How did the financial services industry in Canada develop to where it is today?

Historically, there were distinct divisions in the services offered by the various industry players. You saved your money or got a loan from a bank. You purchased stocks and bonds from a broker. You bought insurance from an insurance agent. And you bought mutual funds from a mutual funds sale rep. But the traditional "4 pillars" of the financial services industry have blurred. Players from every sector are pushing into one another's turf. And what we are seeing is the one-stop shop - a convergence so to speak, where most of your financial services and products can be obtained through most financial institutions.