The three pricing models in institutional research
If you are doing any volume of primary research in 2026, you are navigating between three fundamentally different cost structures: per-call expert networks like GLG and AlphaSights, subscription transcript libraries like Tegus and Third Bridge, and per-transcript marketplaces like Transcript-IQ.
Each has a genuine use case. None is universally superior. The mistake most research teams make is defaulting to whatever model their largest competitor uses without running the actual numbers for their own research volume.
This article runs those numbers.
Expert networks: the per-call model
GLG, AlphaSights, and Guidepoint charge in two ways: an annual platform fee (typically $10,000 to $30,000 per seat, depending on tier) and an hourly rate for expert time ($300 to $800 per hour for senior practitioners, $800 to $1,500 for C-suite).
The output of a typical call is an analyst's notes — not a transcript. Some platforms offer transcription as an add-on; others offer lightly edited summaries. The quality of the output depends almost entirely on the quality of the person taking notes during the call.
For teams running 50 or more expert calls per year per seat, the platform fee amortises reasonably well. For teams with lower frequency, the overhead becomes punishing. A team running 10 calls per year per seat is paying $1,000 to $3,000 per call in platform fees alone, before the hourly rate.
Subscription libraries: Tegus and Third Bridge
Tegus and Third Bridge both offer large, searchable transcript libraries behind annual subscription fees. Tegus pricing typically starts around $15,000 per user per year for individual access, with enterprise arrangements negotiated for firm-wide access. Third Bridge Forum operates on similar economics.
Both platforms offer genuine advantages for high-frequency users. The libraries are deep — Tegus in particular has tens of thousands of transcripts across most major sectors. Search and discovery is well-built. Compliance workflows are established. If your team reads 30 to 50 transcripts per user per month, the per-read cost on a subscription falls below $50, which is hard to beat.
The challenge is break-even. At $15,000 per year, a user needs to read 43 transcripts per year just to match the per-transcript pricing on Transcript-IQ. At lower frequency, the subscription becomes expensive shelf space.
Per-transcript: the Transcript-IQ model
Transcript-IQ charges per transcript: $349 for Standard (Director-level), $449 for Premium (VP-level), and $599 for Elite (C-suite). There is no platform fee, no minimum commitment, and no subscription.
Every transcript is MNPI-screened and delivered as a portable PDF — not locked inside a proprietary platform. You own the document outright at the point of purchase.
The model is explicitly designed for teams with episodic research needs: PE associates working deal-by-deal, consulting teams that front-load primary research at the start of an engagement, research analysts building a new thesis position in an unfamiliar sector.
Running the numbers
Let's compare three scenarios for a two-person research team over one year.
Scenario A: 5 transcripts per person per month (120 per year)Tegus subscription: ~$30,000 for two seats ($250 per transcript)Transcript-IQ: ~$52,800 at average $440 per transcriptWinner: Tegus by a meaningful margin.
Scenario B: 2 transcripts per person per month (48 per year)Tegus subscription: ~$30,000 ($625 per transcript effective cost)Transcript-IQ: ~$21,120 at average $440 per transcriptWinner: Transcript-IQ by approximately $9,000.
Scenario C: 1 transcript per person per month (24 per year)Tegus subscription: ~$30,000 ($1,250 per transcript effective cost)Transcript-IQ: ~$10,560Winner: Transcript-IQ by nearly $20,000.
The break-even point sits at roughly 25 to 30 transcripts per user per year. Below that, the subscription model is almost never cost-efficient unless it's being used for non-transcript features like expert scheduling or custom research.
The break-even point sits at roughly 25 to 30 transcripts per user per year. Below that, the subscription model is almost never cost-efficient, regardless of which platform you choose.
What the numbers miss
Cost is not the only variable. Tegus and Third Bridge have larger libraries — if you need a transcript on a very specific sub-sector company and it already exists in the Tegus library, that's a real advantage that per-transcript pricing cannot replicate instantly.
Transcript-IQ addresses this through custom commissioning: if the library doesn't have what you need, you can commission a bespoke expert call for $599, delivered within five to seven days. For teams that previously relied on the breadth of the Tegus library to cover niche requests, custom commissioning closes most of that gap at roughly the same cost as a single Tegus transcript on a per-read basis.
The honest conclusion: if your team's research volume is high and predictable, a subscription platform makes sense. If your volume is episodic, deal-driven, or project-based, per-transcript pricing will almost always produce better economics — and a more flexible workflow.