Why The Independents Will Always Outshine The Banks

The recent banking royal commission has highlighted some appalling behaviour on the part of the big banks.

Unfortunately, the recommendations don’t tackle some of the key structural issues that lead to their poor behaviour in the first place. For instance, a lack of separation between their banking and ‘financial product sales’ businesses, which turned ordinary banking customer service clerks into salespeople. Many bank boards also don’t have a mandatory employee representative who can raise issues of malpractice and do something about it from the top down. As a result, the banks have always chased profit at the expense of many individual costumers and as the heat dies down from the royal commission, that same tendency will re-emerge. We’ve had a serious enquiry into banking every 10 to 15 years within the sector since the deregulation of the 1980s because we never fully resolve these issues.

So, is there a way you can have a financial planner put your needs first? The safest way is to work with an accomplished financial planner who has access to the products and knowledge of the banks but is not tied to their frenetic sales culture.

Here are 4 reasons why you’re better off with an independent financial planner.


Independent financial planning business owners know their clients personally and are there through your portfolio’s ups and downs. Unlike a bank employee who may be transferred or quit within 6 months to a year, a small business owner is in it for the long term. They know your goals and they care about your long-term success. In fact, theirs depends on it.


As their title suggests, an independent financial planner can choose from the wide range of products available and suggest those that are right for you. They are not subtly or overtly encouraged to sell the products of their employer and can help you choose the products that will help you achieve your goals.

Easy access.

Your small business financial planner is easy to get hold of and get one-to-one personal help from.


Building wealth is a long-term endeavour. You’re going to be talking to your financial planner regularly in the years ahead and one of the strengths of working with a small business owner, is that they get to know you and can provide advice that goes beyond what a planner in a highly corporate setting will do. If you need help with an accounting issue, a wider business issue or even an everyday problem from your life, a good financial planner will be able to help you with that in a way that someone from a larger, more corporate setting will likely not.

At Sciacca’s we embody all these qualities. We are on your side – not the side of an army of anonymous shareholders. We will do what’s right for you and work with you in the years ahead to help you create the wealth you really desire.


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