Yellow Brick Road (YBR) has recruited 67 new ‘wealth managers’ to work within the company’s existing branches since the beginning of the financial year, according to the annual report.
Training within the company has seen a 115 per cent increase in the number of individuals who are “now able to provide some sort of advice beyond credit”, said the report.
Forty-one per cent of the firm’s authorised representatives held accreditations beyond mortgage advice as at 30 June 2013 – up from 19 per cent in the previous year.
YBR’s annual result also saw the company’s revenues rise by 68 per cent to $24.9 million.
“Our focus for 2014 is to continue to grow our footprint but will see us shift our focus away from product development, manufacturing and promotion to holding our cost structure and materially increasing our revenue,” said YBR chief executive Mark Bouris.
“This year will see a closing of the gap between the revenue line and the expense line,” he said.
The company also took the opportunity to promote its recently launched RetireRight superannuation fund on The Celebrity Apprentice, and the YBR Smarter Money savings product was backed by radio, print, branch, online and public relations efforts.
“2013 was very important from a product manufacturing point of view,” said YBR executive chairman Mark Bouris.
An origination agreement with Macquarie Bank allowed the company to market mortgages and other products under the YBR banner, said Mr Bouris.
The company lost $6.6 million last year as it doubled its marketing expenditure and continued its expansion into the wealth management space.
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