‘You can’t make a wealth adviser out of a mortgage broker’: but they did

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They started off as a mortgage broker and now claim to have developed a product and service repertoire that rivals any financial institution: this is one wealth management company to look out for.

Yellow Brick Road Holdings Limited (YBR) has announced a major uplift in its wealth management business, with non-mortgage revenue jumping 7% from July 2011, and equalling 32% of total revenue.

“When we started Yellow Brick Road, the pundits said we couldn’t make a wealth adviser out of a mortgage broker,” said executive chairman Mark Bouris. “Yet, here we are with the intellectual property to recruit, train and accredit individuals to provide the full spectrum of advice.”

With the help of strong banking partnerships, YBR has developed a repertoire that provides a full wealth management offering in all of its branches. This includes not only taking care of a client’s mortgage, but also their insurances, superannuation and financial planning.

And although the home loan business still makes up the majority of the revenue (the company has built a home loan book worth $2.2 billion in just over three years), YBR’s growth in wealth management versus lending is above trend.

Bouris said the company has tapped into a market that is completely underserviced because the major players in the financial planning industry tend to focus on retirees. YBR on the other hand, services middle Australians who are still well entrenched in their working lives.

This allows YBR to serve clients right the way through, from their first home loan until retirement, said Bouris.

“For the past three years we have been focused on building a recognised brand and distribution footprint that is entrenched in the hard working Australian communities that need financial advice and services the most.”
 
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