Generally, financial services include all processes that help consumers and businesses acquire financial goods. These products include banking, insurance, investments, and consumer finance.
Some types of financial services include life insurance, retirement insurance, health insurance, casualty insurance, property insurance, and more. The benefits of these services are that they protect policy holders from natural calamities, and they reduce the risks associated with business conditions.
Another type of financial service is investment management. It involves managing an individual’s assets to achieve investment goals. There are many types of investment services, including wealth management, retirement planning, and hedge fund management.
The financial industry is highly dependent on IT systems. It is also regulated by the government. In the United States, there are many agencies that regulate financial institutions. These include the Financial Industry Regulatory Authority (FINRA) and the Office of the Comptroller of the Currency.
The United Kingdom has the Financial Services Authority. These regulatory bodies oversee many financial services. Depending on the country, the oversight may involve licensing, regulation, and supervision.
There are many types of financial services, including mortgage inspection, checking accounts, and more. These services enable individuals to buy and sell products and save money.
There are also a number of financial intermediaries. These may include securitizers, leasing companies, and investment firms. They may also offer personal credit. These providers are often called ‘financial advisors’, who serve as financial consultants to clients. They act as a broker by finding rates and negotiating for clients.