Moves by major banks, spooked by the Royal Commission into misconduct in financial services, to exit the wealth management sector, or otherwise reduce their direct exposure to financial planning businesses, is shaping up as a collective tactical mistake. According to a Roy Morgan report, the top quintile (ie, the top 20 per cent) of wealth management customers is responsible for nearly two thirds (63.9 per cent) of the total market value of superannuation and managed funds. And of that group, one third (33.0 per cent) have used a financial planner or adviser, well above the 9.7 per cent for the overall population. Among these customers, the CBA is the bank dealt with by over a third (34.6 per cent) of financial planner and adviser clients, well ahead of the ANZ (23.9 per cent), Westpac (23.4 per cent) and NAB (20.7 per cent). "These banks are not necessarily used for advice but are where they are customers, giving them at least the potential to build on an existing relationship," Roy Morgan reported."The large banks are also those that are used by clients of planners and advisers and as such, if banks exit the planning market there is the potential to weaken the banking relationship with their customers. Any weakening of existing planning or banking relationships would leave the way clear for new entrants such as Fintechs to enter the market, said Norman Morris, industry communications director at Roy Morgan.The banks outside of the big four found to have a high proportion of users of planners and advisers as customers include St George (10.1 per cent), Macquarie (9.7 per cent), ING (8.5 per cent) and Bendigo Bank (6.8 per cent).