Financial Service Industry
Financial services are dating back in time from 1990, especially for the USA, as a result of Gram-Leach-Billey act. Though it differs strongly from the current digital era, it still kept the main financial economical laws. It really is an Industry type of formation, having in mind how many services and operations that name holds. The financial service industry includes and guides all type of businesses and their money, therefore it holds a main role in the world movement of money. Financial Service Industry is one who needs to stay close to their customers. For the past 2017, financials are analyzing that good year has passed and potentially a better one is coming. Global growth prospects are better and valuations has improved-states the economical reports. In the current high tech world we live in, the bigger part of the money and businesses has landed online.
Finance industry surely is a beast today. Especially all kind of financial services, financial departments and sales agents. Taking a closer look at financial industry you will find credit unions, banks, credit-cards companies, accountancy companies, finance companies…the list is endless!
Financial service departments are main chain of financial companies which are not bank institution, despite most times people get it confused with such. Financial companies do not accept deposits, they loan money with fixed regulation rules. They have different financial service departments, taking care of customers in more than one way.
The financial service department of a company is led by a Chief Financial Officer, who gets elected in certain period of time. ( That depends on the company organization laws). Chief Financial Officer is usually assisted by Deputy Chief financial officers and a Chief of Staff. Financial Service Department is usually well-structured. The real important decisions are made on one level at the top of the company. Some of the sub-departments may include: Accounting, Auditing, Consumer Services and Insurance Agents.
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What does the sales agents do?
When you hear “financial sales agent” you surely imagine a man in a suit with a briefcase full of documents. Well, you are not far from the truth. Financial sales agents are those company members who buy or sell securities or commodities in investing and trading firms. They also provide financial services and business advice meetings to specific businesses and individuals. Financial sales agents are people with high financial education. The financial agents create detailed step-by-step plan for investments and shareholders. They can advise you for bonds in general, shares, market conditions, stocks and lots more. The agents are always up to date with the financial situation in the country or region they work in. Their services include preparation of specific documents. Documents for your business or mutual agreements for business deals. If you are a seller, they can prepare a deal specifications to sell your services to where addressed.
On the behalf of the company, or sales department, they can contact prospective clients or recurring clients. Financial sales agents evaluate costs and revenue of contracts to determine and calculate the continued profit for the company. They can do all that and that makes them high paid workers and most valuable to a financial company. With the digital era we are in, financial sales agents has a lot of challenges. For example- learning financial software to fully working online and guiding individuals or company from distance. They have to continuously regain client`s trust due to the financial industry`s low levels of trust worldwide. Firms must commit to work in client`s best interest, though there could be marketplace reasons no to do so.
Financial Services of America
America has enormous financial services base due to its high economical status and growth of private sectors. It has nine major and main financial institutions. That would be Central Banks, Retail and Commercial Banks, Internet banks, Credit Unions, Savings and Loans Associations. As well Investment banks, Brokerage firms and Insurance companies. But the financial services of America are broken according to most citizens, surveys researches shows. They claim that for many years now, but nothing changes.
Most Americans keep a negative eye on financial service of America. This evaluation is a result of a lots of frauds and deals behind the political and banking curtain. Investing, banking, insurance and finances- all that brings a negative feeling to the regular American. Lot`s of factors lead them to that conclusion – as an example could be given the penetrate of Equifax. Equifax is one of the three bureaus that is handling the maintenance of consumer credit reports. In the high-tech era we live in, this should not happen. Take in consideration that the digital security that can be provided for the sake of regular citizen. Wells Fargo is another example of not respecting the customers` enough. Long story short-many accounts were opened, without the customer`s knowledge. With this move, the America`s citizens don`t trust the banking as stewards of their hard earned money.
That`s why it has come a time, when financial services has to think of the customers. The customer is the final decision maker who earns the money.
“Only when financial leaders step up to serve — not exploit — their customers will we begin to see consumer trust restored in the financial services industry again.” — Jon Stein, founder and CEO of Betterment