Financial services are the companies and institutions that provide financial products like insurance, banking, investments and credit. They also help the government raise money through debt and equity markets. The industry is growing and changing fast. As a result, a career in financial services can be extremely rewarding. Phyton Talent Advisors works with many professionals in this sector, and they can attest to the fact that it offers competitive pay, excellent benefits, opportunities for advancement and a flexible work schedule.
The industry wasn’t always this all-encompassing. Historically, each sector of the industry stuck to its niche. Banks offered checking and savings accounts, while loan associations provided mortgages. Brokerage firms specialized in offering consumers investment opportunities in stocks, bonds and mutual funds. Credit card companies accounted for most of the credit-card business.
Today, however, financial services are becoming increasingly consolidated. The industry is also influenced by innovations such as the Internet and globalization. This makes it easier for consumers to access a wider range of financial products.
Insurance services are one of the most well-known types of financial services. These services provide protection against unforeseen events, such as medical expenses or property loss.
Financial services companies can be either for-profit or nonprofit. While the majority of for-profit financial service firms are banks, there is a large segment of the industry that includes nonprofits that provide counseling services and money management advice.