YBR announced that Yellow Brick Road Investment Services has entered into a book sale and purchase agreement with INPRO Australia.
The transaction will see INPRO senior financial adviser Alex Kean acquire YBRIS’ advice service relationships, records and recurring revenues – impacting about 150 private clients.
YBR said the decision to sell is based solely on the YBR Wealth division focusing on the scale provided by the YBR branch franchisee and Vow adviser and broker network, and other platforms.
INPRO will pay $425,000 for the client book; about 80% of which is payable upfront. The remainder is to be paid 12 months post-completion, adjusted depending on revenues.
YBR executive chairman Mark Bouris said it is important that clients are provided with the best financial service possible, saying INPRO is in a better position to offer this than YBR.
“YBRIS is a stand-alone legacy business within the broader YBR Wealth division of the YBR Group and its portfolio did not fit within the operational structure required for a branch and broker focused network,” Bouris said.
INPRO is delighted with this announcement and is looking forward to working with YBR’s wealth clients, Kean said.
“INPRO has a long and proud history of working closely with clients to deliver tailored advice solutions in a professional, yet highly personalised manner. Our clients value our integrity, transparency and dependability which we’re confident the YBR clients will also embrace,” he added.
YBR will work with INPRO to ensure a seamless transition, he added. The transaction is expected to be complete within two months.
