Impact of Australian Banks & Financial Institutions Departing Financial Planning

Posted on:

Raffi Pailagian
Financial Planner / Managing Partner

Australian Banks & Financial Institutions Departing Financial Planning

The recent Royal Commission into Banking and Financial Services has had a significant impact on the Australian financial planning market, which has been amplified by banks and financial institutions departing financial planning.

Clients of these organisations whom have sought advice or service to protect their families with financial protection insurance, to invest for their families financial future or to plan and build their super for a comfortable retirement, have been left with a potentially dangerous situation, whereby their adviser may no longer be working as a financial planner or authorised.


This is a significant risk for those needing to making an insurance claim or those who require advice in relation to their investment or superannuation portfolio in these volatile and dynamic markets.

One of the main areas where an adviser can provide value for clients is at the time of a disability, medical trauma or death claim, as the adviser who has the relationship with the client, goes into bat for the client, seeking to successfully manage the claim, at such a difficult time for the client and their family.

Similarly, in an environment where a Tweet of 150 characters is causing large swings in investment markets, it is imperative to receive advice and guidance in relation to the management of an investment or superannuation portfolio as this market volatility can wipe significant value off a client’s wealth.

Industry Funds and other super managers can provide a financial product, but it is the advisers role to ensure that the product is best suited to meet the client’s everchanging goals, objectives and attitudes to risk.

The closure of Financial Planning businesses by the big banks and the turmoil facing other financial services giants, is creating a situation where many clients from the effected organisations have been left without an adviser, to consult for advice and service, which can have a disastrous effect on their situation.

What You Can Do About It?

If you are one of these clients who has lost track of their adviser, are concerned about the road ahead for your wealth plan, or would simply like a second opinion, contact us at Manly Financial Services on (02) 9976 – 3388 or select the below contact us button and we’ll be in touch.

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