Financial services are a vital part of our economy. Whether you work for a bank, credit card company or insurance firm, financial services help people and businesses manage their money.
It’s a great industry for people who are driven to make an impact in the world and want to do something that has meaning. This is an extremely competitive industry, and you can expect to be challenged as you develop your skills.
The financial services sector is responsible for a country’s overall economic health. When a country’s financial system is strong, consumers have more confidence and spending power. When it’s weak, it can cause a downward spiral in the economy.
In the United States, an insurance agent differs from a broker. A broker is a representative of an insurance carrier, while an insurance agent represents the insured and shops around for policies.
Investment banks – Unlike traditional banks, investment banks focus on helping businesses raise capital. They provide a variety of services, including mergers and acquisitions, debt and equity financing, restructuring and asset management.
Private banking – Financial services firms that offer banking to high-net-worth individuals. They can also include services such as currency exchange and wire transfer.
Advisory services – These firms (or departments within a larger entity) service clients with financial advisers who serve as both a broker as well as a consultant.
Financial services companies are constantly changing to reflect the needs of consumers. This is especially true as technology advances and the number of financial services firms that operate entirely online increases.