Financial services are the institutions, products and services that put money to productive use. So instead of people stashing their savings under their mattresses or borrowing to buy a car, they give it to intermediaries who might invest in the next big technology or allow them to purchase the latest home. These intermediaries vary by country but typically include central banks; deposit-taking organizations (including commercial and investment banks); credit unions or mutual societies; mortgage banks and companies; building society banks; and payment and clearing services for financial assets and negotiable instruments. Other intermediaries include investment firms, insurance and pension funds, factoring companies, hire purchase finance, leasing companies and money managers.
Asset management services are designed to optimise investors’ portfolios based on their goals and risk tolerance, as well as market conditions. They offer a broad range of options including diversified investments in real estate, loans, stocks and mutual funds.
Insurance services are a fundamental aspect of financial services, providing protection against unforeseen events. These services help individuals and businesses cover medical bills, personal accidents, property damage, business interruption and more.
If you’re looking to work in financial services, it’s important to network early on. But you also need to understand the industry’s landscape, which is constantly changing. Phyton Talent Advisors work with professionals in financial services every day, and we can confirm that career progression isn’t as linear as some other industries. Those who are quick-thinking and team players will flourish in this competitive sector, and there’s the opportunity to move up into high 5 figures very quickly once you have proven yourself.