also more risk-averse when it comes to asset allocation. 

The seventh annual ranking of Forbes/SHOOK Top Women Wealth Advisors features 1,697 women collectively managing assets of nearly $2.3 trillion. Forbes’ list was compiled by SHOOK Research, which uses quantitative and qualitative data, including interviews, to rank advisors.

 

Methodology:
How We Rank

The Forbes ranking of America’s Top Women Wealth Advisors and Top Women Wealth Advisors Best-In-State, developed by SHOOK Research, is based on an algorithm of qualitative data, learned through surveys and interviews conducted by telephone, in-person and virtually to evaluate best practices, such as service models, investing models and compliance records as well as quantitative data, such as revenue trends and assets under management.

All advisors 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.

Advisors can complete a survey for upcoming rankings here.

Research Summary For All SHOOK Advisors (as of February 2023)

We don’t want 300,000 nominations so we set high thresholds to minimize the quantity we receive:

• 38,314 nominations received, based on thresholds (10,250 women)
• 22,106 invited to complete online survey
• 17,143 telephone interviews
• 3,453 in-person interviews at advisors’ location
• 1,361 web-based interviews

The SHOOK Process

SHOOK scours the financial services industry—banks, brokerages, custodians, insurance companies, clearing houses and others for nominations. SHOOK accepts advisors who meet pre-determined minimum thresholds and acceptable compliance records.

Basic Requirements For Top Women Wealth Advisors

• 7 years as an advisor

• Minimum 1 year at current firm, with exceptions such as acquisitions
• Advisor must be recommended, and nominated, by their firm
• Completion of an online survey
• Business that is conducted with individuals is evaluated
• Acceptable compliance record

Quantitative Metrics

• 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 Metrics

• 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)
• 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 difference advisors make in the lives of their clients.
• Advisors that provide a full client experience including 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 such as liabilities)
• Credentials (years of service can serve as proxy)
• Use of team and team dynamics
• Community involvement
• Discussions with management, peers, competing peers
• Telephone, virtual 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 such as limited partnerships or adjusted-rate securities
• Complaints that have been settled, which 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 from firm must be submitted

Ranking Algorithm

The algorithm is designed to fairly compare the business practices of a large group of advisors 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 advisors against each other.

Disclosures: *Please Note: Limitations. Neither rankings nor recognitions by unaffiliated rating services, publications, media, or other organizations, nor the achievement of any professional designation, certification, degree, or license, membership in any professional organization, or any amount of prior experience or success, should be construed by a client or prospective client as a guarantee that the client will experience a certain level of results if the investment professional or the investment professional’s firm is engaged, or continues to be engaged, to provide investment advisory services. A fee was not paid by either the investment professional or the investment professional’s firm to receive the ranking. The ranking is based upon specific criteria and methodology (see ranking criteria/methodology). No ranking or recognition should be construed as an endorsement by any past or current client of the investment professional or the investment professional’s firm. ANY QUESTIONS: Salomon and Ludwin, LLC’s Chief Compliance Officer remains available to address any questions regarding rankings and/or recognitions, including the criteria used for any reflected ranking.

Neither rankings nor recognitions by unaffiliated rating services, publications, media, or other organizations, nor the achievement of any professional designation, certification, degree, or license, membership in any professional organization, or any amount of prior experience or success, should be construed by a client or prospective client as a guarantee that the client will experience a certain level of results if the investment professional or the investment professional’s firm is engaged, or continues to be engaged, to provide investment advisory services.