Ray White distances itself from Wealth Market
Property giant Ray White has moved to distance itself from family-owned Wealth Market, stressing it will have no directional affiliation with the soon-to-be-launched venture.
Last month, a job ad appeared on LinkedIn calling for a financial planner for Wealth Market, surrounded by Ray White branding, and said the planner would be "servicing a massive referral network from Ray White and Loan Market".
Ray White has since stressed it is "half siblings" with Wealth Market, which is wholly-owned by Loan Market.
A spokeswoman for Ray White also clarified that not all Ray White shareholders have shares in Loan Market and stressed "there is some cross-ownership" but not all shareholders are the same.
She also stressed Wealth Market would not have a direct property option in its list of products.
Recommended for you
Unregistered managed investment scheme operator Chris Marco has been sentenced after being found guilty of 43 fraud charges, receiving the highest sentence imposed by an Australian court regarding an ASIC criminal investigation.
ASIC has cancelled the AFSL of Sydney-based Arrumar Private after it failed to comply with the conditions of its licence.
Two investment advisory research houses have announced a merger to form a combined entity under the name Delta Portfolios.
The top five licensees are demonstrating a “strong recovery” from losses in the first half of the year, and the gap is narrowing between their respective adviser numbers.
