The Financial services industry encompasses a vast array of professional firms offering a diverse range of products. Whether it’s banking, investments or insurance, these companies play an integral role in the economy and are crucial to the overall health of any country’s economic climate. While it may seem intimidating to enter such a competitive field, there are many opportunities for candidates to find their niche within the sector.
Banks – Provide depository services by collecting funds from savers and lending it to individuals who need capital to purchase goods and services, start businesses or fund other investments. These institutions are also responsible for assessing the creditworthiness of borrowers and setting interest rates.
Consumer finance – This category includes companies that offer payment methods such as credit and debit cards along with personal and mortgage loans. Key players in this category include credit card companies such as Amex and Visa, as well as mortgage lenders such as TD and First Canadian.
Securities firms – Conduct research on stocks and industries to assist clients with investing. They also maintain a public stance on specific stocks and industries, primarily through their brokerage divisions.
Family office – Investment and wealth management firm that provides a high-net-worth individual or family with tailored financial services. Similar to private banking, these companies often require a minimum net worth to qualify for service. Advisory services – These firms serve as both an advisor and a broker for clients, offering advice on a variety of topics including taxes, retirement, and estate planning. They also help clients manage their portfolios through asset allocation strategies.