Yellow Brick Road’s life insurance operations will not be affected by its move to a franchise structure.

“All our life insurance offerings will stay,” a spokesman told insuranceNEWS.com.au.

The wealth management business, which includes life insurance sales, will be restructured as the mortgage outlets move to the franchise model.

Executive Chairman Mark Bouris says this will involve more advisers being recruited.

“We now have a compelling offer for financial advisers,” he said. “With the wealth strategy set and our service offering nearly complete, our focus is on increasing adviser numbers and driving uptake of our wealth services with customers.”  

The restructure follows the resignation of the division’s CEO Matt Lawler after five years in charge. He will be replaced by a GM, reporting direct to Mr Bouris. This position will consolidate the roles of CEO and National Manager.

“The broader corporate restructure involves the removal of a number of management level roles across the company,” Mr Bouris said. “These roles are no longer required due to the fulfilment of projects and integration of acquired businesses.

“This will result in a decrease of direct staffing costs.”

Mr Bouris says he has asked remaining senior managers to consider taking on the eliminated roles.

“We’ve had a period of phenomenal growth with multiple acquisitions and the development of new proprietary technologies. It is prudent we bed down this activity and successfully consolidate the acquisitions.”