In order to understand what is the Financial Services Sector, you have to understand where it is located. The UK Financial Services sector is the collective term for the financial and banking industry. Because there are so many sectors that encompass this global business environment, there is a term to describe these industry groups.
Financial services do not have a singular place of employment. In order to understand the financial sector, you must understand the ‘services’ that are offered. That being said, the financial sector can be broken down into two main segments. These two parts are financial planning and financial services.
The financial services sector covers many different things
One of the more common activities within the sector is the provision of products and services to consumers. This sector can cover insurance, banking, accounting, wealth management, life and investment management, credit cards, retail banking, mutual funds, investment management, insurance brokers, insurance agents, market making firms, and even consultants. A personal financial planner can also be in the financial services sector.
Of course the most common activity within the financial planning segment is investing in financial products. Financial products range from stocks, shares, bonds, and precious metals to Forex trading and foreign exchange. There are many other financial products to include in the financial planning segment.
Another sector within the financial services sector is banking. Although the banks are a relatively small segment of the financial services sector, the banking sector has become quite large in recent years. Banks and financial services are often closely related.
The Financial Services sector consists of a number of multinational companies
The most popular multinational financial services firms are JP Morgan Chase, Citibank, Bank of America, HSBC, Standard Chartered, Credit Suisse, and Lloyds TSB. There are also international banks such as Deutsche Bank, HSBC, and Unicredit. Many of these firms also offer financial planning services. These companies operate in every country in the world.
Financial companies such as banks and brokerage firms provide many services. These services range from investment banking and brokerage, investments, investment management, finance and accounting, treasury and investment banking, asset management, treasury operations, risk management, market research, risk management, money markets, and international finance. Many of these companies also offer financial advice and financial planning services.
Financial planners are usually affiliated with one of the larger financial services firms
Financial planners are also part of the largest professional organizations. The Financial Planning Association, the Financial Planning Council, the British Association of Financial Advisers, and the British Insurance Brokers Association are all associated with the Financial Services sector.
However, there are also smaller financial advisory firms that cater to individual clients. The Financial Advice Bureau and the Financial Advice Service both work for a variety of purposes. The Financial Advisers Association (FAA) provides general information on advising and lending advice and the FAA also provides information on employment issues in financial advising.
Financial advisors are trained professionals that assist individuals and families in making sound financial decisions. Individuals and families can obtain independent financial advice from financial advisors and some financial advisors work for the same financial advisory firm. Because financial advice involves issues such as investments, mortgages, loans, insurance, pensions, retirement planning, taxation, estate planning, and personal finance, many advisors will work in a variety of areas. The person providing financial advice will work with clients to provide advice, and then work with the client to create a personal financial plan.
Because the financial services sector isso large, you will find there are many financial planning, investment, accounting, and other related businesses throughout the United Kingdom. The following are some of the other large organizations in the financial services sector:
There are other small but very important firms in the financial services sector as well. If you are looking for information on financial advisors and others involved in financial planning and investment management, you can contact the Financial Services Association for more information.