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Financial Products

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Definition: In common usage, a product is a tangible good. However, as used in the financial services industry, financial products encompass the vast majority of what it sells, from genuine services (like Financial Planning) to investment securities (like stocks and bonds). This is a potential source of confusion for a newcomer to the industry.
Examples:
The Cash Management Account (the original central asset account, developed and trademarked by Merrill Lynch), which combines a securities brokerage account with an automatic sweep of cash into a money market fund, check writing and a credit card, is one of the most significant new financial products of the last few decades.
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