Former AFS Group CEO Peter Daly has joined Yellow Brick Road to help grow its financial planning business.

Mr Daly was with AFS until his dismissal from the top role last month.

Yellow Brick Road CEO Matt Lawler says the company wants to offer advisers an alternative to institutionally controlled dealer groups.

“Approximately 85% of Australian financial planners are owned or controlled by the four major banks and AMP,” Mr Lawler said.

“So we’re looking at yet another oligopoly that’s no different than the one that currently dominates the mortgage market.”

Mr Lawler says Mr Daly will lead this expansion, although his exact title has not been decided yet.

“Utilising Mr Daly’s expertise and focusing on expanding our team of advice specialists will put us in the best possible position to achieve the right results for our clients and the Yellow Brick Road business,” Mr Lawler said.

“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.”