Guide to Financial Services

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.