The traditional brokerage business model is broken. High fees on trades. Charging for “insights” and “research”. Changing regulations.
The internet happened - this means access to information for normal people increased massively.
No longer do you have to walk to the local Moody’s office to look at financial statements. That used to be a thing.
Majority of financial research is wrong - say financial researchers.
Also, there’s bias everywhere. Incentives drive stuff around the world.
“Show me the incentive and I will show you the outcome” - Charlie Munger (Berkshire Hathaway)
So, if you come across an analysis of a company, use it with a grain of salt. There’s nothing wrong with reading.
In addition, a bunch of equity research jobs are not safe. Technology happened. Traditional way of researching companies is not scalable. This is just an example.
But most stocks traded around the world are likely to not be covered.
Abandon the sinking ship 
And now this:
The SEC announced the extension in a Monday statement, saying American securities firms can adhere to a European requirement that brokers charge clients separately for analysis until at least 2023 and not run the risk of getting sued by the U.S. regulator. Relief that the SEC had granted the industry in 2017 was set to expire in July of next year.
The agency’s move is its latest effort to blunt the impact of the European Union’s revised Markets in Financial Instruments Directive, or MiFID II. American brokerages have warned that breaking out the cost of stock and bond analysis would seriously threaten their research businesses.
Source - Bloomberg - Are you a robot?
Also, apparently, the majority of research is not read - not surprisingly, although the evidence is anecdotal.
But research for financial brokers is an excuse to charge clients more.
A lot of research is done to move markets, so people trade through the same brokers and generate fees for… brokers.
The oracle’s lesson 
is to do own homework 
Again, most stocks traded around the world are likely to not be covered by any analyst.
So, try to do your own homework. Who needs a USD 20k-a-year Bloomberg Terminal? (…I still want it!)
“You really should not make decisions in securities based on what other people think” - Warren Buffett
…
“You cannot get rich with a weather vane” - also Warren Buffett
