Financial services are a massive industry that impacts the lives of everyone in a myriad of ways. It’s not all about Wall Street, brokers and banks, it also includes insurance, mortgages, credit card companies, investment firms and more. It can be hard to know where to start when trying to figure out the different types of jobs in this field, so we’ve outlined four key areas for you to consider.

Banks

This includes the major banks, which are essentially big business conglomerates that offer all the traditional banking services such as checking and savings accounts, lending, mortgages and investments. Smaller financial services providers also exist, which tend to be more local and offer a more personalized approach to banking.

The banking sector is incredibly important to the economy, as it provides loans and other necessary funds for businesses. Additionally, it acts as a safeguard for consumers, providing protection against loss and helping them through difficult times.

Insurance

The financial services industry is full of different kinds of insurance, from health to car to life insurance. This is a very important part of the industry, as it helps individuals protect themselves against unforeseen events and losses. Insurance is also a service, as the brokers who search for rates and the underwriters who create the policies are both providing a valuable service to their customers.

Wealth management

This is a broad category that encompasses the advisory and brokerage services offered by investment banks to their high-net worth clients. This also includes private banking, which is a specialized type of investment bank that caters to wealthy families and individuals with tailored portfolios.

Debt resolution

This consumer service is for people who wish to settle debts owed on personal or commercial loans and credit cards. This is usually done through a debt resolution company, which will negotiate with creditors on behalf of the consumer to reduce the amount owed or even cancel the debt altogether.

Conglomerates

Traditionally, each type of financial service existed as an independent business. For example, banks provided a place for their customers to hold their money, loan associations offered mortgages and auto loans, while brokerage firms gave investors opportunities to invest in stocks, bonds and mutual funds. Today, however, many financial services conglomerates exist, where a single company owns and operates multiple types of the same business. For instance, banks may acquire insurance companies and credit card companies to expand their offerings to their current customers. This also allows them to gain a more holistic view of their customer base and to increase profitability by offering more products and services. Additionally, it reduces the likelihood of the company having to pay out compensation in the event that one of its subsidiaries fails.