YBR gets $1.9m for wealth business
Yellow Brick Road (YBR) has confirmed its final exit from wealth management with the completion of its sale agreement with Sequoia Group.
YBR announced to the Australian Securities Exchange (ASX) today that it had received a completion payment from Sequoia of $120,931, confirming that the final price for the business was $1,906,345.
It said that the transition of YBR advisers to Sequoia had been completed.
Recommended for you
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
In the run-up to heavy losses expected at the end of the financial year, June has already reported consecutive weeks of adviser losses.
ASIC has banned a former NSW adviser from providing advice for 10 years for investing at least $14.8 million into a cryptocurrency-based scam.
ASIC has sent warning notices to social media finfluencers who it suspects are providing unlicensed financial advice to Australians as part of a global crackdown by international regulators.
