Peter Daly follows Yellow Brick Road
Recently-departed Australian Financial Services Group chief executive and managing director Peter Daly has joined wealth management group Yellow Brick Road (YBR) to help with the recruitment of financial planning practices.
"Under Daly's supervision, Yellow Brick Road will commence a recruitment campaign targeting financial planning practices looking to move from institutional entities to an independent advice provider," the group stated.
"The company will look to bring on planning groups to work in conjunction with its current distribution channels to facilitate the groundswell of financial planning enquiry received from clients looking for unbiased advice and the best possible options for their personal situation," it said.
The move comes as part of the "next stage" of YBR's strategy to grow the company's expanding financial planning capability, the group stated.
"Approximately 85 per cent of Australian financial planners are owned or controlled by the four major banks and AMP, so we're looking at yet another oligopoly that's no different than the one that currently dominates the mortgage market," said YBR chief executive Matt Lawler.
"The expansion of our financial planning capability is another step in delivering Yellow Brick Road's strategy to build a nationally recognised brand, expand our distribution footprint and offer an all-encompassing portfolio of products that provide real solutions for our clients," he said.
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