Different types of financial services
What exactly are financial services? It is worth learning what is available as there are a lot of different types that could be useful to you. It can also help narrow down the options to find the right ones to suit your individual circumstances.
Perhaps the one we use most regularly is the accounts where we deposit money. In some cases you could be saving money and getting interest on it or alternatively borrowing money.
In the case of owning a vehicle, insurance isn’t an option – quite simply you are legally required to have it. In simple terms, it is about providing peace of mind. For example, if you own a business having liability insurance means that if someone gets injured on your premises then you will be covered for any costs incurred.
The stock market is where people buy shares in businesses and commodities (e.g. oil). While potentially riskier than putting your money in a savings account with the right advice you can potentially get a very good return on your investment. However, with the price of oil at an all-time low, this type of investment can also pose a risk if prices drop on your investment.
Bonds are another form of investment, essentially involving you purchasing debts to a government or other institution. While this may sound strange, it can be a more secure form of investment than stocks and other options as you receive interest on the money you lend.
Essentially this is where you entrust your money to a manager who then decides how it should be invested. This may be through stocks or bonds or in another form of investment. While some people may be concerned about this with the right management you can get more from your money.
Tax consultancy and auditing
This can sometimes be confused- some people may be worried that schemes to save on tax may be “dodgy”. However, with the right advice it is possible to lower the amount of tax you pay while auditing helps you to look at the costs you pay and how to save money.
A mutual fund is made from a number of investors and handled by a manager. Handled correctly it can help investors reach their financial goals as the manager chooses a range of investments designed to spread risk and maximise returns.
The right one
As you can see there are numerous options available. But what you choose depends largely on what you want to achieve and what will work best for your circumstances. This is why it is vital to seek the right advice that can come up with something tailored specifically to you.
At Larcomes Financial Services we believe in being big enough to specialise but also being small enough to care – this means we have the resources to support our clients but we also take the time to be available and work with them closely and personally.
To find out more about what we can offer you, please contact us today and we will be happy to tell you more about our services and show you how this will work best specifically for your needs.