Yellow Brick Road adds 100th branch
As wealth management groups continue their push into a 'one-stop shop' business model, Yellow Brick Road has announced the signing of its 100th branch agreement in Geelong.
According to Yellow Brick Road, the company signed over 50 agreements in 2011 and plans to add another 25 branches by the end of the financial year.
Currently, the firm's network extends across five states and includes local offices in places as diverse as Mount Isa, Frankston and Perth.
With the business offering such diverse services as mortgage broking, financial planning, accounting and insurance broking, Yellow Brick Road executive chairman Mark Bouris has long called for more competition in the Australian mortgage market.
He said there was a genuine opportunity for Japanese and other international banks to make a play that could see them seize $100 billion of the home loan market from the major banks.
"The major banks have had it too good for too long and it's about time the oligopoly got a shake up," Bouris said.
With major banks looking to cut costs and maximise earnings, Yellow Brick Road stated that there is a growing demand from mortgage brokers and financial planners interested in servicing suburban neighbourhoods - and this would continue as consumer confidence waivers and limited access to personalised financial advice in remote areas continues.
Recommended for you
Licensee Centrepoint Alliance has completed the acquisition of Brighter Super’s annual review service advice book, via Financial Advice Matters.
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
