As far as I know there are no products involved. All they sell are services. Why then this name "products"?
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They are called "financial products" because they are contracts that are "produced" by the financial industry.
For example, you could also say that a car manufacturer does not sell you a car, but a contract that will gives you ownership of a car. And, if a contract is a service and not product, in that case a car manufacturer is only selling services.
It seems like it is more about the definition of "product" than "financial product".
I think that as long as something is produced by the effort of labor, it could be called a product, and since financial contracts are produced by the people working in the finance industry, they can be qualified as products too.
Maybe this page of wikipedia could explain things better than I just did: http://en.wikipedia.org/wiki/Product_%28business%29
Mesop
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