Definition: In common usage, a product is a tangible good. However, the Financial Services industry tends to use the word "product" to describe 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 (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 products of the last few decades.
