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Life goes as YBR ditches wealth division

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Yellow Brick Road is to offload, outsource or restructure its wealth division, including life insurance, to focus more on mortgage distribution, servicing and product manufacture.

Group CEO Frank Ganis will leave as a result.

Yellow Brick Road’s advice franchises will distribute wealth products with a third party that holds its own financial services licence, and is thus responsible for liability and compliance costs. The shake-up is expected to reduce employee headcount.

“The restructure of the wealth business is expected to significantly reduce our cost base, allowing us to run a leaner and more cost-effective organisation,” Executive Chairman Mark Bouris said.