Putting Investors FIRST 


Surveys show...


...three out of every four investors are "most influenced" by an analyst report, and nearly nine out of ten believe, "legitimate fee-based research is objective and useful."

However, as traditional Wall Street coverage declines, more and more companies that are pledged to Good Governance and shareholder transparency now directly provide their shareholders with access to professional, credible, third-party analyst coverage from standards-based independent research providers.


What are those standards?  Which companies have adopted them?

The FIRST Research Consortium was formed as an Association of Standards-Based Research Providers to promulgate and publicize the “Standards for Independent Research Providers” to be used by investors in considering the credibility of a published or publicized research report, and by public companies in considering enrollment in a credible, professional program providing analyst coverage.

Now, every company can have coverage. If you are invested in a company that does not, this is a legitimate question to ask yourself and the company: “Why not?”


What can you do?

Begin by asking your company for access to its research. Then, make certain the research is from a standards-based provider that:

  • Is not conflicted as an owner or trader of the company's stock.

  • Employs and identifies qualified analysts.

  • Makes its research available to all classes of investors in a timely fashion, or discloses any prior distributions.

  • Provides no investor relations, public relations or promotion to companies under coverage.

  • Does not issue ratings or targets as recommendations or stock price predictors, or in the absence of a full, publicly accessible report.

  • Publishes its ethics and standards detailing how it maintains objectivity and independence from the companies it covers.

  • Provides full disclosure as to the compensation it has received, the source of that compensation, and that the compensation is not exorbitant.

The Official Bulletin...

"FIRST" is the Financial Independent Research Standards Task Consortium.