YBR revenue up as planner numbers increase
Yellow Brick Road (YBR) has reported an increase in wealth management revenue of 129 per cent for the six months to 31 December 2013 while also boosting adviser and branch numbers.
According to a statement released to the Australian Stock Exchange (ASX) the branch network grew by 16 to 184, with 167 people licensed to provide credit or personal financial advice. However YBR stated that this growth was tempered by the removal and replacement of some branches which had not performed well.
YBR reported that revenue through the branch network had increased by $1.64 million to $2.91 million in the six months to 31 December 2013, compared with the previous corresponding period.
Funds under management also increased to $388 million, boosted by its wealth management, self-managed super and managed funds lines.
YBR stated that wealth management activities accounted for 30 per cent of branch revenue for the past six months.
This number was higher among the top 20 branches, with the wealth management to mortgage ratio at 40 per cent. YBR stated this part of its business would continue to grow as branches matured. Further growth was expected from the wealth management, superannuation and insurance businesses as a result of the group having completed its suite of products and now being able to offer advice and product across the financial services spectrum.
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