Yellow Brick Road has continued its aggressive growth pattern, signing its 100th branch.
The company has announced it added 50 branches to its network in 2011, and will aim to add another 25 by the end of the financial year. YBR chairman Mark Bouris drew a contrast between the company's rapid expansion and recent job cuts by the major banks.
"The banks are showing extreme sensitivity to the current climate by announcing plans to cut staff and hours in the retail banking sector. The current economic climate combined with decimated consumer confidence has changed the landscape and now is the time when people need guidance and advice the most. That’s why we’re aggressively looking for mortgage brokers and financial planners who want to be their own boss and join the Yellow Brick Road family," he said.
The company last year signed a $13m deal with Nine Entertainment, $6.5m of which was in the form of advertising. YBR said it would use the advertising and accompanying cash injection to expand its branch network "more aggressively".
Bouris has also invited foreign banks to distribute through the company's network. Following a Deloitte report indicating that Japanese banks could find a foothold in the Australian market in 2012, Bouris said he would like to see the banks distribute through Yellow Brick Road.
"The major banks have had it too good for too long and it's about time the oligopoly got a shake-up. Japanese banks have the ability to pick up 10% of the market with the likes of Yellow Brick Road as a primary distribution network," Bouris said.
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