Tuesday, April 23, 2013

Thrifty Thinking: TipRanks

TipRanks is a free tool that provides unbiased information about the reliability, accuracy and track record of those who provide sell-side advice. Uri Gruenbaum developed TipRanks because he was tired of personally losing money following folks online who were giving out unreliable advice. He felt there was a way technology could fill this glaring need in the marketplace and his company’s Financial Accountability Engine™ now brings accountability, objectivity, and transparency within the business of stock picking and analyst reports. TipRanks is proudly unaffiliated with any investment firm. When downloaded, TipRanks opens up anytime you are viewing financial text online. To learn about a particular individual and his advice, all you have to do is highlight his name with the cursor.
I interviewed Uri to learn more about the app.

What was the driving force behind creating TipRanks?
It wasn’t a labor of love, that’s for sure.  It was a labor of frustration. I personally researched and developed the idea of TipRanks in response to many failed recommendations of people I relied on for financial advice.  I took on the task of virtually “following” various advisor’s stock recommendations for lengthy periods. It was a long and tedious process to perform the necessary measurements and comparisons. But it proved to me there was a problem shared by many that perhaps technology could address.  It turns out there was a glaring need in the marketplace for a mechanism to inform and educate the individual investor regarding financial advice when deciding to buy, sell, or hold a stock.
How does it work?
TipRanks’ Financial Accountability Engine™ is a free, cloud-based technology that scans and extracts relevant public web information and can virtually “follow” financial recommendations. You download it from our website (www.tipranks.com) as a co-browser. When TipRanks is opened, you are able to see the measured performance (accountability report) of anyone who provides financial advice by simply highlighting his or her name with the cursor.  You’ll can search for any particular stock and see what top performing analysts say about it. You also have available real time recommendations on a particular stock made by the top ranked analysts.

 What types of consumers will benefit from TipRanks - is it just for heavy investors?
It is for anyone who invests in the stock market. We target individual investors of any size. Most heavy investors pay services to assist them in making their choices to invest. TipRanks is unique due to the fact it is free and NOT affiliated with any financial institution or analyst firms. 

Why is TipRanks important?
For the first time, individual investors will be provided unbiased information about the reliability, accuracy and track record of those who provide sell-side advice.  Our mission is to protect the individual investor from underperforming financial experts and to hold those who provide financial advice accountable for their recommendations. TipRanks provides answers to the most basic questions regarding anyone providing financial opinions.  Who are they?  Are they reliable and accurate?  What is their track record?  Are there better opinions out there?  And, the most important question - should I listen to this particular person?

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