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Macquarie Bank buys major stake in YBR

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Australian Broker | 20 Dec 2012, 07:05 AM Agree 0
Macquarie Bank has purchased a heavy stake in Mark Bouris' Yellow Brick Road, just a day after John Symond sold up to CBA
  • Keith Bridges | 20 Dec 2012, 09:48 AM Agree 0
    So now we know the "Yellow Brick Road" leads to Macquarie doorstep. Another broking house which canncot call its independent..
  • Country Broker | 20 Dec 2012, 10:12 AM Agree 0
    Makes sense, another independant is going going gone .

    at least they been open and said it will allow them to offer a more competative product , then we see them saying they will release a simple SMSF product , funded by Macquarie .

    This will be well and good until the next GFC , will Macquarie then leave the market like they did last time?
  • Wilko | 20 Dec 2012, 10:16 AM Agree 0
    Given one of their investors is not in the best situation (aka channel 9) none of Bouris is doing is surprising. Wizard all over again.
  • Jason | 20 Dec 2012, 12:06 PM Agree 0
    Mortgage Choice, AFG, Aussie, Plan, Fast, Choice, VOW, NMB and now YBR all have banks on their register. They must represent a majority of our industry and I dont hear of any of these brokers biased toward their key bank shareholders.
    This is the evolution of a fine margined industry and as long as the customer proposition remains strong and balanced we will continue to thrive.
  • Patrick | 20 Dec 2012, 01:01 PM Agree 0
    Will ASIC be checking that these ownerships and the potential for conflict of interest are all disclosed in relevant Credit Guide (or if relevant for YBR Financial Services Guide).

    Do we not realise that the whole motive behind the Future of Financial Advice reforms was to put limits on bank controlled financial planners flogging Retail Super with fees up to 2.5% per annum or higher, sometimes with additional adviser review fees (on top of hidden commission). Compar this to an investment property where the agent charges just 7% of rental income or about 0.35% per annum (assuming a renntal yield at 5%)

    The Industry Funds malign advisers when the real problem has been and still is product fees changed by largely bank controlled institutions.
  • Broke broker | 21 Dec 2012, 11:21 AM Agree 0
    I agree, Bouris has probably had some kind of deal where his income for firing people on TV goes through the company as share holdings to Nine with an option to himself in the future. I don't know how he could have been allowed to walk away from the Wizard debarcle and start up again doing the same old deal. I can almost bet his mate Ormond is watching this closely and working out a way do start up another Refund.
  • John Rhodes | 21 Dec 2012, 07:45 PM Agree 0
    Funny how the world works. Coolabah Ventures is run by Chris Joye - his mother, Judy Joye recently married Robin Crawford, founder of Mac Bank.
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