Whether you need help with your mortgage, an investment account or advice on managing money, chances are there is a financial services company in your neighborhood. The industry includes thousands of depository institutions, providers of investment products, insurance companies, credit and financing organizations, and the critical financial utilities that support them. The sector also includes nonprofits that provide counseling services and other financial management advice.
One of the barometers of economic growth is a vibrant capital market. This is due to the availability of financial services that enable a company to raise funds from the public and invest it in its production activities for higher profits.
Other financial services include hire purchase finance that enables consumers to buy goods through an installment payment plan rather than in cash. This enables consumers to diversify the use of their funds and ensures economic dynamism.
There are many specialised financial services such as asset management that manages pensions, insurance assets and hedge funds. There is the brokerage service that provides the ability to trade securities and other instruments on behalf of clients. Other specialised services include prime brokerage which is an exclusive type of bundled broker service for high net worth individuals and institutions.
It is a well known fact that people with greater control over their personal finances are healthier and happier than those who don’t. In addition, they are better prepared to deal with unexpected events and are more likely to save for the future. However, it is not always easy to achieve financial wellness.