Types of Financial Services

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Financial services are the economic services provided by the finance industry, which encompasses a broad range of service sector firms that provide management of money and financial intermediation. They include deposit-taking, loan and investment services. They also include debt and securities market utilities, cash management firms, leasing companies, credit-card companies and diversified financial services conglomerates.

The main types of financial services are banking, investments and insurance. The banking segment is made up of retail and corporate/commercial banks. Retail banking is focused on individuals, providing accounts and a variety of credit products. Corporate/commercial banking provides services to small businesses and large corporations. It underwrites debt and equity for companies seeking capital for expansion, mergers or acquisitions. These institutions often manage portfolios for investors, focusing on risk and return.

Investors rely on the financial services industry to invest their money in stocks, bonds and other asset classes. These services are a vital part of the economy, helping people build their retirement savings and fund their children’s education. These companies also provide a number of other services, such as clearing houses and payment systems.

Insurance companies offer a wide variety of insurance products to protect families, business owners and employees against unforeseen events. These products can include health, home, auto and life insurance. They can even cover lost income in the event of a job loss or bankruptcy.

With so many different areas of the finance industry, it can be difficult to decide which career path is right for you. At Phyton Talent Advisors, we work with professionals in this field every day and we know firsthand that a career in financial services is not only financially rewarding but also offers great job security and a good work/life balance.