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Week 11 Confederation Life and RBC

When some one is tasked with managing your money on

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Unformatted text preview: 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 many of the same services as banks (like savings, chequing and credit cards). •  They are much smaller than banks, and prevented from opera)ng in more than one province. What is a credit union? •  Caisse Populaire de Levis was the first credit union in North America •  Credit unions started in rural Germany in the 19th century as a way to raise needed capital on a community level to spur on investment. •  Most exist to provide affordable credit to their members and assist with community development. •  The Building & Loan from “It’s a Wonderful Life?” that would be a credit union. •  Canada boasts the highest level of credit union per capita usage with one- third of Canadians belonging to a credit union. Regulatory Oversight and Repor)ng of the Canadian Financial Services Sector •  Both the f...
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