What you are buying, what the licence lets you do with it, and what this is not. Written to be read by the person whose job is to check it.
A document, or a year of documents. Not advice, not a service, not access to a person. Every report is published in five artifacts, and every tier receives all of them: the full report; the Tier-1 snapshots, a page per covered name; the executive summary, which is free to everyone; the adviser one-pager; and the client rendition, written for the end client.
The content is identical in every tier. Tiers differ in how many people may read and whether the client version may be handed on. Nothing is written for one buyer, at any price. More than about 25 advisers at one firm: ask, and we will quote.
$500 solo, one named adviser. $1,500 firm, everyone at the firm. Both include the right to hand that report's client version to your own clients.
$1,500 solo, $4,500 firm. Every report published that year, and the right to hand on every client version published that year.
$300 a year, for the individual subscriber. No redistribution right.
The words. We publish impersonal research: the same research to everyone who buys it.
A licensed firm may give the client rendition of a purchased report to its own clients and prospective clients — on paper, by email, or through a client portal, without limit on the number of clients and without further payment.
Add your firm's name, logo and contact details. Do not change, cut, reorder, re-title or annotate the text, or present extracts as the whole.
The disclosure footer is part of the document.
Not to other advisers, not to the public, not behind a paywall of your own, and not to a list you do not control.
The report, the snapshots and the one-pager are for licensed seats only and are not redistributable. Nothing may be resold, republished, posted publicly, used as training data for a model, or used to build a competing product.
Fourteen days, in full, no questions asked. Email and it is returned. You keep nothing — delete the files — but we do not ask you to prove it, and we do not ask why. Beyond fourteen days an annual licence is not pro-rated. A report that is corrected after you buy it is corrected for you at no charge, and you are told.
Finnacl Research is not an investment adviser and does not give investment advice. The research is impersonal: identical for everyone who buys it and tailored to no one's circumstances, objectives or portfolio. It says what filings state, what statutes say, what happened historically and what the market currently prices. It does not say what any reader should hold.
We publish under the publisher's exclusion of the Investment Advisers Act of 1940, §202(a)(11)(D). We accept no payment from any issuer for coverage, carry no advertising, disclose the author's positions in every report, and do not trade any security named in a report in the thirty days before or after publication.
Every figure carries its source and its as-of date. Markets move and dated figures go stale — that is what the date is for. Research is supplied as it is, and we do not warrant that any figure will remain true, or that any market will do anything.
What we do warrant is the process: when a published number is wrong it is corrected at its source, the correction is printed with the old figure quoted, and every copy that carried it is named. We do not edit silently. If a correction is material to something you did, tell us and we will say so plainly to anyone you need us to.
An annual licence runs twelve months from purchase and does not auto-renew into a charge you did not expect: you are emailed before it lapses and you choose. Cancel at any time by replying to any email from us. Your email address is used to deliver what you bought and to publish the newsletter. We do not sell, rent or share the list. Unsubscribing ends the newsletter and not the licence.
We measure how the research is used, at firm level. When you open the library we record your firm (the domain of your email address), which report was opened and when, and a scrambled identifier that lets us count how many people at your firm are reading without storing anyone's address. We use it for two things: deciding what to publish next, and knowing whether a licence is being used before it comes up for renewal.