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Confederation Life and RBC

Prole of the financial services industry in canada

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Unformatted text preview: $77.7 billion in premiums generated outside of the country. Profile of the Financial Services Industry in Canada •  Made up of many different types of businesses: –  Banks –  trust and loan companies –  credit unions and caisses populaires –  life and health insurance companies –  property and casualty (P&C) insurance companies –  securi)es dealers and exchanges –  mutual fund companies and distributors –  finance and leasing companies –  independent financial advisors –  pension fund managers –  independent insurance agents and brokers. Profile of the Financial Services Industry in Canada •  Banks are the largest and most well known of this sector, accoun)ng for $1 trillion in assets, in 2000, or half of the value of the en)re sector. •  Mutual fund companies are next with $419 billion in assets. •  Life Insurance comes in at $267 billion. •  Credit unions account for $122 billion. What is a trust company? •  When one administers the assets on behalf of another, this is called a trust. •  A trust company is an organiza)on that spees in being a trustee for these assets and managing estates. •  When some one is tasked with managing your money on your behalf, this is oaen done “in- trust”. •  The largest trust companies are subsidiaries of the major banks. What is a credit union? •  A credit union is a financial ins)tu)on that is operated by a membership group. •  Everyone that has invested their money there has a say in how it is operated. •  Each member has a single vote, regardless of how much money they have invested there. •  They offer...
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