Financial services are the businesses that deal with the management of money. They include banks, insurance companies, credit card companies and stock brokerages.
Banks, which act as middlemen between depositors (people who have money) and borrowers (people who need money), are a crucial part of the financial system. Among their various duties, they help people keep track of their funds, make deposits, and lend them to others when they need it.
Brokerage firms and other intermediary companies are also part of the financial services industry, assisting people with transactions related to stocks, bonds, options, and mutual funds. They typically earn a commission when they sell and buy these securities on behalf of their clients.
Investment services are a subset of finance that includes things like hedge fund management, financial planning and retirement planning. These professionals often offer specialized training and are expected to stay up-to-date on the latest developments in their field.
Insurance is an important piece of the financial services industry as well, protecting people’s assets from things like loss and theft. The brokers who search for and negotiate rates are also a part of this industry, as are the underwriters who create policies and pay out benefits.
The financial services industry is a large one, with many different types of jobs and opportunities for employees to grow their careers. It is a challenging and exciting sector that offers endless possibilities for those who are interested in helping others.