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We can assist you in the planning of new strategies, meeting and exceeding financial goals. In addition we'll keep you up to date on any changes in financial regulation, whilst helping you to meet customer expectations.
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Financial services deal with the management, investment and making of money for organisations and people.
For example: helping individuals to save for the future or even trading shares through the stock market.
The most commonly known and used financial services are banks, in which we deposit our money.
However, the money that we deposit in a bank doesn't just sit there.
Banks will use that money to lend to people who have a need for it; for example, people who are going to buy a car or a house.
The person who borrowed the money will then repay the bank that money with some interest, as an additional cost to the original loan.
However, many other organisations that are not banks will also deal with money.
Stockbrokers may be buying and selling commodities such as oil or coffee.
It is their aim to buy the product that they are trading in at a low price and then sell it at a higher price.
This is like every shop that you would find in the high street, selling it at a higher price to make a profit, however, they will not be holding the product that they are selling in a warehouse.
Some sectors of the financial services also provide the public with advice about how they could make more out of their savings.
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Our fully certified accountants work across a wide range of fields and can support your individual, or your business's finances, helping them to grow to increase your business's profitability or to ensure your own personal financial freedom.
Getting advice and support when dealing with the financial world is the easiest way to ensure your money is kept safe, whilst helping it to grow.
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There are 11 main types of financial services.
1. BankingBanking is the most commonly known type of financial service, and it includes deposits into savings or current accounts. It also includes making loans to customers. Usually, the repayment will have interest, for example, mortgages and loans for cars.
2. Wealth managementThis is a financial service that assists people in saving their money intelligently. It is also a service that aims to help people to make a return on their money where possible.
3. AdvisoryFinancial advisors can help organizations and people with a variety of tasks. Financial advisors can advise on any financial transaction, from purchasing real estate to buying shares on the stock exchange, or pensions advice. Some of these services are charitable or government run and free at the point of access. However, many financial services for businesses will charge a commission or fee.
4. InsuranceInsurance is a commonly understood procedure, you make regular payments to insure against something going wrong in a particular field. This can be life insurance, pet, car, home or even insurance against tax investigation from HMRC.
5. Mutual FundsMutual funds are often called hedge funds. Where a group of investors come together and allow someone else to manage their money to generate a profit. Often the buy-in for a mutual fund is less than people expect and can be a good way for you to make the most out of your money.
6. Investment BanksInvestment banks invest on behalf of their own account as well as providing their customers with financial advice. This can sometimes lead to conflict. However, investment banking can be a good way to make the most out of your finances.
7. Commercial BanksCommercial, or high street banks, are the most widely known financial service. They will handle anything from your current or savings account. To making you loans that are repayable interest, for example, to buy a home or car.
8. Brokerage firmsBrokerage firms allow you to buy and sell shares on the stock market.
9. Insurance CompaniesThere is a lot of competition in the insurance industry, as a result, there are lots of insurance firms that can provide insurance for almost anything including, but not limited to life cover, pet insurance, home or health insurance.
10. CPA firmsChartered Professional Accounting firms will deal with four main things, auditing, taxes, consultancy, and management.
11. Planning firmsPlanning firms are in essence wealth management firms, they will assist you through the stages in life, offering advice on investment and pension, to help you achieve financial freedom.
Financial services are services that are provided by the finance industry and are inclusive of, but not limited to banks, credit unions, credit card companies, accountancy companies, insurance companies, stock brokerages, consumer-finance companies, investment funds and so on.
In 2017, 6.5% of the UK's economy was financial services, which accounted for £119 billion.
There are two main types of finance.
The top 10 paying jobs in the financial sector are as follows.
UK Finance is the trade association set up for the UK Financial Services and banking sectors, it was formed on 1 July 2017.
It was formed when the UK Cards Association and the Asset Based Finance Association, Payments UK, British Bankers' Association and the Council of Mortgage Lenders merged to become one entity.