Fact Sheet
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Examining tables of data to calculate financial assessment |
The Auxiliary Finance and Insurance Services sector offers a range of expert financial and insurance services. These services include offering advice about matters such as insurance policies, mortgages and investments.
Depending on the type of services offered, companies operating in this industry could be divided into two groups. Those offering auxiliary finance and investment services specialise in the financial side of the industry. They find and advise clients on mortgages, trade on the stock market on behalf of their clients and provide executor and trustee services.
The second group specialises in insurance matters. The primary activity of this group is to offer advice about the appropriateness of various insurance policies.
Businesses in this sector need an expert understanding of a range of financial matters, including tax laws, interest rates and the stock market. Financial markets are in a constant state of change, so it is important that they keep up-to-date with any changes and subsequent impact on advice and products.
Based on the 2006 Census, the industry employed a total of 101,641, and of these, 78,960 were full-time and 18,618 part-time. In the 2006/07 financial year, the whole of the Financial and Insurance Services industry contributed $69.332 billion to Gross Domestic Product (GDP).