Have you been contacted by an associate from Tegus inviting you to participate in paid consultation request? Wondering what’s involved, how much you can earn, or if this is a legitimate opportunity or a scam? Our comprehensive Tegus review will show you what to expect and how to land high-paying projects.
What is Tegus?
Tegus is an expert network, a type of firm that recruits and connects subject matter experts with clients doing deep research on a product, company or market. These experts are sourced from countless industries and at all levels of experience. They are typically former employees, customers, competitors, or key influencers of the business that the client is researching.
Tegus’s typical consulting project is a 45 – 60 minute call between the client and the expert, where the client wants to rapidly learn the ‘facts on the ground’ from people with significant hands-on experience. Working with expert network consulting with firms like Tegus can be an attractive source of extra income, since the firm offers high hourly rates, schedules calls at times that are convenient to the consultant, and projects are usually extremely concise with no preparation or follow up required.
While some expert networks have a broader client focus, Tegus works exclusively with investors, such as hedge fund and mutual fund managers, and venture capitalists. Tegus claims to have facilitated over 20,000 client calls on its website, and is currently arranging more than 900 each month. In an unusual twist on the expert network model, transcripts of most Tegus client calls are made available to its entire client base.
Tegus was founded in 2016 by Michael Elnick, a former AlphaSights associate, and his brother Thomas Elnick; the two serve as Co-Founders and Co-CEOs. The company raised a $90 million Series B funding round led by Oberndorf Enterprises and Willoughby Capital in November 2021 and $1.5 million in venture capital investment in 2017. In late 2021, the company acquired acquire BamSEC, a platform that makes it easy to access and work with SEC filings and earnings transcripts.
Tegus is based in Chicago, with a European office in Waterford, Ireland. The company has over 300 employees to service its more than 1,000 clients.
Is Tegus legitimate — or a scam?
A Tegus consulting request can sound too good to be true. A stranger reaches out to you on the Internet – often via LinkedIn – praising your expertise and offering to pay you hundreds of dollars an hour for simply having a brief phone call with their client.
While you should always be cautious about people reaching out with unsolicited offers (Tegus will never ask you for payment to participate in consulting projects!), Tegus is not a scam. It’s part of the rapidly growing expert network industry that encompasses nearly 200 firms around the world which are collectively soaring past $2 billion in annual revenue. If you’re looking for a way to leverage your experience and expertise, an invitation to work with Tegus may be your entryway to the easy and lucrative world of expert network consulting.
What to expect if you consult with Tegus
Tegus employs a small army of recruiters who spend their days searching for experts who fit the criteria for client project requests. LinkedIn is their favorite hunting ground, so if your profile seems to match what they’re looking for, they’ll often reach out via LinkedIn messenger, email or a phone call to introduce you to Tegus and provide a brief overview of the consulting opportunity.
If you’re interested and look like a fit, you’ll be asked to create a profile on the Tegus platform and answer a few short screening questions about your qualifications for the project, which generally requires a few sentences about your relevant work experience knowledge of and relationship to the subject of the call. You’ll also be asked a few yes/no compliance questions to ensure that you are permitted to speak about this topic and meet the compliance requirements set by both Tegus and the client. You’ll then have the opportunity to set your Tegus hourly rate (more on that in a moment!) and provide a list of times for a client call that are convenient for you. Getting set up with Tegus should only take 20 – 30 minutes of your time, and then you’ll only need a few minutes to respond to additional consulting project invitations in the future.
The Tegus associate will then present your profile, screening answers, rate and availability to the client. If they’d like to speak with you, the associate will send out a calendar invite for the call. From initial contact to client call often takes less than one week. Don’t get discouraged if you’re not selected for the first project that you apply for – landing about 1/3 of the relevant projects that you respond to is typical with expert networks. Refining your profile and answers to screening projects can help improve your success rate.
Tegus has an unusual business and pricing model for its clients. For most calls, the client just pays a $75 markup on the expert’s consulting fee; this compares to rates of $1,000 or more for a consulting call at firms like GLG. This fee includes sourcing and managing the expert, compliance checks and monitoring, and recording and transcription.
Tegus earns most of its revenue by selling access to its platform, that includes a rapidly growing library of over 20,000 client call transcripts. Approximately two weeks after your call, the transcript will be published and available to all Tegus clients on its platform. (Access to the platform starts at roughly $20,000 per year so transcripts are not shared publicly!) Your employment history and bio will be included in the transcript, but your name will be redacted. You do not receive any additional compensation for other clients accessing the transcript of your call. (Arbolus and proSapient offer clients access to similar transcript libraries, also without additional compensation to the expert, while Stream by Mosaic has an even less attractive compensation model for some calls – $0.)
Tegus Hourly Rates
How much should I ask for? How much can I ask for?
Expert networks like Tegus often pique your interest by touting hourly rates in the hundreds of dollars or more, and the ability for you to name your own price. Some in-demand experts, like Fortune 500 executives or specialized surgeons, do regularly command $1,000 hourly rates or even higher. However, for those whose resumes aren’t quite platinum-status yet, you’ll generally want to aim for typical bands within the industry.
For non-managers or people earlier in their career, a $100 – $200 hourly rate is usually the starting point. Your Tegus hourly rate can quickly climb to $200 – $350 for director-level employees or professionals with strong credentials, such as doctors or engineers. Vice Presidents and C-level executives at mid-sized firms can often achieve $500 hourly rates or a bit more. The typical rate for Tegus consultants is $300 per hour, according an interview with the Co-CEO. Rates are pro-rated to the length of the client call, so a 45 minute call will only yield you 75% of your hourly consulting rate, while your meter keeps running on a good conversation that extends beyond an hour.
Keep in mind that scarcity certainly plays a role in your rate and odds of being selected for a project. If the client wants to speak with users of a popular software package where hundreds of potential experts can easily be sourced, you may be passed over for lower cost consultants. However, if the client wants to speak with senior finance managers who recently worked at a particular company you may be the only game in town and have leverage to command a higher rate.
You may want to set your rate towards the lower end of your target band until you’ve landed your first couple of projects and established a reputation. It’s then easier to negotiate a higher hourly rate with Tegus for future projects.
How to ace your Tegus consulting call
Client calls tend to be easy and engaging conversations. It’s always nice to be considered an expert in something, and things that can be banal to you, such as how you set budgets or make purchasing decisions, can be valuable information to clients that generates unexpected enthusiasm!
Most client calls are centered on a particular company, industry, or product. The client is not expecting you to prepare a presentation or deliverable for the call; they are looking to rapidly download industry knowledge via your many years of experience. You can expect that clients have done their own basic research, reviewed publicly available information, and perhaps heard a management presentation prior to speaking with you. They have come prepared with specific questions to confirm or clarify aspects of the business.
Oftentimes, the client is researching a particular company, especially those with a recent IPO, major announcement or volatile stock price. The client will be eager to learn your honest opinion about the company’s prospects, ability to execute, and management quality. Common questions will be about how the target company compares to its competitors, product and feature differentiation, pricing strategy, quality of management, etc. These types of calls will often resolve around your former employer or a major vendor that you worked with frequently, with emphasis on the key factors influencing your decisions.
You should have an easy time answering the questions during the call – the client often wants to learn about something you’ve been doing regularly for years.. Even so, you may not have all the answers, or know figures off the top of your heads. Be honest and say you don’t know, and you should never make up answers. Clients are usually quite skilled at parsing fact from fiction, and manufactured answers can quickly result in a short call, if not a short career with an expert network.
It’s important to note that you will never be asked to share non-public or proprietary information during a client call, and doing so can be illegal in more extreme cases. One of the key responsibilities of expert networks is to ensure that improper information isn’t exchanged on a client call, with both parties bound by strict compliance standards (which you will receive prior to the call). All client calls are recorded by Tegus and reviewed by its compliance team (and often the client’s compliance team as well) to ensure that no improper information is shared. Clients are often very well versed in compliance requirements and strictly adhere to them so they are not prohibited from pursuing an investment idea or.
Tegus payment options include ACH (US-only), wire, physical check, or PayPal. After you complete a call, you will be prompted to provide payment preference and details. (Be wary of anyone asking you to provide account information prior to your first call – be sure to confirm that they are indeed a Tegus employee.). Payments are issued within 15 days of the client call.
Now that you’re a part of the network, you will periodically be contacted for participation in new projects, especially as you build a history of completing successful client calls.
Expert networks are a great way to capitalize on your experience. If you’ve been contact by a Tegus associate, you’ve already been identified as a good potential fit for an active project. Otherwise, Tegus does not offer online registration but you can contact Tegus here to express your interest in working with them.