Commercial banks are financial institutions that lend money to individuals, businesses, and governments. They provide businesses and individuals with credit, debit cards, and checking accounts.
Commercial banks typically offer checking, savings, money market, and certificate of deposit accounts.
Foreign exchange service
A currency exchange service is the transfer of money between currencies. Activities such as these are highly regulated by domestic and international laws, as well as by domestic laws (banking, etc.).
Asset Management Services
Most commonly, asset management refers to the managing of collective investment funds. Entities that offer these services are registered and licensed with the Securities and Exchange Commission (SEC) as Registered Investment Advisors. These services usually aim to grow a client's capital through investments.
Ensure that your business is insured against economic fluctuations and unforeseen events. Investing the time needed to understand your business risk gives you the information you need to make intelligent decisions about where to insure your business. Using reps is a common practice in today's marketplace.
Another commonly overlooked financial service is insurance. Insurance is regulated at both the state and federal levels. Many insurance policies are backed by investments, which are further regulated by the SEC and other agencies.
If nothing else, the number of regulations imposed on the insurance industry makes it quite attractive to experienced financial managers. While insurance isn't suitable for everyone, it may be a good option for you and should be among your financial service offerings.
Primary Financial Services
Financial services refer to the services provided by finance companies included in this sector. These include but are not limited to bank-issued credit and debit cards, credit card processing services, and hedge fund investing.
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