Recently I was asked to demo products concerning handling the vast amount of broker research our analysts get and also allow the ability to evaluate brokers for the content and recommendations that they provide.
During my preliminary research I demoed two products YouDevise and FirstCoverage. After the demos I was convinced that the best of these two products was YouDevise. While the products offered the same features my preference for YouDevise boiled down to two reasons.....
1.) YouDevise is free to Buy-Side firms while charging Sell-Side firms while FirstCoverage charges the Buy-Side and provides the technology free to the Sell-Side. Although FirstCoverage price is very affordable why pay for a very similar service when you don't have to. The way it was explained to me by YouDevise is that it only makes since that you would charge the Sell-Side considering that by the Buy-Side using the product they will be rewarded for the results of their research.
2.) A more customizable, friendly user interface. During my demo and free trial of FirstCoverage it became very apparent that it was difficult to get around and the amount of information provided was mind boggling. I felt this was a sharp contrast to YouDevise which I felt was much easier to navigate and get around. I also felt that YouDevise was more focused on allowing you to customize the information that you can sort by which I felt would be very beneficial to the way we trade.
The one draw-back that I could find when it came to You-Devise was the fact that the company is based in the United Kingdom. Due to this fact they do not have established relationships with all the US Research houses. According the gentleman who gave the demo they have had no trouble implementing the system in the brokers that they have dealt with in the states though.
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