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If you want to practice financial planning at a large financial services company, that’s great news! Each major function within a company or the financial planning department creates opportunities for specialized teams and specialized careers and career paths. This presents many different options as you gain experience and advance in your career.

Although they may vary from company to company, most large financial services companies have these four main departments, sometimes called divisions. Each of these have different functions. Let’s look at each department more closely.

Financial Planning

The Financial Planning Department, also called Advisory or Wealth Management, is the primary destination for financial planning professionals. Most financial planners will join the department and spend the majority of their careers working on this team.

Investments

Investment Management is typically a separate department or team from the financial planning department. However, financial planning typically includes investment management, which is a key component of financial planning advice. Comparing the two in simple terms, investment management is working with money, while financial planning is working with the people who invest the money.

Operations

Operations handles accounts, data, reports, forms and processes. This team supports financial planners with tools and processes to help them achieve client service goals. In other words, this department provides financial planning in a support role.

Company Administration

The administrative department manages the company’s resources, finances and human capital, as well as other aspects of the business.