Yellow Brick Road (YBR) has pushed ahead with its wealth management expansion after securing authorised representative status for more than 50 of its staff and signalling its intention to recruit further across the group.
In the listed financial services company's first quarter update for 2012, YBR chief executive Matt Lawler informed the Australian Securities Exchange (ASX) of the firm's intention to recruit for positions within the financial planning, mortgage broking, accounting and banking sectors.
The increase in recruitment is on the back of the company's push to expand its branch network in the area of personal finance and financial planning advice, particularly through its YBR Smarter Money product.
"Training was completed for the branch network with over 50 wealth managers now authorised to discuss the product with clients," Lawler said.
"The product will be distributed through a number of channels, including the YBR branch network, financial planners, online direct and via the new ASX AQUA platform."
He said YBR remained on track for the planned target of 125 signed branch licensees by 30 June.
"Opportunities for branch recruitment remain solid, particularly from sources such as financial planners, mortgage brokers, accounting firms and bank employees," he added.
"Induction of branches was a major focus, with 108 individuals now authorised to provide credit and/or financial planning advice, up from 80 last quarter."
YBR also experienced an increase in the number of wealth managers now authorised to provide personal advice to 38 from 20.
As at 31 March, YBR's cash balance was $8.4 million.
The company's net operating cash outflow stood at $1.46 million, representing an decrease of $3.09 million on the preceding quarter.
"Momentum in revenue is continuing to build and expenses are stabilising," Lawler said.
"The company is expecting the trend of improved cash outflows to continue."
