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
A financial advice firm has been penalised $11 million in the Federal Court for providing ‘cookie cutter advice’ to its clients and breaching conflicted remuneration rules.
Insignia Financial has experienced total quarterly net outflows of $1.8 billion as a result of client rebalancing, while its multi-asset flows halved from the prior quarter.
Prime Financial is looking to shed its “sleeping giant” reputation with larger M&A transactions going forward, having agreed to acquire research firm Lincoln Indicators.
An affiliate of Pinnacle Investment Management has expanded its reach with a London office as the fund manager seeks to grow its overseas distribution into the UK and Europe.
