You get to the end of the money before the end of the month, and there will be trouble. Smart use of financial services -- money management, credit cards, insurance and banking -- can make a difference.
Financial services is a catch-all term for any kind money management product, each with its own end. Credit cards have their uses, but proper banking, decent insurance and other financial services, like investment advice, is key.
1. Top providers of banking and basic financial services.
2. When money management is the right choice.
3. How to use financial services tools: credit cards, mortgage debt.
4. Advanced financial services, like wealth management.
The best contacts and resources to help you get it done
Financial services 101
National banks are among the largest providers of one-stop shopping for financial services, be it a mortgage, personal loans, credit cards, insurance or plain vanilla banking. Many also do retirement planning financial services, like selling mutual funds.
I recommend: Generally speaking, banking financial services are misunderstood and under-used by most people. A good starting point is to simply open a simple bank account and read the brochures they offer you. Take a look at some of the top U.S. banks (by size), among them
Bank of America,
JPMorgan Chase,
Citibank,
Wachovia,
Wells Fargo,
U.S. Bank and
Suntrust.
Paying for money management can make a difference
Your bank can take you a long way, even advise on saving for retirement. But, at some point, financial services has as much or more to do with active investing and tax planning. That's when money management can make a difference.
I recommend: Money management sounds very pinstripe-and-silk-socks, but it can range from a simple mutual fund company up to one-one-one financial planning. Consider big financial services firms, like
Fidelity,
Vanguard or
Schwab. If you are certain of your basic investing skills, you can always buy a fund directly. Try searching through a mutual fund screener, like this one from Morningstar at
Yahoo! Finance. You can also find an independent financial planner to help you. Try the
Paladin Registry.
Use mortgage debt and credit cards to reach your goals
Debt good for you? At certain points of your banking life, absolutely. For instance, credit cards used responsibly can track expenses and provide short-term liquidity for a small business. Mortgage debt, within reason, can turn a renter into a homeowner, and the interest on mortgage debt is normally deductible.
I recommend: Credit cards can be tricky, though. Be sure of the terms and change them if need be to assure you are getting the best deal. The largest credit cards in the country are
Visa,
MasterCard,
American Express and
Discover. Check current rates and deals quickly at
Bankrate.com. Your bank is a good starting point for a mortgage search, and Bankrate provides current rates on those as well.
Beyond the basics of financial services
Making money is, for some, the easy part. Keeping it though can be a huge chore. Once your portfolio gets past a certain level (usually $1 million net worth excluding real estate), it's time to look at financial services at another level: wealth management.
I recommend: It's a huge, competitive business, and one banking has moved into ferociously of late. But some of the better-known banking and financial services companies doing wealth management include
Citi,
JPMorgan,
Merrill Lynch,
UBS and
Credit Suisse.