Business model still elusive for independent shops
By some estimates, there are 300 to 400 independent research firms, and the fact remains that most of them are struggling. The only ones that seem to be really thriving are a handful of big names, such as Morningstar, S&P and Bank of New York's Jaywalk. The bubble seems to be bursting before it really even grew. No seems to have a winning business model figured out, and the Gradient news certainly does not help. Basically, even though the research may be independent, that doesn't mean the likes of Fidelity are going to pay for it.
> Here's an Investment Dealers' Digest article. (for FierceFinance readers)
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