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.
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.