Financial Planning
Financial planning is a process that defines one’s economic goals and develops strategies to achieve them.
Financial Services
Financial services are a category of businesses that serves the finance industry. This sector includes banks, credit unions, accounting firms, brokerage companies, insurance agencies, and mutual funds.
Gross Income
For households and individuals, gross income is the sum of all of their pre-tax income streams. This would include wages, salaries, profits, interest payments, rents, and other forms of earnings, prior to any deductions or taxes.
Joint Tenancy With Right of Survivorship (JTWROS)
Joint tenancy with right of survivorship is a form of real estate ownership. Under JTWROS, two or more tenants share an undivided interest in a property. Also, each tenant has equal rights and obligations. Intrinsically, this type of arrangement creates a right of survivorship. Therefore, if one owner dies, his or her interest automatically transfers to the surviving owner(s).
Know Your Customer (KYC)
“Know Your Customer” is a New York Stock Exchange rule. KYC requires member firms to obtain essential background information about their clients. Prior to opening an account, broker-dealers must verify each customers’ investment knowledge, risk tolerance, and financial profile.
Market
A market is a place where competing parties meet to buy and sell goods and services. In finance, the market usually refers to an exchange or over-the-counter facility for the trading of securities. For example, the stock market is a place where brokers gather to buy and sell equities and other instruments.